SGX Nifty Up 44 Points | M&M Renewable Energy Unit | Cochin Shipyard's Major Order | Top Buzzing Stocks Today

Fri, 16 Jun Pre-Open

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On Thursday, Indian share markets extended the losses as session progressed and ended the day lower.

Benchmark indices ended in the negative zone on Thursday with IT and Bank indices feeling the effect of the Fed's hawkish tone. Continued profit booking by investors also contributed to the drag in the market.

At the closing bell on Thursday, the BSE Sensex stood 311 points lower (down 0.5%).

Meanwhile, the NSE Nifty closed down by 68 points (down 0.4%).

Cipla, Apollo Hospital and BPCL were among the top gainers.

Wipro, SBI and Kotak Mahindra, on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher while the BSE SmallCap rose marginally.

Sectoral indices ended on a mixed note with stocks in the auto sector, Oil & gas sector and FMCG sector witnessed most buying.

While stocks in the financial sector and banking sector witnessed selling.

Shares of MRF and Nestle 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 82.2 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.7% lower at Rs 58,900 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:50 AM today, the SGX Nifty was trading up by 44 points or 0.3% higher at 18,800 levels.

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

Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?

Financials as a group have been among the top performing stocks in the market. Banking stocks in particular have done very well recently.

However, the technical charts are signalling caution. Why is that so?

Chartist Brijesh Bhatia answers the question in the below video.

Top Buzzing Stocks Today

Godrej Properties will be among the top buzzing stocks today.

Godrej Property Yesterday, agreed to acquire around 7.44-acre land parcel in Kolkata's New Alipore from West Bengal Housing Infrastructure Development Corporation.

The company is planning to develop this land parcel as a luxury group housing project. The project will have a developable potential of approximately 9.8 lakh sq ft with an estimated revenue potential of around Rs 12 bn based on the current business assumptions.

Glenmark Pharma will also be in focus today.

Pharma major Glenmark, on 15 June 2023, cut the price of its breast cancer drug, Trumab, to Rs 35 per mg.

The 440 mg vial will now cost Rs 15,749. Other brands in the market are priced between Rs 40,000 and Rs 54,000.

M&M forms renewable energy unit

M&M's arm incorporated two companies, Gelos Solren and Furies Solren, in the renewable energy segment.

The incorporation with Mahindra Holdings, a wholly owned subsidiary of M&M, has been done to enhance the company's presence in the renewable energy segment.

Furies Solren will be involved in the production and sale of power and generating electricity and distribution of energy for various segments.

Gelos Solren and Furies Solren are wholly owned subsidiaries of Mahindra Susten, a subsidiary of Mahindra Holdings.

The authorised and paid-up share capital of Furies is both worth Rs 2 million (m), comprising 2,00,000 equity shares of Rs 10 apiece.

Mahindra & Mahindra had been in action in recent weeks, buoyed by the improving prospects of automakers.

Note that M&M has announced its commitment of over a billion dollars to aggressively?participate in the EV race?and it expects a significant 30% of its total sales to come from electric SUVs by 2027.

The?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.

Cochin Shipyard's order win

Cochin Shipyard traded 2% higher yesterday as its subsidiary bagged a Rs 5.8 bn order from a Norwegian firm for cargo vessels.

Cochin Shipyard's wholly owned subsidiary, Udipi Cochin Shipyard, won an order from Wilson Shipowning AS, Norway, to design and construct a new generation diesel-electric 3800 DWT (deadweight) general cargo vessel.

The contract is for eight vessels.

The first vessel will be delivered by December 2024 and thereafter deliveries will be completed by March 2026.

On 9 June 2023, India's biggest shipbuilder was declared the winner of a Rs 300-crore Indian Navy project.

Since the start of the calendar year 2023, the stock has lost 8% of its value. To know why, check out our editorial- why Cochin Shipyard share price is falling.

It is among the top defense stocks in India with big growth stories.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

That is why we believe that the defence sector could produce the next set of multibagger stocks over the long run.

GR Infraprojects bags major NHAI project

GR Infraprojects', on 15 June 2023, emerged as the lowest bidder for a National Highways Authority of India (NHAI) project.

The Rs 10.9 bn project is for four lanes of NH 530B from Kasganj bypass to Chandan Nagar section in Uttar Pradesh on hybrid annuity mode.

The project has to be completed in two years, while the operation period is 15 years.

GR Infraprojects is an integrated road engineering, procurement and construction (EPC) company largely focused on the road sector.

The company has also recently diversified into projects in the railway sector.

For a fundamental analysis of GR Infraprojects , check out Equitymaster's Indian stock screener which has a separate screen for top engineering companies in India.

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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