Sensex Today Ends 57 Points Lower | Nifty Below 24,350 | Inox Wind Rallies 20%, RVNL 11%

Closing

After opening the day on the lower, Indian benchmark indices continued the fall as the session progressed but ended the day lower.

After starting on the backfoot on Monday amid the Hindenburg-SEBI row, Indian benchmarks - BSE Sensex and NSE Nifty - pared initial losses to end Monday's choppy session on a flat note.

At the closing bell, the BSE Sensex stood lower by 57 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 22 point (down 0.1%).

ONGC, Infosys and Axis Bank among the top gainers today.

SBI, NTPC and Adani Ports on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,346, down by 37 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

{inlineads1}

The BSE MidCap index ended marginally lower and BSE SmallCap index ended flat.

Sectoral indices were trading mixed, with socks in IT sector, oil & gas sector and realty sector witnessed buying speer. Meanwhile stocks in power sector and FMCG sector witnessed selling pressure.

Shares of Trent, GSK Pharma and Lupin hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.96 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 70,161 per 10 grams.

Meanwhile, silver prices were trading 1.3% higher at Rs 81,600 per 1 kg.

Speaking of the stock market, Rahul Shah the co-head of research at Equitymaster in his latest video talks about delves into a fascinating debate sparked by a recent reunion with friends.

Amidst the nostalgia and cozy vibes of the gathering, an unexpected topic emerged-investing based on astrology.

While some were convinced of its profitability, Rahul remained steadfast in his belief that fundamental analysis is the key to successful investing.

Tune into below video dive into the world of stocks and uncover whether it's more art or science.

{adoai1}

Suzlon Energy Hits Upper Circuit

In news from the energy sector, shares of Suzlon Energy hit 5% upper circuit to scale a multi-year high of Rs 80.36 on NSE on August 12.

The multibagger stock, which crossed the market capitalisation milestone of Rs 1 trillion (tn) last week, has clocked returns of 47% in just the last month.

The stock is trading at its highest level since March 2010.

Suzlon shares are trading higher for a fourth straight session after the global renewable energy solutions provider executed definitive agreements for the acquisition of a 76% stake in Renom Energy Services Private Limited (Renom), in two tranches, from the Sanjay Ghodawat Group (SGG).

According to the international brokerage, the acquisition of Renom Energy Services marks a strategic entry into the multi-brand Operations and Maintenance Services (OMS) sector.

The acquisition will expose Suzlon to new sites, potentially benefiting from emerging repowering opportunities.

The company's operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears, and nacelles.

{inlineads3}

Hindustan Zinc Clarifies on Special Dividend Report

Moving on to news from the aluminium sector, Hindustan Zinc on 12 August issues a clarification on the report of the company doling out Rs 60 bn in special dividend to its shareholders this month.

The clarification comes after ET reported, citing sources, that Hindustan Zinc's board is likely to meet over the next two weeks to decide on the payout, said one of the sources. Hindustan Zinc declined to comment.

The special dividend, which translates into a payout of Rs 14.2 per share for shareholders, will be in addition to the regular annual dividend.

Further, as per the report, Vedanta, which holds a 64.9% stake in Hindustan Zinc, will receive Rs 38.9 bn in the event of the dividend payout. The company may use the special dividend to cut debt.

The government with a 29.5% stake is expected to receive Rs 17.7 bn.

To this, HZL added that there is no information which has not been announced to the stock exchanges and which should have been announced by the Company in terms of the SEBI

Coffee Day Tanks 17%

Moving on to news from the hotel sector, Coffee Day's share prices nosedived over 17% in the 12 August session on the back of last week's insolvency order by the National Company Law Tribunal.

After declining 19% in early trade, the stocks recovered slightly to Rs 39.21 apiece.

Last week, the Bengaluru bench of the NCLT initiated bankruptcy proceedings against Coffee Day Group's parent company Coffee Day Enterprises Ltd.

Coffee Day. The insolvency has been initiated under the rules of the Insolvency and Bankruptcy Code (IBC).

A quorum of technical member Manoj Kumar Dubey and judicial member K Biswal has appointed an interim resolution professional to take over the operations of the CDEL.

According to the official order, Ashish Chhawchharia has been appointed as the IRP. Meanwhile, IDBITSL has been ordered to deposit Rs 2 lakh to cover the expenses that the IRP will have to bear towards inviting claims and issuing public notices among other things.

Last year, NCLT Bengaluru admitted an insolvency plea against CDEL on July 20 over a petition filed by IndusInd Bank.

However, NCLAT stayed that a month later on 11 August 2023. Later, both parties reached a settlement.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

---

Sensex Today Trades Lower | Nifty Below 24,300 | Adani Group Shares Down 6%

10:30 am

Shares in Asia opened higher Monday as markets shifted focus to key US data prints this week for further insight into the health of the world's biggest economy.

