Gift Nifty Up 65 Points | KPI Green Energy Wins 4 Solar Projects | M&M's Promoter to Sell Stake | Top Buzzing Stocks Today

Thu, 7 Mar Pre-Open

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

Equity benchmark indices rebounded smartly and scaled fresh life-time highs in intra-day deals on Wednesday led by strong gains in private banking shares.

At the closing bell on Wednesday, the BSE Sensex closed higher by 409 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 126 points (up 0.6%).

Bajaj Auto, Axis Bank and M&M were among the top gainers.

Adani Enterprises, NTPC and ONGC on the other hand, were among the top losers.

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

Broader markets ended the day lower. The BSE Mid Cap ended 0.6% lower and the BSE Small Cap index ended 1.9% lower.

Sectoral indices are trading positive, with socks in FMCG sector, Media sector and consumer durables sector witnessing buying. Meanwhile stocks in power sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 64,725 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 65 points higher at 22,656 levels.

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

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Top buzzing stocks today

Suzlon Energy share price will be in focus today.

Suzlon Energy hits a lower circuit, extending the losses for the fifth straight day.

This decline was propelled by reports indicating that the Ministry of New and Renewable Energy (MNRE) is considering reintroducing "reverse auctions" for the auctioning of wind power capacity to energy firms.

According to reports, the ministry has issued a directive to companies such as NTPC, NHPC, SJVN, and other Public Sector Undertakings (PSUs) through a formal letter.

Marico will also be a top buzzing stock.

Shares of FMCG player Marico fell over 2% on 6 March as the stock traded ex-dividend. Marico had announced an interim dividend of Rs 6.5 a share for FY24 in February and fixed 6 March as the record date for the dividend, which will be paid on or before 28 March.

The ex-dividend date determines which shareholders are eligible for the payout on that date. It is the day when the stock of the company goes ex-dividend, meaning the stock from that day does not carry the value associated with its next dividend payment.

M&M's Promoter to Sell Stake

A promoter group entity of Mahindra and Mahindra is weighing the sale of around 0.8% stake in the firm to raise around US$ 215 million via a block deal.

The block deal has been launched, and the offer price range is Rs 1911.5 per share to Rs 1970.7.

Kotak Mahindra Capital is the advisor. The proposed trade is at up to a 3% discount to the last closing price.

M&M is the world's largest manufacturer of tractors and enjoys a strong presence in the utility and low commercial vehicle segment in the country. It is a dominant player in the Indian tractor segment, capturing a 41% market share.

Over the past few years, the company's EV business has been making strides.

Sun Pharma Clear's USFDA Inspection

Shares of Sun Pharmaceutical Industries rose around 2% and hit a 52-week high of Rs 1,606.7 on 6 March after the US Food and Drugs Administration reportedly gave the company's Ankleshwar API (Active Pharmaceutical Ingredients) unit the all-clear to manufacture and export.

The NAI classification issued by the US FDA is the most sought-after and corresponds to the highest level of compliance.

Investors cheered the development, more so since the company has struggled with the adverse impacts of an import alert for its Halol unit and another compliance snag at its Mohali facility in recent times. These regulatory troubles have put pressure on the drugmaker's US market revenue.

Sun Pharma is the 4th largest speciality generic pharmaceutical company in the world. It is a key player in the global generics market.

For more, check out These 5 Healthcare Stocks are the Medicine You Need.

KPI Green Energy Secures 4 Solar Projects

KPI Green Energy on 6 March 2024 announced securing four solar projects aggregating to 9.4 megawatts.

The company will undertake 5 MW capacity, while the remaining 4.40 MW will be undertaken by its wholly-owned subsidiary KPIG Energia Private.

The projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order.

In February, KPIG Energia bagged orders for 1.5 MW solar power projects under the Captive Power Producer (CPP) segment from Pruthvi Textile. The project is to be completed in the financial year 2024-25.

Why Gas Stocks are Falling

Indraprastha Gas and Mahanagar Gas Ltd shares plunged in the morning trade on March 6, a day after MGL cut prices of compressed natural gas (CNG) by Rs 2.5 a kg.

While Mahanagar Gas tanked over 16%, its worst single-day fall ever, the Indraprastha Gas stock was down 7% after MGL cut the price to Rs 73.50 a kg.

The price was reduced due to a dip in gas input costs, MGL told exchanges on 5 March. CNG now offers savings of 53% compared to petrol and 22% compared to diesel at the current levels in Mumbai.

IGL was trading at Rs 429.9 on the National Stock Exchange (NSE), down 6% from the previous close. As many as 5.5 m IGL shares had changed hands on BSE and NSE combined, compared to a one-week and one-month average trading volume of 1.8 m equity shares.

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

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