Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

SGX Nifty Trades Flat, Relief Measures for Telecom Sector, Sansera Engineering IPO, and Buzzing Stocks Today
Thu, 16 Sep Pre-Open

Indian share markets ended on a strong note yesterday.

Benchmark indices extended gains as the session progressed, hitting fresh record highs after the US inflation print suggested Federal Reserve may keep supporting the economy.

At the closing bell yesterday, the BSE Sensex stood higher by 476 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 139 points (up 0.8%).

NTPC and Bharti Airtel were among the top gainers.

Tata Consumer Products and Nestle India, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 0.7% and 0.9%, respectively.

Sectoral indices ended on a positive note with stocks in the power sector, consumer durables sector and IT sector witnessing most of the buying interest.

--- Advertisement ---
Revealed: A Massive 15x EV Opportunity

We concluded the EV Gold Rush special event yesterday.

And it was a mega success. Thousands of Indians had joined us LIVE.

But for some reason you couldn't make it to the event.

At the event, we revealed our complete research on this massive 15x opportunity in electric vehicles...

Including details of 3 EV stocks that could potentially offer you life-changing gains in the long run.

Click Here to Watch Full Details (Available for a limited time)
------------------------------

Shares of Linde India and Bata India hit their respective 52-week highs.

At 8:10 am today, the SGX Nifty was trading down by 14 points, or 0.1% lower at 17,520 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 47,088 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani shares how to profit from market cycles, in one of his videos for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Shree Cement.

Shree Cement will increase its clinker capacity by 3.8 million tonne (MT) and cement grinding capacity by 6.5 MT.

The board also approved a proposal to set up 106 megawatt solar capacity at a total capex of Rs 48 bn. This is likely to be commissioned by March 2024.

Market experts say this expansion will help the company enhance the proportion of clean energy usage in total energy consumption, reduce fossil fuel use and help reduce its carbon footprint.

Post this expansion, its domestic grinding capacity would rise from 43.4 MT to 53 MT. Investors would reckon that the company aims to achieve 80 MT capacity by the fiscal 2030 and this expansion is a step towards that.

Furthermore, the company has proposed to set up an integrated cement plant in Rajasthan with clinker and cement capacity of 3.8 MT and 3.5 MT, respectively.

--- Advertisement ---
[Alert] Sell These 3 Stocks Immediately

These 3 stocks are ticking time bombs in your portfolio.

It is very likely that you could be owning these 3 overvalued...

fundamentally weak... ready to crash stocks... in your portfolio today.

Because many stock brokers have painted rosy pictures of these stocks. But the reality is starkly different.

If the market crashes, then these stocks could wipe out your wealth.

You should get rid of these stocks as soon as possible.

Click her for full details of these 3 landmines
------------------------------

This would be done at a capital expenditure of Rs 35 bn and would be funded through a mix of internal accruals and debt. This plant is expected to be commissioned by March 2024.

ONGC share price will also be in focus today.

Shares of Oil and Natural Gas Corporation (ONGC) rose over 5% yesterday after the company said it is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ).

IL&FS holds 50% equity in the company.

The deal is likely to be concluded at fair value after ONGC's attempt to buy out the shadow lender's stake in the joint venture (JV) at deep discount failed.

ONGC currently holds 26% equity in the company, while Karnataka Industrial Area Development Corporation holds 23%.

ONGC Mangalore Petrochemicals (OMPL) and Kanara Chamber of Commerce & Industry together hold 1% equity in MSEZ.

In March 2019, ONGC had invoked an 'event of default' clause and sought to buy IL&FS' stake at a deep discount. IL&FS contested the claim on grounds that MSEZ was its green bucket company which had no payment default or overdue.

Cabinet Approves 4-Year Moratorium for Telecom Companies

In a much-awaited relief, the Union Cabinet on Wednesday approved a relief package for the country's cash-strapped telecom sector, along with several structural reforms to strengthen the sector.

