CDSL Q2 Results | India to Export Green Energy from 2025 | Top Buzzing Stocks Today

Thu, 27 Oct Pre-Open

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On Tuesday, Indian share markets opened in green but erased gains as the session progressed to end lower.

Indian benchmark indices broke their seven-day winning streak dragged by losses in the FMCG sector. Even the best FMCG stocks like HUL, Emami, among others fell.

Profit booking was seen after a 7-day winning streak, with investors dumping FMCG and private bank stocks.

At the closing bell on Tuesday, the BSE Sensex stood lower by 288 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 74 points (down 0.4%).

Tech Mahindra, Maruti Suzuki, and JSW Steel, were among the top gainers.

Nestle, HUL, and Kotak Mahindra Bank, on the other hand, were among the top losers.

Broader markets ended on a mixed note, the BSE Midcap index ended higher by 0.5% while the BSE SmallCap index ended 0.4% lower

Sectoral indices ended on a mixed note with stocks in the auto sector, IT sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the FMCG sector, finance sector, and telecom sector witnessed selling pressure.

Shares of Sun Pharma, Bharat Dynamics, and SBI hit their 52-week high on Tuesday.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 50,580 per 10 grams at the time of Indian market closing hours on Tuesday.

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about a green energy stock that trumped Voltas and Siemens, in her latest video.

Top Buzzing Stocks Today

Infosys will be among the top buzzing stocks today.

The company extended its living labs ecosystem to help Australian startups to advance their go-to-market.

To co-create, test, and shorten their time to market, these startups can get advantage of Infosys' multi-tiered, global, on-demand digital ecosystem. It includes the newest technologies, solution accelerators, and domain experts.

Tech Mahindra will also be in focus today.

The company on Tuesday bought 26% of equity shares in Upendra Singh Multi Transmission. With the acquisition, the business would be able to purchase 1.5 MW of solar energy for internal use at its Noida, Uttar Pradesh facilities.

Tata Steel's Dutch Arm Signs MOU

The Tata group company's Dutch division intends to provide green steel to Ford facilities in Europe post-year 2030.

It intends to begin producing green steel, or steel created without fossil fuels, at its plant in Ijmuiden, Netherlands, in 2030.

However, securing a future supply of more ecologically friendly steel is critical for Ford's goal of carbon neutrality by 2035.

Tata Steel is further also making the transition to being a large-scale manufacturer of high-quality green steel. It is already providing clients with a sizable amount of high-quality low-CO2 steel now, so it can increase the sustainability of its product offering.

This includes Tata Steel's recently launched Zeremis Carbon Lite, steel with an allocated carbon footprint reduction of up to 100%.

With this agreement, Ford became the first client committed to purchasing the green steel that Tata Steel intends to create according to the deal.

Tata Steel is transforming to become a manufacturer of substantial amounts of high-quality green steel, and it can provide clients with a sizable volume of high-quality green steel.

Tata Steel has already unveiled more than 60 cutting-edge innovations in the past ten years, from new steels that make automobiles lighter to help them live even longer.

Tata Steel became the Tata group company's most profitable company, surpassing Tata Consultancy Services (TCS) after several years, aided by rising steel prices due to the commodity super cycle.

Oil Prices Dive Below US$92 

On Tuesday, crude oil prices fell more than US$1 per barrel as the bearish economic data heightened demand fears.

Brent crude futures were down by US$1, at US$92.1 a barrel, while West Texas Intermediate crude futures fell US$1 to US$ 83.6 a barrel.

With the persistent signs of uncertainty from China and the United States, the biggest oil consumer in the world weighed the market sentiment.

China's crude oil imports in September were 2% lower than they were a year earlier, according to government data released on Monday. This continued a trend of reduced imports while China reported falling retail sales.

Also, the business activity of the US contracted for the fourth straight month in October.

Further, in the eurozone and the UK, business activity decreased in the industrial sectors as well.

Since commodity markets and oil prices interest you, explore stocks benefitting from falling crude oil prices.

CDSL Q2 Profit Falls 7%

Leading depository CDSL reported a 7% year-on-year (YoY) decline in net profit at Rs 800 m for the quarter ended September on Tuesday. It posted Rs 860 m net profit in the same quarter last year.

However, the revenue for the September quarter grew 3% YoY to Rs 1.7 bn from Rs 1.6 bn in the same quarter a year ago. This revenue growth was based on growth in the number of accounts opened during the quarter compared to last year.

For the September quarter 2022, the net sales of the depository stood at Rs 1.2 bn, up 9.7% YoY. It reported net sales of Rs 1.1 bn in the same quarter last year.

It maintains and services 7 Demat accounts of Investors or Beneficial Owners spread across India. These beneficial owners are serviced by 580 depository participants from over 20,000 locations.

For the half year ended 30 September 2022, the depository's net profit stands lower by 8% to Rs 1.4 bn. The total income of the company stands at Rs 3.2 bn higher by 7%.

India to Export Green Energy to Singapore

According to a memorandum of understanding (MoU) inked on Tuesday between a Singaporean energy company and an Indian dispatchable renewables company, India will begin exporting green energy in 2025, with the first shipments going to a Singapore power plant.

The Greenko Group and Singapore's Keppel Infrastructure will work toward a 250,000 tons per year contract to supply hydrogen to Keppel's new 600Mw power plant in Singapore.

It is to investigate options for green hydrogen potential in India. The contract for the export of green ammonia would also expand to cover bunker fuel through the Keppel network in Singapore.

Greenko is one of the leading renewable energy companies in India. It replaces fossil fuels with integrated decarbonized energy and grid assets.

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

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