Equity investors suffered a massive loss of Rs 31 lakh crore on Tuesday as markets went into a tailspin with the BSE Sensex tumbling nearly 6 per cent as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls. Erasing the record-rally of the previous trade, the 30-share BSE Sensex cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
Anil Ambani Group firm RNRL on Tuesday welcomed the government's move to protect NTPC's interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm's 'malafide attempts to dishonour' its commitment.
State Bank of India was the biggest gainer in the Sensex pack, rising 4.24 per cent, followed by Tata Steel, Axis Bank, Maruti, NTPC, PowerGrid, ITC and Nestle India. Reliance jumped 1.15 per cent to end at Rs 2,962.60 apiece on BSE.
From the Sensex basket, Maruti, Mahindra & Mahindra, NTPC, JSW Steel, Larsen & Toubro, Reliance Industries, Axis Bank, and Power Grid were the major gainers. Nestle, Wipro, Tata Consultancy Services, HDFC Bank, Titan, HCL Technologies and Infosys were the laggards.
From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers. Tata Motors dropped over 8 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024. NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.
Among the Sensex firms, Bajaj Finance jumped 4.44 per cent and NTPC rose over 3 per cent. IndusInd Bank, Axis Bank, Tata Motors, Nestle, Power Grid, Infosys, Bajaj Finserv and HDFC Bank were the other major winners. HCL Tech, Mahindra & Mahindra, Maruti and Hindustan Unilever were among the laggards.
Equity benchmark index Sensex on Wednesday crashed over 900 points to sink below the 73,000 level due to widespread selling pressure amid a sharp fall in smallcap and midcap indices. Besides, deep losses in utility, energy and metal stocks and recent selling by foreign investors added to the gloom, analysts said. Benchmark indices started the session on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.
The issue received bids for over 25 crore (250 million) shares against 41.22 crore (412.2 million) equities on offer, according to the data available with the National Stock Exchange.
A Division Bench led by Chief Justice Swatenter Kumar on Thursday dismissed NTPC's appeal. The suit between the two parties relates to their gas supply agreement.
Reliance Industries has cautioned that NTPC should not make comments on matters sub-judice lest they are construed as attempt to influence the outcome of its court case seeking natural gas at price committed in 2004.
The CBI is investigating into the alleged irregularities in NTPC awarding a contract to Russian power equipment supplier Technopromexport (TPE) to supply equipments for its Rs 8,600 crore (Rs 86 billion) 1,980-mw Barh (Bihar) Super Thermal Power Project in 2005.
According to sources close to the development, NTPC is likely to hit the capital market with a follow-on public offer to raise nearly Rs 6,000 crore (Rs 60 billion) early next fiscal. The government would divest 10 per cent of its stake and 10 per cent would be the fresh equity offered by NTPC.
There can be no forgetting the Margaret Thatcher principle of leaving something on the table for the small investor.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
Decks have been cleared for National Thermal Power Corp's foray in oil exploration sector with the government awarding one block to the power major under the fifth round of New Exploration Licensing Policy.
Power major NTPC on Friday said it plans to foray into nuclear power generation.
The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to finish at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore. Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
The government has sought details from National Thermal Power Corporation for its proposed public offer for increasing equity by up to five per cent
Govt to earn Rs 13,000 crore via stake sales in NTPC and IOC.
The court on Tuesday ordered BSES -- part of billionaire Anil Ambani's Reliance Infrastructure Ltd to pay state-run NTPC the Rs 700 crore (Rs 7 billion) it is owed by May 31.
Confidence in the company as government is the biggest shareholder.
State-run NTPC will invest about Rs 20,000 crore to set up a 3,960-megawatt (Mw) coal-based power project in Madhya Pradesh. NTPC had signed a memorandum of understanding with the state government and MP Power Trading Company regarding this, the company said in a filing to the Bombay Stock Exchange.
M&M was the biggest gainer in the Sensex chart, rising 6.51 per cent, followed by NTPC, PowerGrid, SBI, HDFC Bank, Asian Paints and Wipro. In contrast, Axis Bank, ITC, HUL, Nestle India and Sun Pharma were among the laggards.
State-owned NTPC is likely to pick up stake in two coal mines in Indonesia, a move that would help the company secure its raw material requirement.
State-run NTPC Ltd is likely to sign by month-end an agreement to buy natural gas allocated by the Centre from Mukesh Ambani-run Reliance Industries Ltd at government-approved rate of $4.20 per mmBtu, power secretary H S Brahma said on Wednesday.
Power Minister Sushilkumar Shinde on Friday said the Supreme Court upholding the government's right to approve price and utilisation of gas was a "fair decision" and it had no bearing on the gas supply dispute between NTPC and Reliance Industries.
Benchmark indices Sensex and Nifty fell for the third day running on Thursday, dragged by continuous selling in HDFC Bank and profit-taking in consumer durables and utility shares. The 30-share BSE Sensex fell by 313.90 points or 0.44 per cent to settle at 71,186.86. During the day, it tanked 835.26 points or 1.16 per cent to 70,665.50.
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
Abolition of import duty on naphtha under the government's stimulus package has come as a much-awaited breather for power projects running on dual-fuel.
Benchmark equity indices Sensex and Nifty snapped two days of losses to close higher on Tuesday on the back of fag-end buying in auto, power and metal shares helped by fresh foreign fund inflows. The 30-share BSE Sensex rose by 204.16 points or 0.31 per cent to settle at 66,174.20 in a volatile trade. During the day, it hit a high of 66,256.20 and a low of 65,906.65.
Among the Sensex firms, State Bank of India, ITC, Nestle, Asian Paints, Tech Mahindra, Mahindra & Mahindra, Tata Consultancy Services and Hindustan Unilever were the major laggards. In contrast, HCL Technologies, Power Grid, Sun Pharma, NTPC, Bajaj Finance and Titan were the gainers.
In the Sensex pack, 20 stocks ended in the red while 37 of the Nifty constituents closed the session with losses. NTPC was the biggest loser among the Sensex constituents, ending with a loss of 2.71 per cent.
As India's electricity demand soars, the power ministry on Tuesday reviewed the power supply situation to ensure 'zero load shedding' during the summer months. The ministry has drafted plans ranging from delaying planned maintenance of thermal power stations to mandatory operations of imported coal-based and gas-based stations till September. In a series of meetings with industry stakeholders, Union Minister for Power, New, and Renewable Energy R K Singh emphasised the importance of adequate planning to avoid situations where one state has surplus power while another state faces shortages.
Among the Sensex firms, Bajaj Finance, Infosys, Tech Mahindra, ICICI Bank, Nestle, Tata Consultancy Services, HDFC Bank and Reliance Industries were the major laggards. Mahindra & Mahindra, JSW Steel, NTPC, Power Grid and IndusInd Bank were among the gainers.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects. Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.
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