Sensex Today Rallies 800 Points | Nifty Above 24,250 | Safari Industries Rallies 7%

Wed, 7 Aug 10:30 am

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Stocks in Asia declined again following a frenzy of dip buying that fuelled a rebound in most markets across the world Tuesday. US futures fell in early trading.

Both the Nikkei and the Topix are down about 18% from highs hit last month.

US stocks finished Tuesday's session solidly in the green following a three-day rout that wiped out a healthy chunk of 2024's market gains.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	160.54	-0.1	-0.06%	162.35	158.13	193.31	121.46
Apple	207.23	-2.04	-0.97%	209.99	201.07	237.23	164.08
Meta	494.09	18.36	3.86%	502.56	478.65	542.79	274.39
Tesla	200.64	1.76	0.88%	202.9	192.67	278.98	138.8
Netflix	609.57	11.02	1.84%	622.45	600.62	697.47	344.73
Amazon	161.93	0.91	0.57%	165.08	158.54	201.2	118.35
Microsoft	399.61	4.46	1.13%	405.67	398.5	468.35	309.45
Dow Jones	38997.66	294.39	0.76%	39449.53	38638.3	41376	32327.2
Nasdaq	18077.92	182.76	1.02%	18368.68	17858.82	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 818 points higher and NSE Nifty is trading 265 points higher.

ONGC, Coal India and M&M among the top gainers today.

Asian Paints and Kotak Mahindra the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

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

Broader markets are trading on positive note. The BSE Midcap index is trading 1.1% higher and the BSE Smallcap index is trading 0.7% higher.

Sectoral indices are trading on positive note today, with stocks in metal sector, IT sector and oil & gas sector witnessing buying speer.

The rupee is trading at Rs 83.93 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 68,775 per 10 grams today.

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...

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

CBI Files Case Against Hindalco

The CBI has booked the country's leading aluminium producer Hindalco of the Aditya Birla Group for alleged corruption in getting environmental clearances for coal mining between 2011 and 2013.

The agency has also named T Chandini, the then director of the Union Ministry of Environment and Forests, for favouring the company as member secretary of the Expert Appraisal Committee ((EAC) in allowing mining in the Talabira-I mine in the critically polluted area of Odisha's Jharsuguda in violation of ministry guidelines.

The central probe agency registered an FIR against Hindalco and Chandini under Section 120-B (criminal conspiracy) of the Indian Penal Code and provisions of the Prevention of Corruption Act after a nearly eight-year-long preliminary inquiry.

The Central Bureau of Investigation (CBI) registered the preliminary inquiry in 2016 on allegations that the Aditya Birla Management Corporation Private Limited (ABMCPL) had allegedly paid "massive bribes" between 2011 and 2013 to ministry officials for getting mandatory environmental clearance to mine coal from Talabira.

The findings of the inquiry showed that the ministry had made it mandatory in 2006 for a company to seek environment clearances for all new projects, expansion of existing products and any change in the product mix in an existing manufacturing unit.

The projects needing prior environmental clearance were supposed to go through the EAC, consisting of experts from different disciplines. The clearance was given by the regulatory authority based on the EAC's recommendation.

Suzlon to Acquire Stake in Renom Energy

Suzlon Group, India's largest renewable energy solutions provider, said on August 6 that it has signed definitive agreements to acquire a 76% stake in Renom Energy Services Private Limited, in two tranches, from the Sanjay Ghodawat Group (SGG).

The first tranche involves the acquisition of a 51% stake for a consideration of Rs 4 bn, Suzlon said in a press release. In the second tranche, Suzlon will acquire an additional 25% stake within 18 months from the acquisition of the first tranche for a consideration of Rs 26 bn.

Renom is the largest Multi Brand Operations and Maintenance service ("MBOMS") provider in the country with assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in BOP under maintenance across customer segments.

This deal will also enable Renom to leverage the massive opportunity of targeting over 32 GW of non-Suzlon wind energy assets in the country today.

The closure of the transaction is subject to the completion of certain condition precedents.

Tata Power to Buy Bhutan Hydro Project

Tata Power Company Ltd is scouting for more public-private hydropower projects in Bhutan.

On Tuesday, Tata Power announced that it has partnered with Druk Green Power Corporation Limited to develop the 600 MW Khorlochhu Hydropower Project in Bhutan with a 40% equity investment. The estimated project cost is Rs 69 bn.

The cost of acquiring 40% equity is Rs 8.3 bn, the company added. No Indian governmental or regulatory approvals are required for the transaction.

The company said it is working towards large-scale round-the-clock availability of power by harnessing the vast potential of hydropower by developing the 600 MW Khorlochhu power project and its upcoming 2800 MW pumped hydro storage plants in Maharashtra.

The Khorlochhu Project is the company's second private-sector undertaking in Bhutan. The first, a 125 MW project was commissioned in 2012 and 100% of the power from it is sold in India through Tata Power Trading.

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

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