Gift Nifty Up 44 Points | Hindalco Partners Metra | Coal India's Green Initiative | L&T, Top Buzzing Stocks Today

Wed, 13 Sep Pre-Open

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On Tuesday, Indian share markets turned volatile as the session progressed and ended mixed.

Indian benchmark surrendered early gains on Tuesday, led by losses in energy, metals and auto stocks while investors turned their focus to retail inflation data for August due later in the day.

At the closing bell on Tuesday, the BSE Sensex stood higher by 94 points.

Meanwhile, the NSE Nifty closed 3 points lower.

TCS and Infosys were among the top gainers.

BPCL and NTPC on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 2.9% lower and the BSE Small Cap index is trading higher by 4%.

Sectoral indices ended on a mixed with stocks in banking sector and IT sector are witnessing buying. Meanwhile, stocks in power sector and realty sector witnessed selling pressure.

Shares of Maruti Suzuki and TCS hit their 52-week high on Tuesday.

The rupee was trading at 82.92 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 58,839 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading 44 points or 0.2% higher at 20,073 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

L&T share price will be in focus today.

Larsen & Toubro's (L&T) shares jumped 4% higher yesterday and reached a new record high at Rs 2,997.75.

This surge followed L&T's decision to raise the floor price for its Rs 100 billion (bn) mega-buyback program by almost 7%, setting it at Rs 3,200 per share, compared to the previous Rs 3,000 per share.

SpiceJet will also be a top buzzing stock.

Shares of SpiceJet dropped nearly 5% on 12 September 2023, post the assurance of repayment of Rs 1 bn to the former promoter by the airline.

Hindalco Partners Metra

Hindalco Industries on Tuesday signed a technology partnership with Italy-based Metra SpA.

The partnership aims to enable the production of large-size aluminium extrusion and fabrication technology for building high-speed aluminium rail coaches in India.

Combining Hindalco's vast experience in aluminium manufacturing and Metra's cutting-edge know-how in aluminium extrusion, machining and welding, the collaboration marks a pivotal move to bring world-class technology - currently limited to Europe, China, Japan and a few other countries - to India.

The tie-up provides Hindalco the launching pad to drive the ambitious upgrade programme of Indian Railways, which runs the world's largest rail network.

This is in line with our capability building for aluminium in commercial vehicles, freight wagons, electric vehicles and passenger train applications.

In the railway sector, extruded aluminium plays a leading role, as it combines weight reduction and mechanical strength.

Metra, a 60-year veteran in making aluminium extrusions for the transport sector, specialises in the fabrication and machining of railway extrusions, giving the Italian company additional capabilities to design and supply high-end sub-assemblies for the railways.

Hindalco Industries is an Indian aluminium and copper manufacturing company. The company is a subsidiary of the Aditya Birla Group.

With a huge cash balance of Rs 116.3 bn, it is among the 5 Indian Companies with insane cash reserves to watch out for big dividends.

Coal India green transport

Maharatna company Coal India Limited (CIL) will make a capital investment of nearly Rs 24,750 crore on 61 First Mile Connectivity (FMC) projects over the next couple of years in a bid to boost eco-friendly coal transportation.

The projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum (MTPA) on completion.

FMC projects involve coal transportation in mechanized piped conveyors from the production point to coal handling plants/silos with a rapid loading system where coal is loaded directly into rail wagons.

Under Phase I, there will be 35 FMC projects, with a total capacity of 414.5 MTPA capacity, worth Rs 107.5 bn.

Coal India is working towards commissioning 17 more projects, with a total capacity of 178 MTPA by the end of FY2024, the company has noted.

It has further stated that the remaining 10 projects, with 124.5 MTPA capacity, will likely be operational by FY 2025.

Phase II and Phase III will comprise nine and 17 projects each. These projects will have respective evacuation capacities of 57 MTPA and 292 MTPA, with investments worth nearly Rs 25 bn and Rs 115 bn, respectively.

Under Phase II, five projects, with a capacity of 21.5 MTPA, are currently under construction and will likely be commissioned by FY 2025. The remaining four are in various stages of progress, with tenders issued and bid documents under preparation.

Coming to the stock performance, the share price of Coal India has gained over 20% so far in 2023.

To know what has led to the sudden change in share price momentum for this monopoly stock.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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