Sensex Today Ends At Record High | Nifty Nears 25,300 | Gujarat Gas Rallies 11%

Mon, 2 Sep Closing

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After opening the day higher, Indian benchmark indices continued the momentum as the session progressed and ended the day firm.

Benchmark equity indices ended the week's first trading session at record high closing levels.

At the closing bell, the BSE Sensex stood higher by 194 points (0.2%).

Meanwhile, the NSE Nifty closed higher by 43 points (up 0.2%).

Bajaj Auto, Bajaj Finance and Bajaj Finserv among the top gainers today.

Nestle, Kotak Mahindra and Coal India on the other hand, were among the top losers today.

The GIFT Nifty was trading at 25,369 down 23 points at the time of writing.

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The BSE MidCap index ended flat and BSE SmallCap index ended 0.5% lower.

Sectoral indices were trading positive with socks in banking sector, FMCG sector and IT sector witnessing buying speer. Meanwhile stocks in telecom sector and metal sector witnessed selling pressure.

Shares of Bajaj Auto, TCS and TVS Motors hit their respective 52-week highs today.

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The rupee is trading at 83.93 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 71,620 per 10 grams.

Meanwhile, silver prices were trading 0.7% lower at Rs 84,625 per 1 kg.

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Why L&T Share Price is Falling

In news from the engineering sector, Infrastructure and capital goods major Larsen and Toubro announced it was carving out a separate business vertical for its renewable EPC segment out of its power, transmission & distribution business, which is within its infrastructure projects segment.

The transition towards clean energy has increased significantly over the recent years, with decarbonized electricity being central to the fight against climate change.

As a result, the penetration of renewable energy in the global mix, particularly solar and wind generation, is set to increase.

L&T wrote that the firm is already associated with a series of renewable energy projects across the globe.

In this backdrop, to enhance management visibility and to ensure seamless integration of resources and capabilities, L&T has created the Renewable EPC business, an addition to its construction verticals.

Oriana Power Hits Upper Circuit

Moving on to news from the power sector, shares of Oriana Power hit a 5% upper circuit at Rs 2,193.2 on NSE SME on 2 September platform after the company announced that it received a Rs 247.9 bn order for a 52 MW solar power plant.

The new project will be developed in Prayagraj, Uttar Pradesh. It falls under the company's Engineering, Procurement, and Construction (EPC) segment. Under the contract, Oriana Power will ensure the development of the solar power plant, which includes obtaining approval from the Central Transmission Utility (CTU), and setting up necessary transmission lines.

This contract is expected to be executed within six months by Oriana Power.

Incorporated in 2013, Oriana Power is engaged in two main business verticals - providing EPC and operations of solar power projects, and offering solar energy solutions on a BOOT (build, own, operate, transfer) basis.

In August, the company announced plans to establish a gigawatt-scale facility dedicated to producing alkaline electrolysers and Balance of Plant (BOP) modules.

This factory is set to launch in two phases, with the first phase, featuring a 500 megawatt (MW) annual capacity for electrolyser production, slated to commence operations by 2026.

Indian Hume Pipe Hits Records High

Moving on to news from the cement sector, shares of Indian Hume Pipe soared by 14% to reach a record high of Rs 613 on 2 September, following the announcement of a significant Rs 8.3 bn work order from the Tapi Irrigation Development Corporation in Jalgaon, Maharashtra.

Indian Hume Pipe specialises in the manufacturing, laying, and jointing of pipelines. The company is also involved in infrastructure development projects, executing turnkey water supply initiatives. Additionally, it produces and supplies concrete railway sleepers to Indian Railways.

The newly secured order encompasses engineering, procurement, and construction (EPC) services, along with trial runs, testing, and commissioning of a gravity-piped distribution network.

This network is designed to irrigate a 26,907-hectare area under the Jamphal Dam as part of the Sulwade Jamphal Kanoli lift irrigation project in the Shindkheda taluka of the Dhule district.

The scope of the order also includes the operation and maintenance of the system for five years, with a project execution timeline of 24 months.

In its Q1 FY25 results, Indian Hume Pipe reported a net profit of Rs 311.6 m, a substantial increase from the Rs 851 m recorded in Q1 FY24. Net sales also grew by 5% year-on-year, reaching Rs 3.6 bn for the quarter.

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

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