Indian share markets ended on a positive note yesterday.
Benchmark ended on a positive note yesterday after June wholesale price index (WPI) inflation came in at 12.07% compared to 12.94% in May.
At the closing bell yesterday, the BSE Sensex stood higher by 134 points (up 0.3%).
Meanwhile, the NSE Nifty closed higher by 42 points (up 0.3%).
Wipro and Tech Mahindra were among the top gainers.
Maruti Suzuki and Adani Ports, on the other hand, were among the top losers.
The BSE Mid Cap index and the BSE Small Cap index ended up by 0.2% and 0.3%, respectively.
Sectoral indices ended on a mixed note with stocks in the IT sector and capital goods sector witnessing most of the buying interest.
Realty and oil & gas stocks, on the other hand, witnessed selling pressure.
At 7:45 am today, the SGX Nifty was trading up by 14 points, or 0.1% higher at 15,877 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty.
Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 48,024 per 10 grams at the time of closing stock market hours yesterday.
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Among the buzzing stocks today will be NMDC.
State-owned National Mineral Development Corp (NMDC) has started the process to carve out its steel unit and list it as a separate business on the bourses.
The demerged undertaking would be vested with NMDC Steel pursuant to the demerger.
The entire share capital of NMDC Steel held by the NMDC would be cancelled and new equity shares of NMDC Steel would be issued to all shareholders of NMDC in the same proportion.
Note that this move by NMDC comes at a time when the government plans to increase steel production to take advantage of the high metal prices.
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The government plans to increase India's steel production capacity to 300 m tonnes per annum (MTPA) by 2025. To achieve its goal, green-field steel plants are being promoted through special purpose vehicles (SPVs) in mineral-rich states such as Chhattisgarh, Jharkhand, Kamataka and Odisha.
NMDC is engaged in the exploration of a wide range of minerals, while NMDC Steel is a wholly-owned subsidiary of NMDC.
At present, NMDC Steel does not have business operations.
In October last year, the cabinet committee on economic affairs had given its in-principle approval to the demerger and strategic disinvestment of NMDC Steel by selling the government's stake in the mill steel to a strategic buyer.
Last week, the government offloaded stake in NMDC through an offer for sale (OFS).
The government holds 68.3% stake in the company and after the OFS, the stake will drop to 60.8%.
NTPC share price will also be in focus today.
The country's largest power generator, NTPC, through its renewable energy arm, will construct what would be India's largest single local solar power park of 4.8 gigawatt (Gw) in Kutch.
NTPC Renewable Energy (NTPC-REL) has received the approval of the nodal ministry of new and renewable energy, said a company's statement.
The company plans to use this project for production of green hydrogen, too. Hydrogen produced from renewable sources is called green hydrogen.
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NTPC-REL was given the go-ahead under Mode 8 (ultra mega renewable energy power park) of solar park scheme, the company said in a release.
'As part of its green energy portfolio augmentation, NTPC, India's largest energy integrated company, aims to build 60 GW renewable energy capacity by 2032,' it said.
There are five operational solar power parks in the country, of which Bhadla in Rajasthan (2.2 Gw) and Pavgada in Karnataka (2.1 Gw) are among the world's largest single location solar plants.
India's first solar power park of 0.8 Gw was fully commissioned in 2019 in Rewa district of Madhya Pradesh.
The government is aiming to list insurance behemoth LIC by the last quarter of the current financial year and merchant bankers for the transaction would be appointed soon.
Last week, the Union Cabinet approved the IPO of LIC, which is set to be the biggest Indian IPO.
Several estimates suggest that LIC could raise Rs 900 bn to Rs 1 tn, handing over much-needed revenue to the government against the backdrop of the Covid-19 pandemic.
DIPAM secretary Kanta Pandey said the panel headed by FM Nirmala Sitharaman will decide on the exact quantum of share sale.
He added that the department of financial services was working on fulfilling other requirements for the IPO.
The draft prospectus for the IPO would also be filed soon.
LIC, fully owned by the Indian government, is a big investor in share sales, including IPOs of state-run companies.
Food delivery platform Zomato said that it has raised a little over Rs 42 bn from anchor investors ahead of its initial share sale.
The company allocated 552 m equity shares to anchor investors at Rs 76 apiece, aggregating the transaction size to Rs 42 bn, according to a circular uploaded on BSE website.
BlackRock, Tiger Global Investments Fund, Fidelity, JP Morgan, Morgan Stanley Asia (Singapore), Goldman Sachs (Singapore) were among the anchor investors.
Some of the domestic investors who participated in the anchor bidding include Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Life Insurance Company and HDFC Life Insurance Company.
Zomato's Rs 93.8 bn initial public offering (IPO) comprises a fresh issue of equity shares worth Rs 90 bn and an offer for sale (OFS) of Rs 3.8 bn by Info Edge (India).
The issue, with a price band of Rs 72-76 a share, will be open for public subscription till 16 July.
Proceeds from the fresh issue would be used for funding organic and inorganic growth initiatives and general corporate purposes.
How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.
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Indian share markets ended on a positive note with the Sensex up by 134 points and the Nifty ending up by 42 points.
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