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IHCL Expands Footprint in Sikkim | Why Sugar Stocks are Rising | Top Buzzing Stocks Today
Tue, 26 Sep Pre-Open

IHCL Expands Footprint in Sikkim | Why Sugar Stocks are Rising | Top Buzzing Stocks Today

On Monday, Indian share remained volatile as session progressed and ended the day marginally changed.

Benchmark indices on Monday hit a more-than-two-week low as information technology stocks continued to fall.

At the closing bell on Monday, the BSE Sensex stood 15 points higher. Meanwhile, the NSE Nifty closed marginally changed.

Coal India and Apollo Hospital were among the top gainers.

Hindalco and Infosys on the other hand, were among the top losers.

The BSE Mid Cap index is trading 0.5% higher and the BSE Small Cap index ended marginally higher.

Sectoral indices ended mixed, with stocks in the realty sector and finance sector witnessing buying. Meanwhile stock in the IT sector and capital goods sector witnessed selling.

Shares of Trent and Coal India hit their 52-week high on Monday.

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The rupee was trading at 83.16 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 58,873 per 10 grams at the time of Indian market closing hours on Monday.

Speaking of stock markets, PSU banking stocks are on fire. They are a big favorite of traders in the stock market these days.

Some of these stocks have hit new highs.

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Top buzzing stocks today

TCS share price will be in focus today.

Tata Consultancy Services has expanded its partnership with the Standard Bank Group (SBG), the largest custodian in Africa. This is to centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform.

SBG operates the largest custody network in sub-Saharan Africa, with US$ 635 bn in assets under custody and administration, standing at the forefront of capital market development in the continent.

Power Grid will also be a top buzzing stock.

State-run Power Grid Corporation, on Monday, approved raising Rs 22.5 bn in its second tranche as part of its fundraising plans.

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The proceeds will be used to part-finance the company's capex requirements, to provide inter-corporate loans to its wholly owned subsidiaries and joint ventures, and for general corporate purposes.

IHCL Expands Footprint in Sikkim

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Monday announced that it has expanded its footprint in Sikkim with the opening of a resort in the state capital Gangtok.

The 69-key resort, spread over 14 acres of land, is a serene hide-out and is a blend of Sikkimese aesthetics and contemporary design.

The launch of Taj Guras Kutir Resort & Spa in Gangtok demonstrates our commitment to the commercial and tourism potential of the region. After Pakyong, the presence in Gangtok strengthens our footprint in the state and offers a new travel circuit.

Nestled in the alpine landscape of Sikkim, the resort is set amidst lush greenery and offers panoramic views of the Kanchenjunga.

With the addition of the new facility, IHCL will have 11 hotels with three under development in Northeast India. This includes three hotels across Taj, Vivanta and Ginger brands in Sikkim.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Why Sugar Stocks Are on A Roll

Shares of prominent Indian sugar companies continued to display robust performance on Monday, surging by as much as 7% in trading. This surge was attributed to growing expectations of an increase in sugar prices shortly.

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Dalmia Bharat Sugar, Balrampur Chini Mills, Dwarikesh Sugar Industries and Uttam Sugar Mills rose over 6%.

This positive trend in sugar company stocks follows recent government orders mandating the disclosure of sugar stock positions for traders, wholesalers, retailers, big chain retailers, and sugar processors.

This measure aims to proactively address hoarding and speculative practices in the sugar market.

The government has specified that this information must be updated every Monday on the Department of Food and Public Distribution's portal.

The move to implement these disclosure requirements comes in response to reports earlier this month indicating a potential shortage of sugar supply this year due to lower production.

Switzerland-based trader Avlean also expressed concerns about the expected lower sugar production in India, the world's second-largest sugar producer after Brazil, and projected a global sugar deficit of 5.4 million tonnes for the upcoming season.

MCX Set To Go Live On TCS

MCX is set to go live on a new platform serviced by Tata Consultancy Services from 1 October, finally breaking up from its dependence on erstwhile group company 63 Moons.

MCX had signed an agreement with 63 Moons to use its platform till December 2023. It will keep the 63 Moons platform as a backup in case it finds glitches on the new platform. Mock sessions on the platform have been glitch-free so far.

However, MCX will need SEBI's approval to go live on the new TCS platform.

MCX's transition efforts to the new platform date back to February 2021, when the commodity exchange's board decided to award the contract for implementation of the Commodity Derivatives Platform to TCS.

However, MCX was forced to take multiple extensions with the existing service provider, 63 Moons as it could not transition to the new trading platform within the given deadlines.

MCX's software support and maintenance agreement with 63 Moons started in September 2014 and ended in September 2022.

MCX has a strong market position and a loyal customer base, making it one of the best monopoly stocks in India.

For more, check out is 63 moons technologies an 'all or nothing' stock?

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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