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SGX Nifty up 79 Points | L&T To Build World's Largest Green Hydrogen Plant | Mphasis' Carbon Neutrality Drive | Top Buzzing Stocks Today
Fri, 2 Jun Pre-Open

L&T To Build World's Largest Green Hydrogen Plant | Mphasis' Carbon Neutrality Drive | Top Buzzing Stocks Today

On Thursday, Indian share markets remained subdued throughout the session and ended lower.

Benchmark indices ended in the red as investors chose profit booking for the second day in a row despite strong GDP data and continuous foreign fund inflows.

At the closing bell on Thursday, the BSE Sensex stood 194 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 47 points (down 0.3%).

Tata Motors and Bajaj Auto were among the top gainers.

Coal India and Bharti Airtel, on the other hand, were among the top losers.

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Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index ended marginally higher and BSE SmallCap ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector and IT sector witnessing most of the buying.

On the other hand, stocks from the metal sector and banking sector witnessed selling pressure.

Shares of Bajaj Auto and CRISIL hit their 52-week highs on Thursday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.42 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.6% at Rs 59,847 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the SGX Nifty was trading up by 79 points or 0.4% higher at 18,625 levels.

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

Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?

Financials as a group have been among the top performing stocks in the market. Banking stocks in particular have done very well recently.

However, the technical charts are signalling caution. Why is that so?

Chartist Brijesh Bhatia answers the question in the below video.

Top Buzzing Stocks Today

Maruti Suzuki will be among the top buzzing stocks today.

Automaker Maruti Suzuki India, on Thursday, reported a 10% increase in total wholesales at 178,083 units in May 2023. The company sold 161,413 units in May 2022.

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Total domestic passenger vehicle sales were higher by 15% to 143,708 units compared with 124,474 units in the same month last year.

E.I.D Parry will also be in focus today.

shares of E.I.D Parry rose 4% on Thursday, buoyed by the company's strong growth guidance for the upcoming financial years.

The strong growth guidance from the management also offset concerns over the decline in the company's fourth-quarter net profit.

Mphasis' Carbon Neutrality Mission

IT services and consulting provider Mphasis, on 1 June 2023, announced its aim to eliminate CO2e emissions from its facilities and operations to become carbon neutral by 2030.

The company has undertaken a high-level assessment to assess the potential impact of climate risk on its business and supply chain. The Bengaluru-based firm, which specialises in cloud and cognitive services, has also set a year-on-year target for the reduction of energy consumption by 5% and carbon footprint by 1%.

It has also established a governance mechanism to monitor and evaluate progress toward achieving its objectives.

The company further committed to LEED certification for its new facilities that are on the anvil. Current facilities are using 100% biodegradable plastic garbage bags to collect and dispose of wet waste, and the company has also ensured the recycling of paper and E-waste, the press release added.

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With the increasing use of technology, the IT industry is set for a big boost. Find out Mindtree or Mphasis: which company stands to benefit?

L&T to build the world's largest green hydrogen plant

Engineering and construction conglomerate Larsen and Toubro, on Thursday, announced that the company would be creating renewable energy infrastructure for the world's largest green hydrogen plant in Saudi Arabia.

L&T will engineer, procure, and construct a 2.2 GWac PV solar plant, a 1.65 GW wind generation balance of plant and a 400 MWh battery energy storage system at Oxagon in Saudi Arabia's region of NEOM.

L&T will engineer, procure, and construct a 2.2 GWac PV solar plant, a 1.65 GW wind generation balance of plant and a 400 MWh battery energy storage system at Oxagon in Saudi Arabia's region of NEOM.

The value of the packages awarded to L&T aggregates US$ 2.8 billion.

NEOM Green Hydrogen is setting up a mega plant to produce green hydrogen at scale for global export in the form of green ammonia with a total investment of US$ 8.4 billion (bn).

The company has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

M&M's May sales zoom 22%

M&M on Thursday reported a 22% increase in passenger vehicle sales at 32,886 units in May compared to the same month last year.

The company posted a total passenger vehicle sale of 26,904 units in May 2022.

Utility vehicle sales last month were at 32,883 units, as against 26,632 units in the year-ago period, a growth of 23%.

Sales of cars and vans were at 3 units compared to 272 units in May last year.

In the farm equipment sector, M&M's total tractor sales were at 34,126 units compared to 35,722 units in May last year, down 4%.

Domestic tractor sales declined 3% to 33,113 units compared to 34,153 units in the same month a year ago.

Tractor exports were also down 35% at 1,013 units from 1,569 units in May 2022.

Note that M&M has announced its commitment of over a billion dollars to aggressively?participate in the EV race?and it expects a significant 30% of its total sales to come from electric SUVs by 2027.

The?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.

To know what's moving the Indian stock markets, 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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