Gift Nifty Trades Positive | ONGC Nears US Approval for Venezuela Oil Fields | BPCL to Expand Refining Capacity | Top Buzzing Stocks Today

Mon, 2 Sep Pre-Open

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Indian benchmark indices continued the momentum as the session progressed and ended the day firm.

Indian stock prices reached all-time highs shortly after the market opened on Friday, following gains among regional counterparts. This uptick came after US economic data alleviated growth worries, with investors now awaiting the latest domestic quarterly growth figures.

At the closing bell on Friday, the BSE Sensex stood higher by 231 points (0.3%).

Meanwhile, the NSE Nifty closed higher by 84 points (up 0.3%).

Cipla, M&M and Bajaj Finserv were among the top gainers.

Tata Motors, Reliance industries and ITC 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 ended 0.5% higher and BSE SmallCap index ended 0.8% higher.

Barring FMCG stocks all other sectoral indices were trading positive with socks in healthcare sector, realty sector and auto sector witnessing buying speer.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 72,142 at the time of Indian market closing hours on Friday.

At 7:30 AM today, the Gift Nifty was trading 25 points higher at 25,412 levels.

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

Speaking of the stock market, technical analysts are buzzing about this real estate stock, but is the fundamental analysis strong enough to justify a 10x return?

Co-head of Research at Equitymaster, Rahul Shah dives deep into the company's financials, growth prospects, and industry trends to find out.

Tune into below video for more

Top buzzing stocks today

City Union Bank share price will be in focus today.

Shares of City Union Bank rallied over 4% on 30 August amid heavy volumes.

Recently, the Tamil Nadu-based lender opened a new branch in Trichy - taking the total number of branches count to 807.

Natco Pharma will also be a top buzzing stock.

Shares of Natco Pharma jumped nearly 5% to Rs 1,569 in Friday's intraday trade on BSE after the firm submitted a product application with the US health regulator for a generic product indicated for the treatment of metastatic non-small cell lung cancer.

The company has submitted an abbreviated new drug application (ANDA) containing a paragraph IV certification with the US Food and Drug Administration (FDA) for the generic version of Novartis' Tabrecta.

ONGC Nears US Approval for Venezuela

ONGC Videsh Limited (OVL) is in the advanced stages of discussion with the US for a waiver to regain control of oil fields from Venezuela, Managing Director Rajarshi Gupta at a company event on 30 August.

The overseas arm of ONGC has dividends stuck to the tune of US$ 600 million for the stake it holds in Venezuelan projects.

OVL has a stake in two fields in Venezuela, namely, San Cristobal and Carabobo-1 but its dividends have been stuck due to US sanctions against the country.

OVL has also applied to the US for a 'specific license' to be the lead operator for these fields and is awaiting their response.

The current total production from the two fields in Venezuela is 12,000 barrels per day (bpd) and is expected to reach 45,000 bpd in four to five years.

According to media reports last year, Indian oil companies are exploring the possibility of using close to US$ 600 million of their dividend income stranded in Russia to buy oil from that country.

India's top four oil companies - Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd - haven't been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields.

M&M's Anti-Drone Solutions Tie-Up

The Mahindra Group signed a non-binding memorandum of understanding (MoU) with Sentrycs to develop and provide anti-drone solutions in India for civilian and military applications.

The MoU relates to the Anti-Drone Systems technology space and will focus on the transfer of technology (TOT) and manufacturing of radio frequency-based counter-drone solutions under the Government of India Make in India initiative.

The differentiated anti-drone solution is an autonomous and integrated system with a command and control (C2) module and enables detection, tracking, identification and mitigation of incoming drones.

In addition, the system can monitor drone flight paths, and identify their specific models, unique serial numbers, and their IDs. This capability allows for precise differentiation between friendly and hostile drones.

In cases where a drone is classified as a threat, the system can autonomously take control and ensure it lands safely in a predefined zone resulting in no collateral damage.

The system can be deployed for the protection of critical infrastructure in urban areas or as an integral part of broader multi-layered anti-drone solutions for military applications.

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India.

BPCL to Expand Refining Capacity

State-run Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 750 bn to expand refining and petrochemicals capacity over the next five years.

The ethylene cracker project at Bina refinery in Madhya Pradesh, conceived at a gross cost of Rs 490 bn, involves brownfield expansion of the refinery capacity from 7.8 MMTPA to 11 MMTPA to primarily cater to the feed requirements of petrochemical plants.

India's booming economy is driving a significant increase in energy demand. Petroleum product consumption is expected to rise steadily by 4-5% annually for the foreseeable future. Similarly, the demand for major petrochemical products is also expected to rise by 7-8% annually.

This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes.

Additionally, BPCL is focussing on greening its operations by investing Rs 100 bn in green energy.

BPCL is also executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyzer plant at Bina Refinery and a Green Hydrogen refuelling station with an indigenously developed electrolyzer at Kochi.

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

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