Gift Nifty Up 40 Points | Zydus Lifesciences Share Buyback | Adani Green Energy to Raise Fund | Top Buzzing Stocks Today

Wed, 28 Feb Pre-Open

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On Tuesday, Indian share markets turned positive as the session progressed and ended the day higher.

After staying listless for first half of the session, equity benchmark indices picked momentum and ended up to 0.4% higher on Tuesday.

At the closing bell on Tuesday, the BSE Sensex closed higher by 277 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 76 points (up 0.3%).

TCS, Tata Motors and Sun Pharma were among the top gainers.

Bajaj Finance, SBI and UPL on the other hand, were among the top losers.

For a comprehensive overview of the Bank Nifty companies and their impact on the index's fluctuations, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap ended flat and the BSE Small Cap index ended 0.3% lower.

Sectoral indices are trading mixed, with socks realty sector, auto sector and IT sector witnessing most buying. Meanwhile, stocks in oil & gas and finance sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 62,240 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading 40 points higher at 22,234 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, in the latest video, Hidden Treasure, Richa Agarwal shares her views on the road ahead for smallcaps, a prudent strategy to navigate it and alerts on six smallcaps that have witnessed insider buying interest.

These are the smallcaps with decent financial performance and where the current price is almost at par or at a discount from the average price at which insiders have purchased.

Tune in to below video for details.

Top buzzing stocks today

Whirlpool share price will be in focus today.

Whirlpool has no plans to exit the Indian market but its recent stake sale in the India unit was due to high valuations and disparity against the global parent.

The reassurance didn't seem to have done much as Whirlpool India shares fell 5% to sink to a 52-week low of Rs 1,186 on 27 February 2024.

RITES will also be a top buzzing stock.

Shares of Devyani International plunged 6% on Tuesday to the day's low of Rs 152.7 on the NSE, following a likely block deal where 0.6% equity changed hands.

The price action was amid significant volumes as more than 11.4 m shares changed hands on the NSE around 10 am. The traded value of the shares stood at Rs 1.8 bn.

NTPC Green Energy IPO

CEO Mohit Bhargava affirms NTPC Green Energy's intent to launch an initial public offering in the upcoming fiscal year.

The development gains significance as India aims to reduce its carbon footprint and the role that NTPC will be playing to go ahead and ensure India's smooth transition towards a net zero future.

As for NTPC's Renewables Commissioning, Targets when comparing it to India's COP26 commitments, Bhargava said that the company plans to have at least 60 GW of capacity, and this is out of the larger basket of around 400-odd GW of renewable capacity, which the country will have out of the 500 GW.

As for NTPC's Renewables Commissioning Targets when comparing it to India's COP26 commitments, Bhargava said that the company plans to have at least 60 GW of capacity, and this is out of the larger basket of around 400-odd GW of renewable capacity, which the country will have out of the 500 GW.

Zydus Lifesciences Share Buyback

Zydus Lifesciences on 27 February announced that its Rs 6 bn share buyback at Rs 1,005 per share through tender offer route will open on 29 February.

The share buyback will close on 6 March.

The company proposed to buy back up to 59,70,149 shares having a face value of Rs 1 each on a proportionate basis through a tender offer route at Rs 1,005 apiece for an aggregate consideration not exceeding Rs 6 bn.

Earlier this month, the firm reported a bigger-than-expected rise in third-quarter profit.

Consolidated net profit for the company rose 27% to Rs 7.9 bn for the three months ended 31 December 2023.

Total revenue from operations rose 6% to Rs 45.1 bn, led by a 16% rise in the drugmaker's India formulations business and a 30% climb in its European and emerging markets business, which includes, Mexico and African markets.

Adani Green Energy to Raise Fund

India's Adani Green Energy is looking to raise US$ 409 million via US dollar-denominated bonds with a door-to-door tenor of 18 years.

According to a previous media report, Adani Green Energy was looking to raise around US$ 500 million by issuing dollar bonds in March, making it the first Adani group company to return to the overseas bond market in a year.

The issue would be subject to market conditions and the weighted average life of the bonds could be around 12.7 years.

The proceeds from the issue will be used to refinance the US$ 500 million worth 6.25 per cent senior secured notes due in 2024 which were issued on 10 June 2019.

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint book-runners to arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting.

A report by US short-seller Hindenburg Research in January last year had led to a sell-off in stocks and overseas listed bonds of Adani group companies, forcing them to retreat from the foreign currency bond market and buy back US$ 315 million of listed overseas debt securities.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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