Gift Nifty Up 9 Points | HFCL Bags Telecom Order | Oil India's Net Zero Plan | Top Buzzing Stocks Today

Tue, 12 Sep Pre-Open

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On Monday, Indian share markets continued the momentum as the session progressed and ended on firm footing.

The benchmark Nifty 50 shrugged off subdued global cues and outperformed their overseas peers to scale a fresh record high, surpassing the 20,000-mark for the first time ever Yesterday.

Indian benchmark indices inched up as strong domestic macroeconomic data, a breather in August, and resilient buying from domestic institutional investors were the primary factors behind the rally.

At the closing bell on Monday, the BSE Sensex stood higher by 528 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 176 points (up 0.9%).

Adani Ports and Axis Bank were among the top gainers.

Coal India and ONGC on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 1.2% higher and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices ended on a positive note with stocks in the power sector, auto sector and telecom sector are witnessing buying.

Shares of P&G Hygiene and Titan hit their 52-week high on Monday.

The rupee was trading at 82.98 against the US$.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 59,047 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading 9 points higher at 20,127 levels.

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

Speaking of stock markets, last month, the Parliament passed an important bill that could influence the fortunes of companies catering to mining ecosystem. The new Mines and Minerals (Development & Regulation) Amendment Bill allows private companies to mine six out of 12 atomic minerals, including lithium, and deep-seated minerals such as gold and silver.

So far, the mining has been mainly dominated by PSU sector leading to limited activity.

The bill brings in major reforms in the mining sector such as exploration license for deep seated and critical minerals, exclusive auction of mineral concessions for critical minerals, and revenues from these will also accrue to state governments.

A lot of activities related to mining, excavation and exploration earlier that were prohibited will now be allowed.

And the companies in the mining ecosystem are likely to benefit.

Tune in below to know some of these lesser-known players in the ecosystem.

Top buzzing stocks today

IRFC share price will be in focus today.

State-run Indian Railway Finance Corp (IRFC) market capitalisation crossed Rs 1 trillion (tn) on 11 September as the stock climbed to a new high, doubling in value this year.

The company is now the 10th most valuable state-run enterprise in the country, surpassing Bharat Electronics, Bank of Baroda, and Gail India.

IRB Infra will also be a top buzzing stock.

Shares of IRB Infrastructure zoomed nearly 4% on 11 September after toll revenue surged 24% to Rs 4.2 bn.

HFCL Wins Big Telecom Contract

The company and its subsidiary received orders from a telecom player to supply optical fibre cables. The deal value is nearly Rs 830 m.

The company said it needs to fulfil the order by November of this year.

HFCL manufactures Optical Fiber, Optical Fiber Cables (OFC), Passive Interconnect Solutions and high-end Transmission and Access Equipment.

Its offerings span the entire value chain, from manufacturing hi-tech communication network products to providing specialised services, which get deployed across Telecom, Defence, Railways, Utilities, and Security and surveillance Networks, both in the private and government sectors.

HFCL is among 4 Optical Fibre Stocks to Watch Out amid India's Anti-Dumping Move.

Why sugar stocks are rising.

Shares of sugar companies witnessed a surge in buying today after Prime Minister Narendra Modi launched the Global Biofuel Alliance (GBA) on the sidelines of the G20 Summit on Saturday, which has India, the United States, and Brazil as its founding members.

The alliance intends to work together to take an initiative at a global level to take ethanol blending in petrol up to 20%. Sugarcane-based ethanol is one of the most significant sources of biofuels.

Boosted by the development, sugar stocks including Shree Renuka, Balrampur Chini, EID Parry, Dalmia Bharat Sugar, Dhampur Sugar Mills rallied up to 7% in intraday amid hope that Indian sugar industry will gain from the decision to increase ethanol blending with petroleum products.

Among individual stocks, Shree Renuka Sugars, the most valued company in this sector in terms of market cap, gained as much as 7.2% during the trade so far.

The other sectoral heavyweights EID Parry, Balrampur Chini, Triveni Engg, Bajaj Hindusthan, Dalmia Bharat Sugar, and Dhampur Sugar Mills rose between 2% to 5%.

India, as the current G20 Chair, has launched the Global Biofuel Alliance to accelerate the worldwide adoption of biofuels.

The initiative aims to achieve this goal by promoting technological developments, increasing the use of sustainable biofuels, and establishing strong standards and certifications with the involvement of various stakeholders.

For more, check out the Top 5 Sugar Stocks to Watch as Supply Crunch Drives Prices Higher.

Oil India's Net Zero Goal

Oil India shares were trading 2% higher on 11 September after reports said that the state-owned fuel producer was planning to invest Rs 165 bn to achieve its net zero carbon emission goals by 2040.

The company plans to invest about Rs 90 bn for 1,800 megawatts of solar and onshore wind energy projects and Rs 30 bn for the green hydrogen project. It will also invest Rs 10 bn in carbon capture, utilization and storage projects.

The other public sector energy companies namely, Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Gas Authority of India, and Oil and Natural Gas Corporation have already announced their net zero goal.

Now, together with Oil India, the six-state-run energy companies plan to invest Rs 6.38 trillion (tn), according to media reports.

Oil India is engaged in the business of exploration, production, and marketing of crude oil and natural gas. The company operates oil fields and gas fields, primarily in India.

Oil India is the perfect combination of dividend and growth. For more, Top 5 High Dividend Yield PSU Stocks Growing at Amazing Speed.

The transition from grey to green hydrogen is happening at a faster pace than expected. Oil India is one of the companies that are contributing to this transition. For more, check out Full Update on India's Top Green Hydrogen Stocks and How They're Faring in 2023.

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

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