Indian share markets ended on a flat note yesterday.
Benchmark indices edged lower, weighed down by financial and energy stocks amid rising coronavirus cases in the country.
At the closing bell yesterday, the BSE Sensex stood lower by 87 points. Meanwhile, the NSE Nifty ended down by 8 points.
In intraday trade yesterday, the Sensex fell over 500 points while the Nifty fell below 14,600.
Tech Mahindra was among the top gainers. IndusInd Bank, on the other hand, was among the top losers.
The BSE Mid Cap index ended up by 1%. The BSE Small Cap index ended higher by 0.7%.
Sectoral indices ended on a mixed note with stocks in the realty sector, IT sector and FMCG sector witnessing buying interest.
Banking stocks and finance stocks, on the other hand, witnessed selling pressure.
Shares of Adani Enterprises and Adani Gas hit their 52-week highs yesterday.
Gold prices for the latest contract on MCX were trading down by 0.7% at Rs 44,689 per 10 grams at the time of closing stock market hours yesterday.
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Among the buzzing stocks today will be Adani Green Energy.
Shares of Adani Green Energy witnessed buying interest yesterday after its subsidiary received a letter of award for 300-megawatt (MW) wind power projects. Adani Renewable Energy Holding Fifteen had participated in a tender issued by Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system-connected wind power projects, according to an exchange filing.
The fixed tariff for this project capacity is Rs 2.7 per kilowatt hour (kWh) for a period of 25 years.
With this, Adani Green's total renewable capacity now stands at 15,165 MW, of which 3,395 MW renewable plants are operational and 11,770 MW projects are under implementation.
Power Grid Corporation of India will also be in focus today as the company signed a Share Purchase Agreement with Jaiprakash Power Ventures Limited on March 19, 2021 to acquire a 74% shareholding of JVPL in Jaypee PowerGrid (JPL) for Rs 3.5 billion.
The board of Power Grid Corporation of India had approved the acquisition on February 11, 2021.
After the acquisition, JPL will become a wholly owned subsidiary of the Power Grid Corp Ltd, a regulatory filing said.
JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh.
The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan.
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In news from the commodity space...
Gold imports, which have a bearing on the country's current account deficit (CAD), fell 3.3% to US$ 26.11 billion during April-February 2020-21, according to the commerce ministry data.
Imports of the yellow metal stood at US$ 27 billion in April-February 2019-20.
The decline in gold imports has helped in narrowing India's trade deficit to US$ 84.62 billion during the 11-month of the current fiscal, as against US$ 151.37 billion a year ago.
Gems and jewellery exports declined 33.9% to US$ 22.40 billion in April-February 2020-21.
Meanwhile, silver imports during the 11 months have dipped by 70.3% to US$ 780.75 million.
Gold prices fell yesterday as Turkey replacing its central bank governor with a high interest rate critic led to investors flocking towards the safety of the dollar, on fears that the move would threaten other financial markets.
Concerns that developments in Turkey would threaten other financial markets strengthened the dollar, making gold expensive for non-US investors.
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Hedge funds and money managers raised their bullish positions in COMEX gold and cut them in silver contracts in the week to March 16, the US Commodity Futures Trading Commission (CFTC) said on Friday.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), said its holdings rose 0.3% to 1,051.78 tonnes on Friday from 1,048.28 tonnes on Thursday.
Speaking of the yellow metal, many gold bulls are doubting the long term potential of gold as an investment.
In the latest Momentum Moves video, Brijesh Bhatia explains why he believes gold could test US$ 2,500 in COMEX and Rs 60,000 in the long-term.
As per Brijesh, the weekly chart of COMEX and MCX are both indicating a bullish scenario for gold and he believes there are four reasons why gold is an excellent buy here.
Tune in to the video below to find out more.
In latest developments from the IPO space...
Casual dining chain Barbeque Nation Hospitality has fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription on March 24.
The initial public offer (IPO) comprises a fresh issue of shares worth Rs 1.8 billion and an offer-for-sale (OFS) of up to 54,57,470 equity shares.
At the upper end of the price band, the IPO is expected to fetch Rs 4.5 billion.
The company has already raised Rs 1.5 billion through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.
Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.
Earlier in 2017, the company had filed IPO papers with markets regulator seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.
Although, the company could not launch the initial share-sale due to adverse market conditions.
As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries - UAE, Oman and Malaysia.
Speaking of IPOs, note that four companies - Anupam Rasayan India, Craftsman Automation, Laxmi Organic Industries and Kalyan Jewellers will make their debut later this week, in what are back-to-back listings.
Anupam Rasayan will list its equity shares on the bourses on March 24, Craftsman Automation and Laxmi Organic Industries on March 25, and Kalyan Jewellers on March 26.
In the first quarter of 2021, 16 companies launched public issues. Barbeque Nation Hospitality is the 17th public offer in Q1CY21.
With this, the total fund raising in 2021 through primary market, so far, stands at Rs 188 billion.
How the above developments pan out going forward remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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