Equity benchmarks for Australia and South Korea both gained.

US stock indices gained marginally on Friday, as the volatile week is set to end.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	165.39	1.55	0.95%	165.52	160.93	193.3	121.46
Apple	216.24	2.93	1.37%	216.78	211.97	237.23	164.08
Meta	517.77	8.14	1.60%	518.34	505.7	542.79	274.39
Tesla	200	1.16	0.58%	200.88	195.11	278.98	138.8
Netflix	633.94	3.59	0.57%	636.62	622.99	697.47	344.73
Amazon	166.94	1.14	0.69%	168.55	165.85	201.2	118.35
Microsoft	406.02	3.33	0.83%	408.05	402.26	468.35	309.45
Dow Jones	39497.54	51.05	0.13%	39628.66	39230.43	41376	32327.2
Nasdaq	18513.1	99.29	0.54%	18567.63	18313.79	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 293 points lower and NSE Nifty is trading 90 points lower.

Grasim, Cipla and Tata Motors among the top gainers today.

Adani Enyerprises, Adani ports and NTPC the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE Midcap index is trading 0.3% lower and the BSE Smallcap index is trading flat.

Barring realty sector, all other sectoral indices are trading lower today, with stocks in metal sector, power sector and auto sector witnessing selling.

The rupee is trading at Rs 83.95 against the US dollar.

{inlineads1}

In commodity markets, gold prices are trading marginally lower at Rs 69,817 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, Rahul Shah the co-head of research at Equitymaster in his latest video talks about delves into a fascinating debate sparked by a recent reunion with friends.

Amidst the nostalgia and cozy vibes of the gathering, an unexpected topic emerged-investing based on astrology.

While some were convinced of its profitability, Rahul remained steadfast in his belief that fundamental analysis is the key to successful investing.

Tune into below video dive into the world of stocks and uncover whether it's more art or science.

ONGC to Invest in OPaL

Oil and Natural Gas Corporation (ONGC) has received government approval to invest more capital in ONGC Petro Additions Limited (OPaL).

The investment will include an infusion of additional equity capital up to Rs 105 bn in ONGC Petro additions Limited (OPaL), which will take ONGC's stake in its subsidiary to 95.7%. The company received approval from the Ministry of Petroleum & Natural Gas, Govt. of India (GoI) on 9 August 2024.

The ministry has also provided a roadmap for OPaL which permits the company to allocate 50% of the annual gas production from new wells or well interventions or up to 3.2 MMSCMD of domestic natural gas, for providing feedstock support to OPaL, at a price up to 20% above APM (administrative price mechanism) price.

APM Price of natural gas per MMBtu is 10 per cent of the Indian crude basket price per barrel of Oil.

OPal has a petrochemical complex in Dahej Gujarat. OPaL can produce 1.5 million metric tonnes per annum (mmtpa) of polymers and 0.5 mmtpa of chemicals. OPaL was set up as a joint venture between ONGC, Gail India and Gujarat State Petroleum Corp Ltd (GSPC).

{adoai1}

Bank of Baroda Hikes Lending Rate

Bank of Baroda on Friday announced that it would hike lending rates by 5 basis points (bps) on 3-month, 6-month, and 1-year tenures, with effect from 12 August 2024. With this latest hike in the marginal cost of funds-based lending rates (MCLR), EMIs will increase for borrowers.

According to a regulatory filing by the Bank of Baroda on 9 August, The bank has reviewed/ changed the marginal cost of funds-based lending rate (MCLR) with effect from 12 August 2024.

As per the filing, Bank of Baroda has hiked its 3-month MCLR from 8.4% to 8.5%, its 6-month MCLR from 8.7% to 8.8%, and the benchmark 1-year MCLR from 8.9% to 8.9%. It is a 5 bps hike on each tenure.

A basis point (bp) is a 100th of a percentage.

Adani Group Scraps Hindenburg's Fresh Allegations

Adani Group has dismissed the latest allegations from the US-based short seller as a red herring.

In a statement to stock exchanges on Sunday, a spokesperson for Adani Group described the new claims by Hindenburg Research as malicious, mischievous, and manipulative.

The spokesperson accused Hindenburg of using publicly available information to draw pre-determined conclusions for personal gain, with blatant disregard for facts and the law.

A statement reiterated that the company's overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of the 3i investment fund in Adani Power from 2007 to 2008 and later a director of Adani Enterprises (AEL) until 2017.

{inlineads3}

According to the Hindenburg report released on Saturday, Ahuja is the founder and chief investment officer of the Mauritius-based IPE Plus Fund. The report claims IPE fund was structured two layers below the Global Opportunities Fund.

During the same period, Ahuja served as a director of AEL for three terms, totalling nine years, ending in June 2017, according to his biography and exchange disclosures. Prior to that, he was a director of Adani Power.

