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SGX Nifty Down 26 Points, Adani Group's Foray into News Channel Space, Tata Motors' Solar Project, and Top Buzzing Stocks Today
Wed, 24 Aug Pre-Open

On Tuesday, Indian share markets witnessed extreme volatility as benchmark indices swung between gains and losses.

Indian share markets opened on a negative note and soon after opening, they fell sharply. The Sensex fell over 700 points.

As the session progressed, benchmark indices recovered to end on a positive note amid buying seen in metal and auto stocks.

At the closing bell on Tuesday, the BSE Sensex stood higher by 257 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 87 points (up 0.5%).

Mahindra & Mahindra, Eicher Motors, and Titan were among the top gainers.

Infosys, TCS, and Divis Lab on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended up by 1% while the BSE Smallcap index ended higher by 0.7%.

All sectoral indices except IT ended on the positive note with stocks in the metal sector, auto sector and energy sector witnessing maximum buying.

At 7:40 AM today, the SGX Nifty was trading down by 26 points or 0.2% lower at 17,550 levels.

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

Shares of Adani Transmission, Eicher Motors, and Solar Industries hit their 52-week high.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 51,150 per 10 grams, at the time of Indian market closing hours yesterday.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Top Buzzing Stocks Today

TCS share price will be among the top buzzing stocks today.

India's largest IT company Tata Consultancy Services (TCS) clarified on 23 August 2022 that it has not delayed variable pay to employees for Q1 and that it was normal to give it in the first or second month.

"We have come across completely incorrect reports on our compensation. Variable pay is either paid in month one or month 2 as per the normal process and there is no delay in this process. 100% VA is being paid for Q1," the statement by TCS said.

Note that the company's peers Wipro and Infosys have both slashed variable pay for the first quarter.

This comes as IT companies defend their margins, which have come under pressure due to rising employee costs even as they grapple with elevated attrition.

Eicher Motors share price will also be in focus today.

Shares of Eicher Motors have been on an uptrend. Yesterday the company crossed the marketcap mark of Rs 1 tn.

Market participants will also track shares of Deepak Fertilizers.

The company recent reported its earnings where it delivered a robust consolidated financial performance on the back of their unique advantage of integrated operations and diversified end-user segments of core product.

DreamFolks Raises Rs 2.5 bn from Anchor Investors

Airport Service aggregator platform Dreamfolks Services on Tuesday raised Rs 2.5 bn from anchor investors ahead of its initial public offer (IPO) which will open for public subscription today.

Societe Generale, BNP Paribas Arbitrage, Saint Capital Fund, Segantii India Mauritius, Kuber India Fund, Smallcap World Fund, Inc, Aditya Birla Sun Life Mutual Fund, Sundaram Mutual Fund, Quant Mutual Fund and PNB Metlife India Insurance Company Limited are among the anchor investors.

The company has decided to allot 77.6 m shares to anchor investors at a price of Rs 326 apiece.

DreamFolks Services is a dominant player and India's largest airport service aggregator platform, an incubator of the industry with its unique, asset-light, capital-efficient business model.

It carefully crafted a service proposition and a tech platform to provide its clients (such as card network providers, banks, airline operators, and hotels) the option of offering a wide-ranging bouquet of services to their end customers.

To know more about the IPO, check out 5 things to know about the DreamFolks Services IPO.

Tata Motors-Tata Power Collaborate for Solar Project

Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 mwp onsite solar project at its commercial vehicle manufacturing facility.

The project will be a significant move to increase the renewable energy portfolio at its manufacturing facility, the company said in a statement on Tuesday.

With this project, the onsite solar plant capacity of Tata Motors' Jamshedpur facility will reach 14 mwp, which will generate 442 m units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes. This is equivalent to planting 5.6 lakh trees.

Gurinder Singh Sandhu, Chief, New Business Services, Tata Power said,

  • Tata Motors and Tata Power Renewable Energy Limited's joint green initiative for solarisation of Tata Motors' Jamshedpur Plant is a big step towards achieving RE100 goals.

Adani's Foray in News Channel Space

The Adani group yesterday said it seeks to control a majority stake in the popular New Delhi Television NSE (NDTV).

A unit of the Adani Group said it had used financial rights in a bid to purchase a 29.18% stake in NDTV, laying out plans for a subsequent open offer for another 26% stake in line with Indian regulations.

NDTV said that the Adani Group's move to take control of NDTV's major shareholder was without consent from the company or its founders.

NDTV is regarded as one of the few media groups which often takes a critical view of the ruling administration's policies. It operates three national channels - NDTV 24x7 in English, NDTV India in Hindi and a business news channel.

While Adani did not disclose financial details of the group's planned 29.18% stake purchase, it said its subsequent open offer would be for Rs 294 per NDTV share, which would be worth Rs 4.93 bn.

The acquisition will be made through Vishvapradhan Commercial Private Limited (VPCL), a wholly owned subsidiary of AMG Media Networks Limited, owned by Adani Enterprises.

We will keep you updated on the latest developments from this space. Stay tuned.

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!

Read the latest Market Commentary


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