SGX Nifty Trades Flat | NTPC's Green Hydrogen Push | Insurance Company's Upcoming IPO | Top Buzzing Stocks Today

Wed, 22 Mar Pre-Open

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On Tuesday, Indian share markets continued their momentum throughout the trading session and ended on a firm footing.

Benchmark indices bounced back tracking positive global market cues as fears related to the banking crisis in the west seemed to subside.

At the closing bell on Tuesday, the BSE Sensex stood lower higher by 446 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 119 points (up 0.7%).

HDFC Life Insurance, Reliance and Bajaj Auto were among the top gainers.

HUL, Britannia and Tech Mahindra, on the other hand, were among the top losers.

Broader markets ended on a positive note with the BSE Midcap index rallying 0.6% and the BSE SmallCap index ending 0.5% higher.

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

On the other hand, stocks from the IT sector and FMCG sector witnessed selling pressure.

Shares of Siemens hit their 52-week highs on Tuesday.

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 82.65 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 59,272 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:20 AM today, the SGX Nifty was trading up by 8 points or 0.1% higher at 17,140 levels.

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

Speaking of stock markets, the Indian stock markets have been facing one event after the other that is making Mr Market nervous.

First it was Adani saga. The recent events of failure of SVB and Signature Bank, and now the concerns related to Credit Suisse are again feeding the fear element in the stock markets.

Last time the global banks failed, we witnessed a correction across global including Indian stock markets.

In her latest video, smallcap analyst at Equitymaster Richa Agarwal talks about how you should approach investing amid these macro events.

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

Larsen & Toubro (L&T) on Tuesday bagged major offshore orders from an overseas client for its hydrocarbon business.

NMDC will also be in focus today.

State-run miner NMDC on Tuesday increased the price of lump ore to Rs 4,500 per ton from Rs 4,400 per ton in February 2023, while the prices of fines have been hiked by Rs 200 per ton at Rs 4,110 per ton.

NTPC to set up green hydrogen project

NTPC's arm, NTPC Renewable Energy, on Tuesday signed a memorandum of understanding (MoU) With the Indian Army to implement green hydrogen projects in Army establishments.

The project is based on the build, own, and operate (BOO) model. Additionally, the projects aim to reduce complex logistics and dependence on fossil fuels and accelerate decarbonisation. Various locations of the Indian Army are powered through diesel generator (DG) sets in off-grid locations.

The Indian Army, in line with the Prime Minister's vision of Panchamrit and Carbon Neutral Ladakh, intends to reduce the dependence on fossil fuel and their logistics for power generation and heat.

The company will design, develop, and install renewable energy projects (solar, wind, etc.) and hydrogen energy storage systems in a phased manner.

Decarbonisation is the reduction of carbon dioxide emissions through the use of low-carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.

Yesterday, Indian Oil and NTPC Green Energy joined hands to form a joint venture (JV) to set up renewable energy power plants.

With NTPC's growing share in the renewable energy sector, it is among the top 5 renewable energy stocks to watch out for multibagger returns.

IndiaFirst Life Insurance gets approval for IPO

Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has received capital markets regulator Sebi's approval to float Initial Public Offering (IPO).

The IPO comprises a fresh issue of up to Rs 5 bn along with an offer for sale (OFS) of up to 141 m equity shares by the promoters and existing shareholders of the company.

Bank of Baroda will sell 89 m equity shares, whereas Union Bank of India will sell 13 m equity shares in the OFS.

Carmel Point Investments India would offload 39 m equity shares during the primary stake sale.

The firm may consider a private placement on a preferential basis or a rights issue aggregating up to Rs 1 bn. If such a placement is completed, the fresh issue size will be reduced.

The net proceeds from the fresh issuance worth Rs 5 bn will be used towards augmentation of its capital base to support solvency levels.

IndiaFirst Life is supported by an extensive bancassurance network provided by Bank of Baroda and Union Bank, two of India's biggest public sector banks.

For more details, check out the?current IPOs?and?upcoming IPOs?on our website.

Sterling & Wilson Renewable gets a new order

Sterling & Wilson Renewable Energy shares jumped 6% on 21 March 2023, a day after the company bagged orders worth Rs 21 bn.

Sterling & Wilson has bagged the job of a balance of system (BOS) package comprising four blocks of 300MW(AC) each in the proposed 1,200-MW solar PV project of NTPC Renewable Energy at Khavda RE Power Park in the Rann of Kutch in Gujarat.

The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 21 bn.

Sterling and Wilson is a leading engineering, procurement and construction (EPC) services, provider.

Also, the solar EPC provider is under the investor's radar since the acquisition news.

In 2021, Reliance New Energy, a wholly owned subsidiary of Reliance Industries, acquired a 40% stake in Sterling and Wilson.

Reliance Retail launches premium fashion store

Continuing its business expansion, Reliance Retail on Tuesday launched the fifth store of its premium fashion and lifestyle brand 'AZORTE' at Airia Mall, Sector 68, Gurugram.

Spread across 22,000 square feet of retail space, Reliance Retail said this store would strengthen its commitment to a multi-format approach to cater to all consumer segments and disrupt the way the people of Gurugram shop.

This AZORTE store will showcase the best of global and domestic fashion trends and have an original take on styles ranging from footwear to fashion accessories and more.

It is a subsidiary of Reliance Industries.

Reliance Industries Ltd (RIL) has been an investors' favourite since its IPO in 1977.

An investment of Rs 10,000 in the IPO of 1977 would have turned into Rs 5.18 cr, a massive 518,000% surge over its issue price.

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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