Gift Nifty Up 30 Points | Oberoi Group's Pune Acquisition Deal | Why Rice Stocks are Rising | Top Buzzing Stocks Today

Tue, 17 Sep Pre-Open

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Indian benchmark indices remained positive as the session progressed but ended the day higher

Benchmark equity indices, BSE Sensex, and NSE Nifty50 ended Monday's choppy session in positive territory.

At the closing bell on Monday, the BSE Sensex stood higher by 98 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 27 points (up 0.1%).

NTPC, JSW Steel and L&T were among the top gainers.

Britannia, Bajaj Finserv and HUL 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 0.1% higher and BSE SmallCap index ended 0.3% higher.

Sectoral indices were trading mixed with socks in power sector and realty sector witnessing buying speer. Meanwhile stocks in IT sector and telecom sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 73,602 per at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading 30 points higher at 25,492 levels.

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

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Top buzzing stocks today

M&M share price will be in focus today.

Mahindra & Mahindra (M&M) shares rose 2 to Rs 2,784 on Monday after the automaker announced the launch of its latest light commercial vehicle (LCV), the Mahindra Veero.

Market participants reacted positively to the news, betting that the Veero could enhance the company's foothold in the commercial vehicle market.

BSE will also be a top buzzing stock.

Shares of BSE zoomed over 17% on 16 September to hit an all-time high of Rs 3,448 on the National Stock Exchange (NSE), driven by high volumes. So far in the day, a total of 33 lakh shares of the company changed hands on BSE and NSE combined, compared to the monthly average trading volume of eight lakh shares.

Adani, AfDB Secure Kenya Deal

The Kenya Electricity Transmission Co. has awarded Adani Group and a unit of the African Development Bank a public-private partnership concession to construct high-voltage power lines, according to an adviser of the East African nation's president.

Many Kenyans have been angered about a separate proposal to grant another unit of the Indian mogul Gautam Adani's conglomerate a 30-year concession to run the nation's largest airport. Aviation workers held a one-day stoppage last week to protest those plans.

The Kenyan government has borrowed heavily and can ill afford to take on additional loans. To balance the need for continued investment in development, the government says it needs private money for public projects.

Casablanca-based Africa50 has a PPP project to construct the 185-kilometer (115-mile) Loosuk-Lessos transmission line, according to its website.

Five years ago, Ketraco said the AfDB unit would construct 324 km of the high-voltage links for US$ 172.5 m.

At the time, the agency said it was turning to private investment to cut reliance on state funding and to plug a hole estimated at US$ 3 bn for projects due by 2030.

Oberoi Group's Pune Acquisition Deal

Oberoi Hotels group will acquire an equity stake in a Pune-based company for Rs 2.5 bn, for the development of a mixed-use project including a Trident Hotel and a commercial complex at an investment cost of Rs 9.7 bn.

EIH, the flagship company of the Oberoi group, will acquire a 51% equity stake in Pune-based hospitality and commercial real estate firm Muttha Towers II Pvt Ltd, which had total assets worth Rs 1.8 bn at the end of March 2024. The target company was incorporated in 2019 and owns a parcel of land measuring 1.7 acres.

The proposed Trident Hotel will have a capacity of approximately 175 keys and will be spread over an area of 1.81 lakh square feet.

The proposed commercial complex will have office spaces and food and beverage-focused retail outlets spread over 4.1 lakh square feet.

The UK firm will develop a luxury hotel, The Oberoi, London, for domestic and international travellers, at an investment of about GBP 15 million. The hotel will be operational by the fourth quarter of the financial year 2027-28.

EIH Ltd made news over the weekend, with the Delhi High Court restraining Oberoi Group holding companies from transferring shares held by late PRS Oberoi. The case involves a legal dispute among PRS Oberoi's children, regarding control over substantial holdings in EIH and a family villa.

Why Rice Stocks are Rising

Shares of rice stocks like KRBL, LT Foods, Kohinoor Foods, and others rallied up to 15% on BSE today after the government removed the minimum export price (MEP) of US$ 950 per tonne for basmati rice on Friday.

Kohinoor Foods shares skyrocketed by 15% to a day's high, while KRBL surged 6.6%. Chaman Lal Setia Exports' shares went up by 6%.

Meanwhile, Adani Wilmar Wilmar's share rose 4%.

Basmati rice exporters noted that the government's decision would help stabilize the price of basmati rice, which has been falling due to fewer global orders. Wholesale prices of basmati rice are expected to increase from Rs 55 per kg to Rs 65 per kg initially and stabilize at this level.

In October last year, the government reduced the MEP for basmati rice shipments to US$ 950/tonne from US$ 1,200/tonne, which was set on August 25 to restrict 'illegal shipment of white non-basmati rice' whose shipment was banned in July last year.

In FY24, India exported a record 5.24 million tonnes (MT) of aromatic rice valued at US$ 5.83 bn.

Incidentally, due to the MEP of $950 per tonne, many buyers from India had shifted to Pakistan, which was selling basmati rice at a lower price than India.

Geographical Indication-tagged basmati rice is grown in 70-odd districts in Punjab, Haryana, western Uttar Pradesh, Jammu & Kashmir, and Uttarakhand.

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

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