The Nikkei is up 1.2% while the Shanghai Composite is up 0.4%.
In US stock markets, Wall Street indices jumped Thursday in shares of megacap stocks such as Tesla, Nvidia, Meta Platform and Netflix after Federal Reserve policymakers signaled they would not stop in the fight to contain inflation.
The Dow Jones rose 1.3% while the Nasdaq rose 2.7%.
Back home, Indian stock markets are trading on a positive note.
The benchmark indices staged a gap-up opening today after gains in SGX Nifty futures and a rally in US markets overnight.
Market participants are trackingFII and DII Activityclose range. FII changed vendors 4.5 billion while DII remained a net buyer 1.3 billion
HDIL, Vivimed Labs and Opto Circuits to be eyed as these companies announce their Q4 Results later today.
Meanwhile, specialty chemicals company Ather Industries made its stock market debut today. the company picked up 8.1 billion through its IPO.
BSE Sensex is trading up 580 points. Meanwhile, NSE Nifty is trading with a gain of 144 points.
Infosys and Tech Mahindra are among the top gainers today. On the other hand, UltraTech Cement is the biggest loser today.
The BSE Midcap index has gained 0.4 per cent. The BSE Smallcap index is trading with a gain of 0.7 percent.
Sectoral indices are trading mixed with stocks in IT sector, capital goods sector and energy sector witnessing mostly buying.
On the other hand, the shares of electricity are trading in the red mark.
Shares of Ratnamani Metals and Lemon Tree Hotels hit a 52-week high today.
Rupee is trading at 77.50 against US Dollar.
trading in gold prices 51,255 per 10 grams. Meanwhile, silver prices are trading with a gain of 0.6%. 62,682 per kg.
Crude oil prices are flat today, in the previous session on doubts that OPEC+-affiliated producers may increase their crude output enough to make up for lost supplies from Russia.
In news from the specialty chemical space, Fine Organic Industries is one of the top buzzing stocks today.
Shares of Fine Organic Industries continued its uptrend and gained 2% today. However, as investors booked profits as the session progressed, the gains quickly faded away.
In the past four trading sessions, the specialty chemicals company’s stock has risen over 35% after the company reported strong Q4 results.
The Company’s Consolidated Profit After Tax (PAT) grew nearly four times 1.2 billion
Company’s revenue up 91% year on year (YoY) against 6.2 billion 3.2 billion in the year-ago quarter.
The board of the company also recommended the final dividend of 9 per equity share for the financial year ended 31 March 2022.
Fine Organics as Manufacturers, Processors, Suppliers, Distributors, Dealers, Importers, Exporters of wide range of Oleochemical-based Additives used in Foodstuffs, Plastics, Cosmetics, Coatings and other specialized applications in various industries in India and abroad. does business in.
Moving to energy sector news, 16 banks led by State Bank of India (SBI) have sold over Suzlon Energy’s 80 billion loan to Rural Electrification Corporation (REC) and state-owned Indian Renewable Energy Development Agency (IREDA).
The move has been made to clean up his books, which has been a stretch for almost a decade and a half.
The loan sale was also concluded while the wind power company was in the midst of its second bank-led restructuring launched in 2020.
The REC and IREDA-led refinance will extend the tenure of Suzlon’s loans and enable it to bear lower interest rates than banks.
Suzlon Energy’s share price is trading down 4%.
Note that lenders have restructured Suzlon’s debt twice in the past decade. Currently, the market regulator is conducting a long drawn out forensic audit, while the lenders have agreed to bail out the company for the third time.
High debt stocks like Suzlon have always been considered risky whereas debt free companies in India are considered safe as these companies are against changes in interest rates.
Suzlon is one such Popular Stocks That Turned into Penny Stocks And never got better. Take a look at the chart below:
see full image
having a market cap of 680.7 billion in January 2008, at the current market capitalization of Suzlon is 77.2 billion
Moving on to the news from the infra space, the Indian Railway Finance Corporation (IRFC) is looking to start lending to other infrastructure companies including roads and ports connected to railway stations.
The MD and Chairman of the company said that IRFC will have to ensure that its core strength as a zero non-performing asset (NPA) company is maintained.
We cannot compromise on the low cost and no-NPA features of IRFC at any point of time.
Our Objectives clause in the Memorandum of Association clearly mentions that we can lend to any sector having backward and forward linkages with the Railways. Therefore, a port with linkage from a railway head that directly feeds into the Indian Railways network can be loaned by IRFC.
IRFC share price is currently trading up 0.2%.
(This article is syndicated from) equitymaster.com,