Thu, 25 Nov Pre-Open
Indian share markets ended on a negative note yesterday.
Benchmark indices nosedived to lower levels in late deals dragged by weakness in key index heavyweights Infosys, ITC and Reliance Industries.
At the closing bell yesterday, the BSE Sensex stood lower by 323 points (down 0.6%).
Meanwhile, the NSE Nifty closed lower by 88 points (down 0.5%).
ONGC and Adani Ports were among the top gainers.
Eicher Motors and Tata Consumer Products, on the other hand, were among the top losers.
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Sectoral indices ended on a negative note with stocks in the IT sector, auto sector and engineering sector witnessing most of the selling pressure.
Oil & gas stocks, on the other hand, witnessed buying interest.
Shares of Torrent Power and Tanla Platforms hit their respective 52-week highs.
Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,487 per 10 grams at the time of closing stock market hours yesterday.
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Top Stocks in Focus Today
Among the buzzing stocks today will be IOB and Central Bank.
In line with the government’s divestment plan of Rs 1.8 tn for the financial year 2022, there are reports of the government introducing a banking amendment bill in upcoming winter session of Parliament to privatise two state owned banks.
The government has shortlisted Indian Overseas Bank (IOB) and Central Bank of India for divestment. With this, the two banks might witness sale of 51% stake in the first phase of divestment.
The news triggered shares of both the banks as they spiked up to 20% yesterday.
In September 2021, Reserve Bank of India (RBI) had removed Indian Overseas Bank from its watchlist i.e., prompt corrective action (PCA) after an improvement in the lender’s asset quality.
The PCA is a framework under which lenders with struggling financial indicators are placed under watch by RBI. Meanwhile, the Central Bank of India is still under the framework.
Plan to privatise some banks was announced in the Union budget for 2021-22 as a part of the government’s broader divestment goals for the fiscal 2022.
The bill will be reportedly among the 26 bills, which are scheduled to be introduced during the session.
Among other bills in discussion, India’s cryptocurrency bill is the most awaited during the session of Parliament, which will run from 29 November to 23 December.
L&T share price will also be in focus today.
Indian multinational conglomerate Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with the government of Tamil Nadu to establish a data centre at Kanchipuram.
L&T said it will establish 90-megawatt (MW) capacity data centres and associated units in a phased manner in Kanchipuram over the next five years.
The company aims to employ around 1,100 people – 600 direct and 500 indirect – in the project.
The Tamil Nadu government will provide uninterrupted power supply and other infrastructure support on a ‘best-effort basis’ that will bring tangible economic and social benefits to the people of the state.
L&T said it will establish hyperscale data centres at Kanchipuram to provide comprehensive solutions and end-to-end data centre services, with multi-cloud managed and cyber security services, digital transformation integration services and application integration services.
BPCL To Set Up India’s Largest Green Hydrogen Plant
BPCL will soon float a tender for a 20 MW electrolyser to build India’s largest green hydrogen plant as it aims to achieve net-zero emissions for its operations by 2040.
The company’s chairman Arun Kumar Singh said BPCL is working out the details and aims to firm up its net-zero roadmap by next March.
It will cover all of BPCL’s operations, including refineries, pipelines, depots, and bottling plants, but will not include customers’ or suppliers’ emissions.
Note that climate change concerns have pushed most major economies and several companies to set a net-zero greenhouse gas emissions target for themselves. Oil majors BP and Shell plan to turn net-zero by 2050 while Reliance Industries has set a target to achieve this feat by 2035.
BPCL currently uses 650 MW of energy, including 550 MW of grid power and internal gas turbine generation power, which is expected to rise to 1,000 MW by 2027, after factoring in green hydrogen obligation.
BPCL will put up 20 MW electrolyser at its refinery in Bina, Madhya Pradesh to produce green hydrogen. This will be double the size of GAIL’s recent tender for 10 MW electrolyser, the largest so far.
However, Singh added that BPCL’s progress on green hydrogen will depend on the way the government policy shapes up, especially the mandate on the use of green hydrogen by refiners.
BPCL is also becoming future ready for a future when electric vehicles (EVs) are expected to become popular. The company aims to set up 7,000 EV charging stations over the next few years.
IPCA Labs Approves 26.6% Stake Acquisition in Lyka Labs
The board of IPCA Laboratories has approved the acquisition of 26.6% of the paid-up share capital of Lyka Labs.
It has also given its approval for entering into a joint management control agreement with the promoters of Lyka Labs.
Consequent to this acquisition of shares, IPCA has also made a public announcement to acquire 26% additional equity shares of Lyka from its public shareholders under market regulations.
IPCA has spent Rs 978.9 m in cash for the acquisition of Lyka from the secondary market.
Acquisition of this shareholding will enable it to enter into lucrative lyophilised injectables business in India and ROW markets in association with Lyka, the company said.
The target company will also immensely benefit from marketing expertise of the company in the branded generic formulations business of the ROW markets of Africa, Latin America, South East Asia and Middle East where Lyka Labs is currently not present.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
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Stock Market Updates
Sensex Ends 323 Points Lower; Eicher Motors, Maruti Suzuki & Tata Consumer Top Losers (Today’s Market)
Nov 24, 2021 Closing
Indian share markets ended on a negative note with the Sensex down by 323 points and the Nifty ending down by 88 points.
Sensex Trades in Green, Nifty Above 17,550; ONGC, Adani Ports & Bharti Airtel Top Gainers (Today’s Market)
Nov 24, 2021 10:30 am
Indian share markets trade marginally higher with the BSE Sensex up by 157 points, while the Nifty is trading higher by 53 points.
SGX Nifty Up 40 Points, TVS Motors’ EV Plans, Latent View’s Blockbuster Debut, and Buzzing Stocks Today (Today’s Market)
Nov 24, 2021 Pre-Open
Top cues to track in today’s stock market session.