Gift Nifty Down 29 Points | Coal India's Rs 670 Billion Expansion Plan | JSW Energy's New Project Win | Top Buzzing Stocks Today

Wed, 11 Sep Pre-Open

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

Indian equity benchmark indices BSE Sensex and Nifty 50 closed higher on Tuesday, tracking overnight gains in the US markets that closed sharply higher on Monday.

At the closing bell on Tuesday, the BSE Sensex stood higher by 362 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 105 points (up 0.4%).

Wipro, Bharti Airtel and LTIMindtree were among the top gainers.

Bajaj Finance, Bajaj Finserv and HDFC Life 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 1.5% higher.

Sectoral indices were trading mixed with socks in power sector, telecom sector and IT sector witnessing buying speer. Meanwhile stocks in oil & gas sector and finance sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 71,710 per at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the Gift Nifty was trading 29 points lower at 25,087 levels.

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

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Top buzzing stocks today

Tata Power share price will be in focus today.

Shares of Tata Power gained as much as 6% on 10 September as the company announced that a unit of its subsidiary has commenced commercial production of solar cells at India's largest single-location in Tirunelveli, Tamil Nadu, helping boost domestic manufacturing of cells and modules needed to convert sunlight into electricity.

ITI will also be a top buzzing stock.

shares of ITI advanced nearly 9% on Tuesday after the PSU firm bagged a Rs 3 bn order from the Bihar government.

The uptrend in the stock was witnessed after six days of consecutive declines on the bourses.

JSW Energy's New Project Win

JSW Energy's wholly owned subsidiary, JSW Neo Energy received a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up a 600 MW Wind-Solar Hybrid Power Project.

The company will set up 600 MW of Wind-Solar Hybrid Power Project including 400 MW allotted under the green shoe option.

As a result of this capacity award, the company's total locked-in generation capacity has increased to 18.2 GW, which includes a total locked-in hybrid capacity of 3.8 GW (including FDRE).

The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

This project enhances the company's energy solution offerings and supports its transition towards becoming an energy products and services company.

JSW Energy has a total locked-in generation capacity of 18.2 GW comprising of 7.5 GW operational, 2.3 GW under construction across wind, thermal and hydro and an RE pipeline of 8.3 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project.

The power generation company aims to reach 20 GW generation capacities and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving carbon neutrality by 2050.

Maruti Suzuki Unveils 500-km EV

Maruti Suzuki India (MSI) will launch an electric vehicle with a 500-km range that will be powered by a 60 Kilowatt-hour battery and will have multiple such products, the auto major's MD and CEO Hisashi Takeuchi said on 10 September, while highlighting the company's aim to significantly boost exports by 2030.

To increase customer confidence, Maruti will also export these same EVs to markets like Europe and Japan.

In the domestic market, Maruti is looking to use various technologies in its cars to reduce carbon emissions. In addition to electric and strong hybrid cars, the automaker will also consider developing models that run on biofuels and hydrogen.

They are exploring technologies and powertrain options such as hydrogen, strong hybrids, and biofuels to minimize oil consumption and CO2 emissions.

Maruti is also looking at a significant increase in its overseas shipments by 2030.

The company is already exporting some vehicles back to Japan.

Coal India's Rs 670 Billion Expansion Plan

Coal India Ltd. is planning to invest about Rs 670 bn ($8 bn) to build coal-fired power plants close to its mines, signalling the fast-growing economy will remain reliant on fossil fuel for decades to come.

The state-owned miner has already won approval for 4.7 gigawatts of generation to be built over the next six to seven years, with most of the facilities to be in the state of Odisha on India's east coast.

The new power stations are in addition to a plan, announced by New Delhi late last year, to add 88 gigawatts of thermal generation capacity through 2032. The world's most populous country is forecasting electricity demand to surge over the next few years, making it tough to wean itself off coal, which accounts for around three-quarters of the power mix.

The fossil fuel will remain relevant to the country's electricity mix for at least three decades.

Putting these plants near mines will allow the company to avoid transport costs, keeping them competitive, he said, adding that Coal India is also looking to build renewable power stations and get into mining critical minerals.

India has a goal of getting to net zero by 2070, later than other major economies, reflecting the fact that both its population and economy are still growing quickly. However, environmentalists say the government should be doing more to decarbonize the power system.

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

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