Gift Nifty Down 45 Points | Suzlon's New Order Win | Paytm to Exit Postpaid Loans | Top Buzzing Stocks Today

Thu, 23 May Pre-Open

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Indian share turned positive as the session progressed and ended the day higher.

Indian equites ended a range-bound session on a positive note.

At the closing bell on Tuesday, the BSE Sensex stood higher by 268 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 69 points (up 0.3%).

Cipla, Coal India and Britannia were among the top gainers.

SBI, Hindalco and Apollo Hospital, 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.

The BSE MidCap index and BSE SmallCap index ended flat.

Sectoral indices are trading mixed with socks in realty sector, IT sector and power sector witnessing most buying. Meanwhile stocks in banking sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 73,900 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the Gift Nifty was trading down by 45 points at 22,650 levels.

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

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks about solar stocks. Tariffs on EV batteries will be raised by over 100%. Duties on semiconductors will be up 50%. On photovoltaic cells used to make solar panels, the duties will be doubled.

The public on twitter can't celebrate this move enough. Companies in the solar ecosystem are in news. Some stocks in the sector have hit upper circuits.

If you are planning to join this frenzy, keep in mind the potential second order effects of this move.

Tune in for more

Top buzzing stocks today

GSFC share price will be in focus today.

Gujarat State Fertilizers & Chemicals shares sank almost 9% in trade on May 22, after the state-run firm posted a 91% fall in net profit for the fourth quarter.

GSFC reported a net profit of Rs 21 crore for the three months ended March, down 91.3% on-year from Rs 2.3 bn in the corresponding period last year.

Welspun Enterprises will also be a top buzzing stock.

Shares of Welspun Enterprises surged over 9%, hovering close to a 52-week high, after emerging as the lowest bidder to construct an access-controlled multi-modal corridor in Navghar to Balavali, Maharashtra.

Adani Stocks Rebound

Key Adani Group shares recouped much of their intra-day losses on 22 May after taking a knock earlier in the day on a news report saying the group passed off low-quality coal for cleaner, more expensive coal in its dealings with a state-owned power company.

The Gautam Adani-led conglomerate's flagship firm, Adani Enterprises saw its share price fall 1.4% intraday but recouped its losses to trade flat.

Shares of Adani Ports also skidded 1.5% in trade but trimmed the loss later.

The Adani Group bought the coal from an Indonesian mining firm, PT Jhonlin, which is known for its low-grade coal at the cost of US$ 28 per tonne.

This shipment was then sold to the Tamil Nadu Generation and Distribution Company (Tangedco) as high-quality coal of 6,000 calories per kilogram.

This was sold for an average price of $86 per tonne, indicating a 207% jump in prices.

The report further suggested that the group inflated the grade of coal in 22 other shipments in 2014, which supplied 1.5 million tonnes of coal to Tangedco.

Factoring in freight, transportation, and logistics costs, a media report alleged that the Adani Group, along with conspirators, achieved a profit of US$ 46 per tonne, amounting to US$ 70 million across 22 shipments.

The Adani Group denied these allegations. According to their statement, "With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd."

Suzlon's New Order Win

Shares of Suzlon Energy surged as much as 3% on Wednesday after the company won new orders of 402 MW from Juniper Green Energy for the 3 MW series.

This is the first order disclosed to the exchanges by Suzlon since March this year.

As part of this order, Suzlon will supply and install 134 wind turbine generators (WTGs) with a rated capacity of 3 MW each. The project is situated at Fatehgarh in Rajasthan and projects of this size can provide electricity to nearly 3.3 lakh households. It will also curb nearly 13 lakh tonnes of Carbon Dioxide emissions per year.

These orders are repeat orders from Juniper for Suzlon's larger rated 3 MW, S144-140m turbines from the 3 MW product series.

Suzlon will also be involved in the operations and maintenance services post-commissioning.

Paytm to exit Postpaid Loans

In a major shift in lending strategy, Paytm has decided to completely phase out postpaid loans shortly, besides stopping collection services for lenders on personal loans.

The company now plans to focus solely on a distribution-only credit model.

Currently, the fintech firm works in partnerships with banks and non-banks for both distributing and collecting loans for them while earning a (distribution) commission and a (collection) bonus, respectively.

However, the terms of the partnership vary with each lender, where Paytm may be responsible for both services or just one. While the credit assessment and risks are managed by the lending partners, Paytm's collection commission varies based on how much customers repay.

Treading caution on collection service, Paytm plans to be the distribution partner for banks and non-banks to keep the asset quality under check.

While the dramatic slowdown in lending happened after the Paytm Payments Bank Ltd (PPBL) fiasco, the cracks first started showing in the second quarter of the last fiscal year.

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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