SGX Nifty Up 110 Points | ZEE Speeds Up Sony Deal | Why Shares of Oil Marketing Companies are Rising | Top Buzzing Stocks Today

Fri, 17 Mar Pre-Open

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On Thursday, Indian share markets staged a smart recovery in the afternoon session and ended marginally higher.

Benchmark indices snapped their five-day losing streak amid high volatility on expiry day, with gains largely driven by FMCG, realty, and pharma stocks.

At the closing bell on Thursday, the BSE Sensex stood lower higher by 79 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 13 points (up 0.1%).

BPCL, Nestle and Asian Paints were among the top gainers.

Hindalco, Tata Steel and IndusInd Bank, on the other hand, were among the top losers.

The BSE Midcap index fell 0.1% while the BSE SmallCap index ended 0.7% lower.

Sectoral indices ended on a mixed note with stocks in the power sector, FMCG sector and realty sector witnessing most of the buying.

On the other hand, stocks from the metal sector, capital goods sector, and telecom sector witnessed selling pressure.

Shares of Zydus Lifesciences, NCC, and Petronet LNG hit their 52-week highs on Thursday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.75 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 58,213 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:20 AM today, the SGX Nifty was trading up by 110 points or 0.6% higher at 17,120 levels.

Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Speaking of stock markets, with interest rates rising up, both in India and globally, a good number of stocks have seen their PE multiples compress.

In some cases, such as in case of loss-making new age companies, this was long due.

When PE multiples correct, it is a good time for investors to lap up wonderful businesses at a fair, if not wonderful price. So that's exactly what Richa Agarwal talks about in the below video...how to assess growth quality and how much you should be willing to pay up for growth to not compromise margin of safety.

She talks about 3 stocks where growth potential seems good. Tune in to the below video to know more:

Top Buzzing Stocks Today

DLF will be among the top buzzing stocks today.

DLF on Thursday clocked a recording-breaking pre-sales of over Rs 80 bn for its luxury project, The Arbour in Gurgaon.

Eris Lifesciences will also be in focus today.

Indian drugmaker Eris Lifesciences on Thursday bought nine dermatology brands from Dr. Reddy's Laboratories Ltd in a 2.75 billion rupees ($33.24 million) deal, to expand in the cosmetic dermatology business.

Zee Entertainment to wrap Sony deal

Zee Entertainment Enterprises has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it.

The move will help Zee to move forward on its merger with the Sony Group unit to create a US$ 10 billion (bn) media giant.

The settling of dues of about 837 million rupees ($10 million) to the lender could happen as early as Thursday.

The bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

Zee was the guarantor for IndusInd Bank's Rs 1.5 bn loan to Essel Group's Siti Networks, however, it failed to honour the Debt Service Reserve Account Guarantee Agreement (DSRA). The shortfall amounted to Rs 830 million (m).

Shares of Zee Entertainment had hit lower circuit in February 2023. To know why, check out Why Zee Entertainment share price is falling.

NTPC commissions green coal plant

State-owned power giant NTPC has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste.

Nearly three years ago, NTPC had planned to make green coal from municipal waste.

NTPC's arm NTPC Vidyut Vyapar Nigam, had awarded the project on an EPC basis to Macawber Beekay, and recently the first reactor module of 200 tons per day (TPD) capacity green coal plant was installed and commissioned for NTPC's Harit Koyla Pariyojna plant at Ramana in Varanasi.

The total capacity of this plant after installation of all three modules shall be 600 TPD of waste handling capacity.

The plant is built on 20 acres of land. Torrefied charcoal (green coal), which is similar to natural coal can be successfully blended with fuel in thermal power plants to produce electricity.

The process is environment friendly as there is no burning of waste, it is rather processed inside the reactor using Macawber Beekay's specialised conversion technology.

NTPC got 70 tons of green coal out of 200 tons of waste from this unit. After the successful experiment, more units of green coal from waste can be set up.

NTPC is a government-owned company, engaged in the business of the generation and sale of electricity.

Why OMC shares are rising

Shares of state-owned oil marketing companies (OMCs) were in focus on Thursday, rallying up to 5% in an otherwise volatile market after crude oil prices fell over 6% overnight.

The oil prices quoted at the lowest level in more than a year due to recent fears related to the banks in the US and Europe.

Following the fall in crude oil prices, the stock price of Bharat Petroleum Corporation and Hindustan Petroleum Corporation rallied 5% each, while Indian Oil Corporation was up 2%.

With this decline in crude prices, analysts expect the marketing margins of HPCL, BPCL and IOCL to improve further.

Margins on diesel are currently to around Rs 3 per litre while margins on petrol are to around Rs 6 per litre.

Crude oil prices keep falling amid fears of recession, demand-supply dynamics, among other reasons. Find out how it impacts India.

To know what's moving the Indian stock markets, 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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