For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

---

Gift Nifty Up 22 Points | Inox Wind Q1 Results | M&M to set up EV Manufacturing Unit | Top Buzzing Stocks Today

Pre-Open

Indian share markets continued the momentum as the session progressed and ended on firm footing.

Benchmark equity indices BSE Sensex and NSE Nifty ended the week's last trading session with gains, closing higher by 1% each.

At the closing bell on Friday, the BSE Sensex stood higher by 819 points (up 1%).

Meanwhile, the NSE Nifty closed higher by 251 points (up 1%).

Eicher motors, M&M and Tata Motors were among the top gainers.

BPCL, Maruti Suzuki and Sun Pharma on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 1.2% higher and BSE SmallCap index ended 0.8% higher.

All other Sectoral indices are trading on positive note with socks in realty sector, auto sector and IT sector witnessing most buying.

Gold prices for the latest contract on MCX were trading flat at Rs 69,694at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 22 points lower at 24,406 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

{inlineads1}

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

Top buzzing stocks today

Trent share price will be in focus today.

Trent on 9 August reported a consolidated net profit of Rs 3.9 bn for Q1 FY25, rising 126% from a profit of Rs 1.7 bn in the same quarter of the previous financial year. Trent's earnings beat Street expectations by a wide margin.

The revenue from operations for the Tata Group company came in at Rs 41 bn, rising 56% from Rs 26.3 bn in the year-ago quarter.

NBCC will also be a top buzzing stock.

NBCC Ltd's shares surged 7% on 9 August after the firm said it received a Rs 150 bn order from Srinagar Development Authority.

The SDA and the NBCC, a government of India enterprise, signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality on the outskirts of the city.

{adoai1}

Inox Wind Q1 Results

Inox Wind Limited (IWL) on Friday posted a Rs 500 m profit after tax during the June quarter on account of a surge in income.

It had reported a loss of Rs 650 m in the April-June quarter of the preceding financial year.

The company's total revenue surged 85 per cent to Rs 6.5 bn from Rs 3.5 bn in the year-ago period.

The company's order book has grown over twofold to 2.9 GW with a mix of PSUs, Independent Power Producers, Commercial and Industrial and retail customers. In the first few months of this fiscal, Inox Wind has secured orders totalling 611 MW across customers, the company said.

IWEL has infused Rs 9 bn recently, making the company net cash positive and strengthening the balance sheet to capitalise on the multi-decadal opportunity in the Indian wind sector.

Part of USD 9 bn INOXGFL Group, Inox Wind Limited (IWL) is India's leading wind energy solutions provider servicing IPPs (independent power producers), utilities, PSUs (public sector units) and corporate investors.

Inox Wind, a subsidiary of the Inox group, takes a comprehensive approach to wind energy.

It offers engineering, procurement, and construction (EPC) services for wind farms, even generating and selling wind power itself.

{inlineads3}

Shipping Corporation's Q1 Profit Jumps 70%

Shipping Corporation of India (SCI) on August 9 reported a 70% jump in net profit at Rs 2.9 bn in the first quarter of FY25, compared to Rs 1.7 bn in the year-ago period.

The net profit in the June quarter recorded a decline from at Rs 3.1 bn in the March quarter.

The state-run company's revenue from operations rose 26.2% to Rs 15.1 bn in the quarter under review over Rs 12 bn in the corresponding period of the previous financial year.

The firm's EBITDA jumped 40.4% to Rs 5.1 bn in the June quarter against Rs 3.6 bn in the year-ago period. The margin came in at 33.7% in Q1FY25 against 30.3% in Q1FY24.

The Shipping Corporation of India is a government corporation that operates and manages vessels servicing both national and international lines. It is under the ownership of the Ministry of Shipping, Government of India, with its headquarters in Mumbai.

For more details, check out recent editorial This Multibagger Shipping Stock is Setting Sail for a Booming Market.

M&M to set up EV Manufacturing Unit

The country's fourth-largest automaker, Mahindra and Mahindra (M&M), is in talks with the government of Kerala to set up an electric vehicle (EV) manufacturing unit in the southern state, known for its higher EV penetration.

Interestingly, this comes at a time when the state is in the top spot in terms of passenger vehicle EV penetration at 5.2%, higher than 3.2% in Delhi and 3.1% in Karnataka.

Electric two-wheeler penetration is also the highest in Kerala at 13.5%, ahead of Karnataka at 11.5%, Maharashtra at 10.1%, and Delhi at 9.4%.

This time, the state also has the added advantage of having a container port like Vizhinjam.

Ahead of the GIM, the state will conduct roadshows in Chennai, Bengaluru, Mumbai, and Delhi, showcasing the state's potential. The government is planning to develop Kerala as a high-tech hub within 10-15 years.

The state has already zeroed in on 22 knowledge-based sectors, including generative AI, blockchain technology, data analysis, machine learning, robotics, and nanotechnology, among others.