Sensex Today Zooms 400 Points, Nifty Above 20,000 | Adani Group Stocks Extend Rally | Tech Mahindra & Wipro Top Gainers

Wed, 29 Nov 10:30 am

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Asian share markets are mixed today after Australia's monthly inflation gauge snapped two months of acceleration in October 2023, bolstering the case for the Reserve Bank to resume pausing interest rates next week.

The Shanghai Composite is down 0.3% while the Nikkei is trading up by 0.2%.

US stock market indices ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift.

The Dow Jones ended higher by 0.2% while the Nasdaq advanced 0.3%.

Back home, Indian share markets are trading on a positive note, taking cues from GIFT Nifty.

Benchmark indices opened marginally higher but quickly extended gains as the session progressed. All eyes are on IREDA, as the stock made its debut today.

At present, the BSE Sensex is trading higher by 385 points while the NSE Nifty is up 117 points at 20,000 levels.

Tech Mahindra and Wipro are among the top gainers today.

Power Grid and Coal India on the other hand are among the top losers today.

Broader markets are trading on positive note. The BSE Mid Cap index is trading 0.7% higher while the BSE Small Cap index is up 0.6%.

All sectoral indices are trading on a positive note, with stocks in IT sector, power sector, and oil and gas sector witnessing most of the buying.

Shares of Inox Wind and Hindustan Aeronautics hit their 52-week high today.

Market participants are tracking shares of BHEL, Balrampur Chini and Granules India as these companies are under F&O ban today.

The rupee is trading at Rs 83.29 against the US dollar.

Crude oil prices rose as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts.

In commodity markets, gold prices are trading 0.2% higher at Rs 62,485 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, Co-head of research, Rahul Shah talks about a little-known Tata Company, in his latest video.

The stock has more than doubled in the last few months and there seems to be no solid reason behind the same.

Tune in to below video to know more.

TCS Share Buyback Date Announced

Tata Consultancy Services (TCS) Rs 170 bn share buyback will start on 1 December and end on 7 December.

The IT services firm proposes to buy back up to 40.9 million (m) equity shares of the face value of Rs 1. The buyback represents 1.1% of total issued and paid-up equity share capital as of 30 September.

The shares are proposed to be bought back for Rs 4,150.

Tata Sons Private Limited intends to tender 2,96,03,690 shares, and Tata Investment Corporation intends to tender 11,358 shares.

Promoter and Promoter group shareholding will change from 72.3% to 72.41% post-buyback.

TCS bought back its shares for the first time in 2017, buying back shares worth 160 bn in February at an 18% premium to the prevailing price.

This was followed by two buybacks of Rs 160 bn each in June 2018 and October 2020, at an 18 and 10% premium.

Tata Consultancy Services (TCS)?is a bright shining star in the galaxy of?Tata Group companies.

TCS has been?one of the favourite stocks of investors?because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

TCS shares have remained rangebound in the past one year, eking out a mere 3% gains.

With strong fundamentals, it stands among the?5 best long-term companies of 2023.

Why SpiceJet Share Price is Rising

Shares of low-cost carrier SpiceJet ended with modest gains on 28 November after new reports revealed promoter Ajay Singh was in discussions with a clutch of global private credit funds to raise US$ 100 m to refinance part of promoter debt and potentially infuse fresh equity in the cash-strapped airline.

The talks are currently at a fairly early stage with no certainty of a transaction, but the improving profitability of India's aviation sector with the bankruptcy-led exit of Wadia Group's budget carrier GoFirst has improved SpiceJet's prospects to repay debt and manage finance.

Currently, SpiceJet promoters led by Singh, who is also the Chairman and Managing director of the airline hold a 56.5% stake in the company, of which 37.9% is pledged with various lenders.

The budget carrier is currently in urgent need of cash infusion, owing to several legal cases it is facing about non-payment of dues, including the airline's former promoters and aircraft lessors.

Shares of SpiceJet are down by more than 25% in 2023. To know why, check out the editorial - why SpiceJet share price is falling.

Adani Total Gas Launches Green Hydrogen Blending Project

Adani Total Gas has launched a green hydrogen blending pilot in Ahmedabad. The company will blend green hydrogen with natural gas for 4000 residential and commercial customers.

The project is expected to be commissioned by Q1FY24-25, and the percentage of green hydrogen will be gradually increased in the blend to up to 8% or more, depending on regulatory approvals.

Green hydrogen is produced by electrolysis of water, where the water is split into hydrogen and oxygen when electricity is passed through water.

The electricity used for electrolysis is generated via renewable energy. Blending hydrogen with gas reduces carbon intensity in the burning gas without losing its heating capabilities.

Adani Total Gas said studies showed 8% hydrogen blend can reduce carbon emissions by 4%.

Note that Adani group stocks rallied up to 20% yesterday following Supreme Court's hearing.

The Supreme Court, in its hearing, reserved its verdict on a batch of Public Interest Litigations (PILs) seeking a Court-monitored investigation into allegations made by US-based short-selling firm Hindenburg Research against the Adani group regarding violations of stock market regulations.

Meanwhile, the Securities and Exchange Board of India (Sebi) informed the Supreme Court on Friday that it does not require additional time to complete its investigation into the Adani-Hindenburg matter.

Out of the 24 cases related to the Hindenburg issue, 22 have already been resolved by SEBI, and the remaining aspects of the probe depend on data from foreign regulatory bodies.

The Supreme Court's three-judge panel, led by Chief Justice of India DY Chandrachud, has concluded hearings on several petitions seeking an inquiry into the Adani-Hindenburg matter and requested written submissions.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

And 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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