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L&T, ReNew Power Join Hands for Green Hydrogen Biz, Cadila's Covid Vaccine, and Buzzing Stocks Today
Fri, 3 Dec Pre-Open

L&T, ReNew Power Join Hands for Green Hydrogen Biz, Cadila

Indian share markets ended on a strong note yesterday.

Benchmark indices witnessed heavy buying for the second consecutive session, even as world markets grappled with Omicron fears.

At the closing bell yesterday, the BSE Sensex stood higher by 777 points (up 1.4%).

Meanwhile, the NSE Nifty closed higher by 235 points (up 1.4%).

Adani Ports and Power Grid Corp were among the top gainers.

Cipla and ICICI Bank, on the other hand, were among the top losers.

The broader indices finished with decent gains.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 1.1%, respectively.

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Sectoral indices ended on a positive note with stocks in the power sector, IT sector and oil& gas sector witnessing buying interest.

Shares of Tech Mahindra and Gujarat Fluorochemicals hit their respective 52-week highs.

At 8:25 am today, the SGX Nifty was trading down by 51 points, or 0.3% lower at 17,398 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 47,783 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Larsen & Toubro.

Construction major Larsen & Toubro (L&T) and ReNew Power (ReNew) have agreed to tap the emerging green hydrogen business in India.

The companies will jointly develop, own, execute and operate green hydrogen projects in India.

Green Hydrogen can enable the world to meet its net zero emissions targets.

S N Subrahmanyan, chief executive officer and managing director of Larsen & Toubro, said the partnership is a significant milestone in the journey towards building a green energy portfolio for L&T.

Revealed: Richa Agarwal's Top 3 Stocks for 2022

It is anticipated that green hydrogen demand in India for applications such as refineries, fertilisers and city gas grids will grow up to 2 million tonne per annum by 2030 in line with the nation's green hydrogen mission. This would call for investments upward of US$60 bn.

Sumant Sinha, chairman and chief executive officer at Gurgaon-based ReNew, said,

  • Green hydrogen will be a key driver of the transition to cleaner sources of energy. I expect this partnership to set new benchmarks in the Indian renewable energy space and look forward to working together with L&T.

Many countries, including India (through its national hydrogen mission), have announced specific policy interventions to push for the widespread adoption of green hydrogen.

Bajaj Auto share price will also be in focus today.

Bajaj Auto sold 3.4 lakh motorcycles in the domestic and export markets in November 2021, becoming the highest-selling motorcycle manufacturer for the month.

This is the first time that Bajaj has topped the monthly sales data if one discounts April 2021 when the industry was struggling with the Covid second wave and thus the readings were skewed.

Hero MotoCorp, which generally tops the list, saw its sales fall 41% in November with total wholesales at 3.5 lakh units during the month. Two-wheeler companies, in general, have been struggling, but Hero's problems have been aggravated because it has the largest presence in the rural market.

For Bajaj, exports in November (1.9 lakh units) continued to power their sales performance. Domestic sales stood at 1.4 lakh units.

Rakesh Sharma, Executive Director at Bajaj Auto said,

  • Our presence in over 70 countries has allowed us to deliver a steady performance despite the volatility in the environment.

The recently launched Pulsar F250 and N250, have ensured that the company is offering a full spectrum of sports motorcycles, from entry-level 125 cc to the top-end 250 cc models.

In the exports market, Nigeria, Egypt and Mexico, as per a company release, have achieved their highest ever motorcycle retail sales.

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Raymond Group Plans to Soon List JK Files

Raymond said that its board approved listing of its engineering and auto parts business arm JK Files & Engineering (JKFEL) via initial public offering (IPO) in an aim to unlock value for its shareholders.

The IPO will comprise a pure offer for sale of up to Rs 8 bn, subject to requisite regulatory approvals and market conditions, the firm said in a notice to exchanges.

In a notice to BSE, Raymond said,

  • In this regard, the board of directors of the company, at its meeting held on 1 December 2021, approved the offer for sale (OFS) for Rs 8 bn subject to such variation as permitted under applicable law in the IPO through book building process which will help deleverage Raymond.

The shareholding of the company in JKFEL shall stand reduced by such number of shares as may be tendered for sale in the OFS. However, post-IPO, JKFEL shall continue to remain a material subsidiary of the company.

The firm in its September quarter earnings said that its engineering business comprising tools and hardware and auto components have achieved the significant milestone in terms of highest sales ever in a quarter with strong growth in the exports market and well supported by sustained growth in the domestic market.

Cadila's Covid Vaccine to be Introduced in 7 States First

India will initially introduce Cadila Healthcare's ZyCoV-D Covid-19 vaccine in seven states, including Maharashtra and West Bengal.

The seven states are Bihar, Jharkhand, Maharashtra, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal.

The seven states have been asked to plan sessions based on the PharmaJet injector and identify vaccinators to be trained for using it for vaccination.

Pharmaceutical company Zydus Cadila will supply 10 m doses of ZyCoV-D, the world's first plasmid DNA Covid vaccine, to the centre by this month. The centre has already placed an initial order for one crore doses of the vaccine.

Recently, the central drugs standard control organisation (CDSCO) has approved ZyCoV-D for restricted use in emergency situation in the age group 12 years and above.

ZyCoV-D is the first DNA plasmid vaccine in the world for human use, developed indigenously by the company against the Covid-19 virus.

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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