Gift Nifty Up 80 Points | Reliance's Energy Giga Complex | Sony-Zee $10B Deal Terminated | Top Buzzing Stocks Today

Tue, 23 Jan Pre-Open

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On Saturday, Indian share markets gave up the gains as the session progressed and ended the day lower.

Indian benchmark indices remained range-bound on Saturday as volumes remained low due to weekend trading, and lack of global cues.

At the closing bell on Saturday, the BSE Sensex closed higher by 236 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 123 points (up 0.6%).

Coal India, Adani Ports and ICICI Bank were among the top gainers.

HUL, TCS and HCL Tech on the other hand, were among the top losers.

The BSE MidCap index ended 0.5% higher and BSE SmallCap index ended 0.4% up.

Sectoral indices ended mixed with stocks in the banking sector and power sector witnessing most of the buying. Meanwhile stocks in FMCG sector, realty sector and media sector witness selling pressure.

The rupee was trading at 83.12 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 61,988 per 10 grams at the time of Indian market closing hours on Saturday.

At 7:35 AM today, the Gift Nifty was trading 80 points higher at 21,760 levels.

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

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

Top buzzing stocks today

Kotak Mahindra share price will be in focus today.

Shares of Kotak Mahindra Bank jumped over 2% on Saturday after the bank reported its fiscal third-quarter net profit expanded 8% on-year to Rs 30.1 bn.

Net interest income, the difference between interest earned and interest expended, rose nearly 16% YoY to Rs 65.5 bn.

RITES will also be a top buzzing stock.

Shares of RITES surged 19% to Rs 656 to hit a new 52-week high in afternoon trade on 20 January after the company won a Rs 4.1 bn Project Management Consultancy (PMC) from IIT- Bhubaneswar.

RITES will undertake the construction of various infrastructure works for the institute.

Reliance's Energy Giga Complex

Reliance Industries will commission a new energy giga complex in Gujarat in the second half of 2024.

Reliance is building a giga complex spread over 5,000 acres in Jamnagar in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell systems, green hydrogen, energy storage and power electronics.

The Dhirubhai Ambani Green Energy Giga Complex will be among the largest integrated renewable energy manufacturing facilities in the world. Reliance has signed an MoU with the Gujarat government to set up 100 gigawatt renewable power at Rs 5 trillion (tn) capex.

It has received in-principle approval for 74,750 hectares (ha.) of land parcels in Kutch for green hydrogen.

The firm has strategically invested in ten global technology innovators with strong expertise across the new energy value chain.

It has via REC Solar signed a supply agreement with China-based Suzhou Maxwell Technologies to buy a high-efficiency production line for HJT cells (4.8GW capacity). It signed a 5.2GW HJT module automation production agreement with China-based SC Solar in January 2023.

It won incentives of USD 0.3 per kg for an electrolyser capacity of 300MW and USD 0.23 for a green hydrogen capacity of 90,000 tonnes. Besides, it has won PLI under ACC battery storage for 5GW capacity.

The current green hydrogen cost hovers at US$ 3 per kg, which remains 1.5x compared to grey hydrogen produced using natural gas due to the high cost of generating solar/wind energy as well as the high electrolyser cost.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

Sony-Zee $10B Deal Terminated

Sony Group has officially notified Zee Entertainment Enterprises Ltd. of plans to call off the merger between its India unit and the media network, ending a two-year acquisition saga and leaving Zee vulnerable to competition as rivals bulk up.

The Japanese entertainment giant said Monday that it has sent a termination letter to Zee as the conditions necessary for the merger were not met.

The move follows a stalemate between the companies over whether Zee's Chief Executive Officer Punit Goenka would lead the merged entity amid an investigation into his conduct by India's capital markets regulator.

The standoff now appears to have scuttled the deal, which would have created a US$ 10 billion media giant with the financial muscle to take on global powerhouses Netflix Inc. and Amazon.com Inc.

The termination letter from Sony came after a 30-day grace period ended over the weekend when the two sides couldn't reach an agreement on a deadline set in late December.

The last-lap tussle over leadership was the single biggest hurdle for the deal - Zee was insisting that Goenka would lead the new entity as agreed in the 2021 pact, while Sony was wary of his appointment given the regulatory probe against him.

Discover Now: The Key to Stress-free Investing

Sony, which will now have to redraw its media plans for the world's most populous country, was expected to benefit from Zee's deep library of content in regional Indian languages and its bouquet of dozens of local television channels.

Zee not only faces financial vulnerability and investor angst, but it's also going to compete against stronger rivals as Reliance Industries Ltd. and Walt Disney Co. plough on in their talks to merge their India media operations.

JK Cement's Q3 Profit Jumps Multi-fold

JK Cement on Saturday reported a 663.4% year-on-year (YoY) jump in net profit at Rs 2.8 bn for the third quarter, surpassing estimates on most counts.

In the corresponding quarter last year, JK Cement posted a net profit of Rs 372 million (m).

The company's revenue from operations increased 20.7% to Rs 29.4 bn, as against Rs 24.3 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA stood at Rs 6.3 bn in the third quarter of this financial year over Rs 2.4 bn in the corresponding period in the previous fiscal.

EBITDA margin stood at 21.3% in the reporting quarter, as compared to 10% in the corresponding period in the previous fiscal.

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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