SGX Nifty Up 62 Points | NTPC to Build Nuclear Fleet | Inox Group's Big Fundraise to Pare Debt | Top Buzzing Stocks Today

Fri, 9 Dec Pre-Open

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On Thursday, Indian share markets extended gains during the last hour of trade to end higher.

Indices eked out some gains with a late surge after remaining flat for most of the session.

Negative global cues along with weekly F&O expiry back home and talks of a possible recession kept investors on their toes.

At the closing bell on Thursday, the BSE Sensex stood higher by 160 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 49 points (up 0.3%).

Axis Bank, IndusInd Bank, and L&T were among the top gainers.

Sun Pharma, Power Grid Corporation, and TCS, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE MidCap inched 0.4% higher while the BSE SmallCap index ended 0.3% higher.

Sectoral indices ended on a mixed note with stocks in the banking sector, metal sector and energy sector witnessing heavy buying.

While stocks in the healthcare sector, realty sector, and power sector witnessed selling.

Shares of L&T, Axis Bank, and JK Lakshmi Cement hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.4 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 54,040 per 10 grams, at the time of Indian market closing hours on Thursday.

At 8:40 AM today, the SGX Nifty was trading up by 62 points or 0.3% higher at 18,750 levels.

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

Speaking of stock markets, the Bank Nifty is looking good on the charts for December.

December is usually the best month of the year for the benchmark indices. This year seems to be no different. The markets are at life highs.

Amid the bullishness, the Bank Nifty is looking strong on the charts. It could be a prime candidate for a Santa Claus rally.

The index has already hit a new high.

In the below video Chartist Brijesh Bhatia explains all about the Santa Claus rally in bank stocks. Watch now.

Top Buzzing Stocks Today

Sun Pharma will be among the top buzzing stocks today.

Pharmaceutical behemoth Sun Pharma tanked 4% on Thursday. This fall came in after company announced that its facility in Halol, Gujarat, has been listed under an Import Alert by the US health regulator, US Food and Drug Administration (FDA).

Kalyan Jewellers share price will also be in focus today.

The jewelry retailer is planning to increase its retail footprint by over 30%. Its target is to open 52 showrooms over the next 12 months in the calendar year 2023 (CY23). The expansion will mainly focus on the non-south region, which currently contributes 35% to the Indian business.

NTPC to build a nuclear fleet

India's leading power producer NTPC, to build a massive nuclear fleet. This move will aid the nation's push to shift from coal and curb emissions to achieve net zero by 2070.

The company aims to install 20 to 30 gigawatts of nuclear capacity by 2040.

India currently has 22 operational reactors with about 6.8 gigawatts of capacity.

The firm aims at deploying small-scale modular reactors, known as SMRs, as part of the strategy. The producer has an overall power fleet of 70 gigawatts, of which more than 80% is coal-fired.

It has assembled a 15-member team in Mumbai to drive its nuclear ambitions.

Nuclear power is undergoing a renaissance as Asian and European countries look to decarbonize.

The company is to build SMRs of 100 megawatts to 300 megawatts. For this, it is favoring the smaller reactors as they would be quicker to build and easier to adjust to the grid requirements.

With this, NTPC, is aiming to reduce the share of fossil fuels to nearly 50% of its overall capacity by 2032, compared with about 90% now.

That shift will be driven by more solar, wind and hydropower facilities, as well as nuclear.

The company plans to finalize bringing in a major investor in its renewables unit by March 2023 and will then proceed with an initial public offering.

With 115% return in last two years, NTPC is among 5 Renewable Energy Stocks to Watch Out for Potential Multibagger Returns.

Jindal Steel and Power acquires Monnet Power

Jindal Steel & Power has acquired an under-construction plant of the Monnet Power Company under the insolvency resolution process for Rs 4.1 bn.

The 1,050 MW power plant is located near Malibrahmani in the Angul district of Odisha. The coal-fired power plant was offered on a slump sale basis in an auction on 2 November 2022 at a reserve price of Rs 4 bn.

The plant will be used to supply power to its steel plants at Angul. This steel plant is 20% more efficient than existing plants in terms of coal usage.

Jindal Steel is one of India's top steel and power producers and has a dominant presence in the mining and infrastructure sectors.

Inox Group raises Rs 15 billion (bn)

Inox GFL Group on Thursday raised around Rs 15 bn across its entities

The Inox GFL Group recently embarked on a journey towards deleveraging across all its operating entities. Towards this goal the Group has been on a significant fundraising spree, raising almost Rs 15 bn across its entities in the last fortnight.

This funding has been used to pare down debt substantially across its operating companies and consequently reduce the interest outgo.

Approx Rs 7.4 bn was raised through an IPO of Inox Green Energy Services. This amount raised has been majorly utilized towards debt repayment.

Further, the promoters have raised Rs 7.2 bn through the sale of shares of Gujarat Fluorochemicals. The sale proceeds, net of expenses and taxes, have been infused in Inox Wind.

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!

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