Instant Updates: Join Our Telegram Channel and Get Instant Updates

All those who will avail of the moratorium will have to pay some interest. The moratorium will start from 1 October 2021.

Minister Ashwini Vaishnaw said,

  • The reforms are deep and broad. They are structural. These reforms will bring in change today, tomorrow and in the future. I do not like to put a number on the package as it is revenue-neutral for the government.

    The moratorium will not impact the government's revenue.

The package comes six weeks after Kumar Mangalam Birla resigned from the chairman post of Vodafone Idea on 4 August 2021.

Vodafone, which was created from the merger of British telecom giant Vodafone's India unit and Birla's Idea Cellula, has to pay about Rs 504 bn in statutory dues dating back over past many years.

The relief package includes a moratorium on payments for airwaves and is aimed at helping Bharti Airtel, Reliance Jio and Vodafone Idea.

The relief package for the ailing sector, which has the option for the telecom firms to convert interest on spectrum dues of the four-year moratorium period into government equity, was long due.

Last year, the supreme court passed a ruling asking Bharti Airtel and Vodafone Idea to clear the government dues which hit the sector hard. Banks led by the State Bank of India have called on the government to give Vodafone Idea more time to clear its tax dues.

Apart from the moratorium, the Cabinet cleared some major decisions regarding spectrum allocation and FDI. Spectrum sharing has been made free while the auction will take place in the last quarter of the financial year.

Sansera Engineering IPO sees strong demand

The initial public offering (IPO) of Sansera Engineering, a precision components manufacturer across automotive and non-automotive sectors, was subscribed 92% on 15 September, the second day of bidding.

Investors have put in bids for 11.1 m shares against the IPO size of 12.1 m shares. The portion set aside for retail investors was subscribed 1.56 times and that for employees 87%, data shows.

Qualified institutional buyers had put in bids for 38% of their portion and non-institutional investors 13%.

The company aims to raise Rs 12.8 bn through the issue which is a complete offer for sale by investors and promoters. The price band for the offer, which closes today, has been fixed at Rs 734-744 a share.

To know more, check out our article on Sansera Engineering IPO.

And 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


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "SGX Nifty Trades Flat, Relief Measures for Telecom Sector, Sansera Engineering IPO, and Buzzing Stocks Today". Click here!

  

Stock Market Updates

Sensex Up 400 Points, Nifty Above 18,250; Tech Mahindra & Tata Motors Surge 5% (Today's Market)

Oct 26, 2021 10:30 am

Indian share markets are trading on a strong note. The BSE Sensex is up 383 points, while the Nifty is trading higher by 128 points.

Tech Mahindra Quarterly Results, Tata Power's Milestone of 1,000 EV Charging Stations, and Buzzing Stocks Today (Today's Market)

Oct 26, 2021 Pre-Open

Top cues to track in today's stock market session.

View More Indian Share Market News

Most Popular

5 Green Energy Stocks to Watch as India Readies for a Revolution(Views On News)

Oct 13, 2021

The excitement around green energy stocks has opened up a huge contrarian opportunity in the traditional energy space.

Could HDFC Bank be a Big EV Winner? The Answer Will Surprise You...(Profit Hunter)

Oct 13, 2021

Why should investors take it for granted that India's Tesla will be one of the major auto stocks?

Tata Group Stocks are on Fire: Which one Should You Buy?(Profit Hunter)

Oct 15, 2021

Tata group stocks are on fire. Find out which one deserves your attention.

Massive Surge in the Shares of Tata Motors Today. Key Factors Favouring the Rally(Views On News)

Oct 13, 2021

Tata Motors zooms 23% after report of TPG investing Rs 75 bn in EV arm.

India's Big PSU Selloff: Watch Out for these Top Stocks(Views On News)

Oct 15, 2021

The government's plan to divest its stakes in PSUs could spark off a rally in these four stocks.

More

Become A Smarter Investor
In Just 5 Minutes

Multibagger Stock Guide 2022
Get our special report Multibagger Stocks Guide (2022 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Oct 26, 2021 (Close)

MARKET STATS