BHEL bags Rs 4000 crore order for 1600 MV thermal project from Adani Power : Daily Market Update - 28 March 2024 | Globe Capital Market LTD.
BHEL bags Rs 4000 crore order for 1600 MV thermal project from Adani Power : Daily Market Update – 28 March 2024

State-owned engineering firm Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 4,000 crore from Adani Power Limited for setting up the 1,600 MW Raigarh Phase-II Thermal Power Plant at Raigarh, Chhattisgarh. BHEL in a filing said that it received a Letter of Award on March 27, 2024, for the supply of equipment and supervision of erection & commissioning for 2x800 MW power project based on supercritical technology at Raigarh Phase II, Chhattisgarh. The boiler and Turbine Generator are to be manufactured at BHEL's Trichy and Haridwar plants respectively.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range of 0.51% to 1.22%.
  • European equity markets ended in positive.
  • Asian equity markets are trading mix.
  • GIFT Nifty is little changed, Nifty futures is likely to open around 22178 levels (as on 8:30AM).


News highlights from across the globe

  • Most markets in Asia-Pacific region fell in early trade on Thursday as concerns about interest rates to stay higher for longer in the U.S. rose after Federal Reserve’s hawkish remarks.
  • Fed Governor Christopher Waller said that there is no hurry to cut interest rate right now. Current inflation reading suggests rates can stay at current level for longer to bring down the inflation sustainably to 2% target rate, Waller said at Economic Club in New York.
  • The yield on the 10-year U.S. bond was trading at 4.21% and Bitcoin was at 69099 level. Brent crude was trading  at $86 a barrel.


Important news updates from the domestic front

  • Bharat Heavy Electricals has received an order worth Rs 4,000 crore from Adani Power for setting up a thermal power plant in Chhattisgarh.
  • NHPC board approved plans to borrow Rs 6,100 crore from the market in tranches for FY25. It also gave in-principle approval for the closure of Loktak Downstream Hydroelectric in Manipur, subject to government approval.
  • Dr Reddy’s Labs entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute the SHIPL vaccine brands, including well-established paediatric and adult vaccines, in India.
  • LIC has filed appeals before tax authorities in Ahmedabad and Bangalore on certain GST demands.
  • Tata Elxsi and Dräger, a global leader in medical and safety technology, have announced a collaboration to advance critical care innovation in India.
  • Texmaco Rail & Engineering: The company’s Rs 250-crore QIP saw the participation of Samena Capital, Abu Dhabi Investment Authority, Societe Generale, and Mahindra Manulife Mutual Fund.
  • REC approved a Rs 1.6 lakh crore market borrowing plan for FY25 through different instruments.
  • Zydus Lifesciences: The USFDA conducted an inspection at the SEZ Onco Injectable Manufacturing Plant in Ahmedabad, which closed with four observations.
  • Exide Industries invested Rs 34.99 crore in subsidiary Exide Energy Solutions on a rights basis. With this investment, the total investment stands at Rs 2,000 crore.


Nifty Overview & Outlook

Benchmark Nifty index opened with a gap on the higher side and settled higher at 22124 levels after adding 119 points to its previous closing values.

Small cap index outperformed the benchmark as it rose nearly 1% while Mid cap index underperformed the benchmark.

Performance on the sectoral front was mix. Realty, Oil & Gas, Pvt Bank, Auto and Consumer Durables indices gained over 0.5% each. On the other hand, PSU bank and IT index were at the bottom of the tally, down over 0.5% each.

Going ahead, we reiterate our bullish view on Nifty index till it is holding above 21900 levels on closing basis and expect it to test 22300 and higher levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Finnifty futures with increase in open interest by 4.1% and 29.8% respectively, long unwinding was seen in Banknifty futures with decrease in open interest by 11.7%.

Nifty futures have rolled 62% open interest into next contract so far. Banknifty futures rolled 87% into next contracts which was higher than the previous month rollovers of 74%.

On options front, put writing along with call writing was seen at multiple strikes and maximum positions are at 22000 PE closely followed by 22100 PE and 22500 CE closely followed by 22200 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 2170 Cr in the cash segment, sold stocks futures and index futures worth Rs 2541 Cr and Rs 1116 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 1198 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22270-22380; Supports 22060-21970

Banknifty – Resistances 47400-47600; Supports 46800-46500

Finnifty – Resistances 21070-21150; Supports 20900-20800


F&O Securities in Ban Today  – HINDCOPPER, ZEEL.


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