Equity benchmarks trade with significant gains; oil & gas stocks rise for 3rd day

The key equity benchmarks continued to trade with significant gains in mid-afternoon trade. The Nifty hovered near the 21,450. Oil & gas stocks edged higher for third consecutive session.

At 14:31 IST, the barometer index, the S&P BSE Sensex, was up 301.23 points or 0.42% to 71,408.19. The Nifty 50 index added 100.55 points or 0.47% to 21,449.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.67% and the S&P BSE Small-Cap index rose 0.37%.

The market breadth remained strong. On the BSE, 2,305 shares rose, and 1,544 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index added 1.49% to 9,425.70. The index has advanced 4.11% in three sessions.

Castrol India (up 6.46%), Hindustan Petroleum Corporation (up 4.28%), Indian Oil Corporation (up 3.4%), Oil India (up 2.29%) and GAIL (India) (up 1.82%) were the top gainers.

Among the other gainers were Oil & Natural Gas Corp (up 1.72%), Bharat Petroleum Corporation (up 1.5%), Gujarat State Petronet (up 1.33%), Indraprastha Gas (up 1.02%) and Gujarat Gas (up 0.95%).

On the other hand, Mahanagar Gas (down 0.93%) and Adani Total Gas (down 0.59%) moved lower.

Stocks in Spotlight:

Greenply Industries shed 0.54%. The company`s board has approved transfer of 51% stake and cessation of controlling interest held in Greenply Middle East (GMEL), Dubai, a wholly owned material subsidiary, to an investor group formed by Indraneel Bhan and Sudeep Jain, subject to the approval of the members of the company and other necessary approvals, as may be required. The transaction is expected to be completed by end of April 2024 for a consideration of $1,573,836.

Arman Financial Services fell 3.41%. The company has announced the successful undertaking of its qualified institutional placement (QIP) by raising Rs 230 crore. The QIP saw interest from investors like WhiteOak, Sundaram Mutual Fund, UTI Mutual Fund, Kotak Life, amongst many others.

Post allotment of 10,47,835 equity shares at issue price of Rs 2195 per share of Rs 10 each, the paid up equity share capital has increased to 104,76,774 equity shares and the fully diluted net worth post allotment stands at Rs 733 crore.

JSW Energy added 2%. JSW Renew Energy, a wholly owned step-down subsidiary of the company, has started phase-wise commissioning of the 810 MW ISTS-connected Wind Power Project awarded under SECI tranche IX in Tamil Nadu with commissioning of the first phase of 51 MW. The Project has a power purchase agreement with SECI for a period of 25 years.

Inox Wind (IWL) gained 2.58%. IWL has bagged an order for 279 MW from a large C&I player. The order is for IWL`s latest 3 MW wind turbine generators (WTGs), and the scope comprises of a mix of equipment supply with limited scope EPC for 180 MW and end-to-end turnkey execution for 99 MW. Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed by June 2025, with the WTGs being installed across Rajasthan and Gujarat.

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