Gift Nifty Down 116 Points | Why Railway Stocks are Rising | Ashoka Buildcon Acquires Stake in GVR Ashoka Chennai ORR | Top Buzzing Stocks Today

Fri, 15 Mar Pre-Open

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On Thursday, Indian share markets turned positive as the session progressed and ended the day marginally higher.

After a weak start, benchmark equity indices - Sensex and Nifty - along with their broader market counterparts rebounded.

At the closing bell on Thursday, the BSE Sensex closed up by 335 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 153 points (up 0.7%).

Adani Ports, Adani Enterprises and ONGC were among the top gainers.

Axis Bank, Tata Steel and NTPC on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day on positive note. The BSE Mid Cap ended 2.4% higher and the BSE Small Cap index ended 3.2% higher.

Sectoral indices are trading positive, with stocks in telecom sector, oil & gas sector and power sector witnessing buying.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 65,813 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the Gift Nifty was trading 116 points lower at 22,147 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of stock markets, does back of the envelope calculation work in a field like investing as well? Or is it a field where one is required to apply scientific rigor and precision?

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Co-head of Research at Equitymaster, Rahul Shah show how you can use a simple back-of-the-envelope calculation to decide whether a stock can be considered for investment or whether it should be rejected, in his latest video.

Tune in to the below video:

Top buzzing stocks today

SJVN share price will be in focus today.

SJVN, the Indian public sector undertaking involved in hydroelectric power generation and transmission, zoomed over 7.7%.

This comes after the hydropower PSU bagged a solar power project in Gujarat. SJVN Green Energy, the renewable arm of SJVN has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 500 MW Solar Project

Yes Bank will also be a top buzzing stock.

Shares of Yes Bank have been in an uptrend since Thursday's early morning deals, snapping a three-day losing streak. The stock rallied 8% after a media report suggested that the private sector lender was looking for a new promoter.

The bank is planning to sell up to 51% of its stake for a target valuation of between US$ 8-9 billion (bn), up from its current market capitalisation of US$ 7.2 bn.

Why Railway Stocks are Rising

Railway stocks bounced back with sharp gains on 14 March after correcting up to 15% earlier in the week. RITES, IRFC RVNL, and IRCON International were among the stocks clocking up to 11%.

Many of these stocks have a little free float, as the government hold up to 86% stake in some companies. Because of the low float, a surge in demand can trigger rapid price moves.

Among these railway stocks, IRFC was the top gainer, rising 12% to Rs 141. RVNL shares also surged nearly 9% after the firm received a work order worth Rs 2.8 bn.

It is a general contract and the awarded order shall be completed within 18 months.

Meanwhile, RailTel, which triggered a 20% lower circuit during Wednesday's trading session, rebounded today with a 10% upper circuit.

Simultaneously, Ircon International shares also saw a 10% rise in today's intraday trading, reaching Rs 205.5 apiece. However, the stock declined nearly 10% in the last month. The stock is also a multibagger. It has rallied 280% in the last year and 385% in the past two years.

Ashoka Buildcon Acquires Stake in GVR Ashoka Chennai ORR

Ashoka Buildcon shares jumped 5% in early trade on 14 March as the realty player will purchase a 50% stake in GVR Ashoka Chennai ORR (CORR).

Ashoka Buildcon entered into a share purchase agreement with GVR Infra Projects to acquire its 94.5 m shares, which constitute 50% of the share capital of CORR, for Rs 1.9 bn.

GVR Ashoka Chennai ORR (CORR) was incorporated on 23 July 2013 in Chennai, India, for the execution of a project and would carry on operations as an SPV.

CORR would develop the Chennai Outer Ring Road Phase II from Nemilicheri in NH 205 to Minjur in Thiruvottiyur-Ponneri-Panchetti (TPP) Road.

The operations and growth of the project are intrinsically linked to its management's decision-making.

Ashoka Buildcon has already got the approval of the lenders of CORR, along with the Tamil Nadu government, which commissioned the project.

Following the acquisition, CORR will become a wholly-owned subsidiary of Ashoka Buildcon.

Adani Green Energy Zooms 9%. Here's why.

Shares of Adani Green Energy gained nearly 7% at open on the NSE on 14 March, a day after its subsidiary signed a power purchase agreement with Solar Energy Corporation of India (SECI) for 534-MW solar power projects.

Adani Green Energy said that its subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for the supply of 534 MW of solar power projects.

With the execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.

In a separate release, Adani Green Energy said it has operationalized 126 MW wind power capacity in Gujarat. This marks the completion of the 300 MW of project, with 174 MW being operationalized earlier.

On 11 March, Adani Green Energy said it had operationalized a cumulative capacity of 1,000 MW solar energy at the world's largest renewable energy park at Khavda, Gujarat.

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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