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Gift Nifty Up 42 Points | Cipla Buys Ivia Beauty Brands | India's Green Power Push | Top Buzzing Stocks Today

Thu, 18 Apr Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Benchmark equity indices were seen languishing in the negative zone on Tuesday amid escalation in the Iran-Israel war.

At the closing bell on Tuesday, the BSE Sensex closed lower by 456 points (down 0.6%).

Meanwhile, the NSE Nifty lower by 96 points (down 0.4%).

ONGC, HUL and Titan were among the top gainers.

Infosys, Wipro and Bajaj Finserv 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 lower. The BSE Mid Cap ended marginally higher and the BSE Small Cap index ended 0.6% higher.

Sectoral indices are trading mixed with socks banking sector, power sector and realty sector witnessing buying. Meanwhile stocks in metal sector, It sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 72,538 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:30 AM today, the Gift Nifty was trading up by 42 points at 22,195 levels.

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

Speaking of stock markets, green hydrogen is the infinitely sustainable result of the sun's radiation. So, the shift to hydrogen for fuel is simply a shift away from depleting finite sources of fossil fuels.

Green hydrogen can be a game changer for India, which imports 85% of its oil and 53% of gas demand.

Co-head of Research at Equitymaster, Tanushree Banerjee talks what kind of companies are helping India in this green hydrogen landscape, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Zomato share price will be in focus today.

Zomato, on Tuesday, unveiled a new service, the large order fleet, to efficiently manage sizable orders for gatherings, parties, and events.

Goyal emphasised that this new fleet is specifically crafted for gatherings accommodating up to 50 individuals, addressing a gap in their service offerings. These new vehicles should solve most of the problems our customers face while placing large orders on Zomato.

Jio Financial Services will also be a top buzzing stock.

Jio Financial Services, the financial subsidiary of Reliance Industries, witnessed a significant surge of 5% today.

This increase follows the company's announcement, made through an exchange filing on Monday, regarding the signing of an agreement to establish a 50:50 joint venture with BlackRock.

Cipla Buys Ivia Beauty Brands

Cipla Health has signed a business transfer agreement (BTA) for the purchase of a distribution and marketing business undertaking of cosmetics and personal care business from Ivia Beaute, India, through a slump sale arrangement.

The aforesaid agreement also includes the acquisition of Ivias brands namely Astaberry, Ikin and Bhimsaini on a worldwide basis.

This strategic move is aligned with Cipla's focus on enhancing its consumer healthcare and wellness portfolio.

Cipla Health (CHL) is the wholly owned subsidiary and consumer healthcare arm of Cipla. CHL has a diverse portfolio of 20 brands with most key brands being No. 1/ 2 in their respective categories.

This transaction is expected to enhance CHLs consumer healthcare and wellness portfolio. Brands of Ivia complement CHL's offerings in the skin care segment and shall enrich the portfolio with trusted and effective solutions for consumers.

The transaction is expected to be completed within 60 days from the signing of BTA or such other date mutually agreed between the parties in writing and shall be subject to successful completion/waiver of the conditions precedent and closing conditions as mentioned in such BTA.

The acquisition has been made for a cash consideration of Rs 2.4 bn. A sum of Rs 1.3 bn would be paid as of the closing date. The payment of the remaining Rs 110 crore is contingent upon the achievement of certain financial parameters (milestones) for the next 3 years, as mentioned in the BTA.

India's Green Power Push

The green energy ecosystem in India is likely to get a boost with the land allocation at Kandla Port for green hydrogen and green ammonia set to bring in major private players, and a steep fall in imported photovoltaic (PV) cell prices.

The development at the Kandla port in Gujarat may help position India as a key player in the global green power landscape, Nuvama said in a note, as it aligns with the National Green Hydrogen Mission objective. India aspires to be a global hub for green hydrogen production, utilisation, and exports, thereby reducing energy imports and helping decarbonise hard-to-reduce sectors.

Kandla's Deendayal Port Authority (DPA) has allocated land for setting up green hydrogen and green ammonia production units. Reliance Industries Ltd and Larsen & Toubro have been granted 1,800 and 1,500 acres of land. Other beneficiaries are Greenko Group at 600 acres and Welspun New Energy at 300 acres.

Through the move, the report notes, the DPA aims to achieve a production target of 1.5 million metric tonnes per annum (mmtpa) of green hydrogen and 7 mmtpa of green ammonia at an estimated investment of Rs 1 tn.

Another major development in the green energy space has been the potential decline in global prices of solar PV components that may potentially boost domestic solar installations.

Why Oil Prices are Falling

Oil prices eased in early trade on Wednesday as worries about global demand due to weak economic momentum in China and fading hopes for US interest rate cuts in the near term outweighed supply fears on heightened tensions in the Middle East.

Brent futures for June delivery slipped 0.1%, to $89.16 a barrel by 0042 GMT, while U.S. crude futures for May delivery fell 0.1%, to $85.26 a barrel.

Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with eyes on how Israel might respond to Iran's attack on Israeli territory over the weekend.

The run of disappointing data showing stronger-than-expected inflation means the Federal Reserve will likely need more time than previously thought to be confident that inflation is on the path to 2%.

In China, the world's biggest oil importer, the economy grew faster than expected in the first quarter, but several March indicators, including property investment, retail sales and industrial output, showed that demand at home remains frail, weighing on overall momentum.

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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