SGX Nifty Up 32 Points | Droneacharya Aerial's Strong Debut | Tata Power's Solar Project | Top Buzzing Stocks Today

Mon, 26 Dec Pre-Open

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On Friday, Indian share markets continued the downtrend throughout the session and ended deep in the red.

Bears roared as Covid-19 scare in China triggered slowdown fears. With that fall, Indian markets  settled lower for a fourth consecutive day.

Indian investors felt the pressure from negative global cues as central bankers continued to maintain a hawkish stance on inflation and future rate hikes.

At the closing bell on Friday, the BSE Sensex stood lower by 981 points (down 1.6%).

Meanwhile, the NSE Nifty closed lower by 321 points (down 1.7%).

Divis Laboratories and Titan were among the top gainers.

Adani Enterprises, Adani Ports, and Hindalco, on the other hand, were among the top losers.

Broader markets settled on a negative note and the fall was more severe. The BSE MidCap index plunged over 3% while the BSE SmallCap index was the biggest loser and dived 4.1%.

All sectoral indices ended deep in red with stocks in the power sector, realty sector, oil & gas sector and metal sector witnessing most of the selling.

Among the best steel stocks, Hindalco and Tata Steel plunged over 5%.

Select pharma stocks bucked the trend and ended on a positive note. Cipla share price is rising for the past few sessions now following the recent spike in Covid infections in China.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.86 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 54,668 per 10 grams, at the time of Indian market closing hours on Friday.

At 8:00 AM today, the SGX Nifty was trading up by 32 points or 0.2% higher at 17,900 levels.

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

Speaking of the stock markets, Richa Agrawal talks about EV stocks to add to your 2023 watchlist in her latest video.

While EVs could be the biggest megatrend of this century, the popular and leading names in EVs will not be the biggest beneficiaries of the EV transition.

She further talks about the need to expand the vision beyond EV OEMs to make big gains from the EV revolution.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Godrej Properties will be among the top buzzing stocks today.

Real estate player Godrej Properties on Friday announced that it will develop a 14.27-acre land parcel for a residential group housing project in Gurugram, Haryana.

Axiscades Technologies share price will also be in focus today.

Engineering solutions provider Axiscades Technologies on Friday acquired Mistral Solutions, a leader in semiconductor, embedded electronics, defense and product engineering capabilities.

The acquisition initiated in 2017, was executed over four phases at a total cost of Rs 2.9 billion (bn).

Droneacharya Aerial Innovations lists at Premium

The shares of Droneacharya made a strong debut on the market on Friday. The company got listed at Rs 102 on BSE's SME platform, a premium of 90% against its issue price.

The stock hit a high of Rs 107.1 post-listing, almost doubling investors' wealth on debut.

The company, through its IPO, raised Rs 339.7 m via its initial stake sale.

The IPO opened for subscription on 13 December 2022 and closed on 15 December 2022.

The issue was overall subscribed 243.7 times, with the retail book getting 330.82 times bids. The qualified institution's portion was booked 46.2 times, while the HNI portion fetched 287.8 times subscriptions.

Droneacharya Aerial Innovations provides a high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high-configuration workstations,

The company's recent pre-seed funding round closed at a whopping US$4.6 m (Rs 381 m), the highest for any drone startup across the country. The company raised funds for the purchase of drones and other accessories and to meet general corporate expenses.

To know more about IPOs, check out the upcoming IPO section on our website.

Oil Prices Climb above US$ 81 per barrel

Oil prices rose more than US$1 on Friday. This rise came after Russia said it may cut crude production output by 500,000 to 700,000 barrels a day in response to the price cap imposed by the Group of Seven on its exports.

This news offset the worries of a hit to US transport fuel demand growth as a looming Arctic storm threatens travel during the holiday season.

More than 4,400 US flights have been cancelled over two days due to the winter storm, coinciding with a holiday travel season that some predict could be the busiest ever.

Following the news, brent crude was up 0.8% to Us $81.6 a barrel, while West Texas Intermediate climbed above $78 a barrel. Both contracts are set for a gain, brent up 3% and WTI 5% this week even after concern flared over near-term demand in China and US data reinforced prospects for more rate hikes. This has affected crude oil prices and crude oil stocks in India.

However, oil has rebounded since hitting a one-year low earlier this month despite concerns that the US and Europe may sink into recession next year.

Tata power receives finances from Japan's MUFG

Tata Power on Friday received Rs 4.5 bn trade finance facility from MUFG Bank of Japan to fund its solar projects in India.

This credit facility was extended for two solar projects under TP Kirnali.

TP Kirnali is a 100% subsidiary of Tata Power Renewable Energy.

It is a 100 per cent subsidiary of Tata Power Renewable Energy.

MUFG has extended the financing to fund TPKL's two solar power projects - a 100 MW renewable project in Parthur, Maharashtra and a 120 MW green energy project in Mesanka, Gujarat.

Tata Power aims to contribute zero waste to the landfill before 2030, become 100% water neutral by 2030, and carbon net-zero by 2045.

All these efforts indicate Tata Power is betting big on renewable energy.

This initiative has made Tata Power among 5 renewable energy stocks to watch out for potential multibagger returns.

Ingersoll-Rand's Rs 1.7 billion capex plan

The company's board on Friday approved setting up of a new manufacturing plant in Gujarat to increase the manufacturing capacity of the existing products and also to manufacture new products.

The project requires an investment of Rs 1.7 bn (plus contingency of up to a maximum of 7%). It would be financed from internal accruals.

The company's existing capacity is 10,000 units per month, and the capacity utilization rate is 100 per cent. It proposes to add a capacity of 5,000 units per month initially by the end of September 2024. This would help in catering to demand from domestic as well as export.

New plant will not only help secure space for immediate expansion plans but will also fuel future growth prospects.

The company manufactures air compressors of various capacities for the domestic and export markets.

Ingersoll-Rand's derives revenue from reciprocating, rotary, and centrifugal compressors and spares in the domestic market and from exports to its parent and affiliates.

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

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