Adani Green to invest Rs 1.5 lakh Cr to build world's largest renewable energy project: MD : Daily Market Update - 8 April 2024 | Globe Capital Market LTD.
Adani Green to invest Rs 1.5 lakh Cr to build world’s largest renewable energy project: MD : Daily Market Update – 8 April 2024

Adani Green Energy Ltd will invest Rs 1.5 lakh crore to boost capacity to 30 gigawatts (GW) at its Khavda renewable energy project site in Kutch, Gujarat, over the next five years, Managing Director Vneet Jaain told reporters after a site visit. Billionaire Gautam Adani aims to build the world’s largest renewable energy project, spanning 538 sq km of barren land in Khavda, almost the size of Mumbai. Within a year of beginning work, the company has initiated operations for 2GW of the total 30GW planned for the project. Besides the Rs 1.5 lakh crore on expansion of Khavda project, Adani Green will invest another Rs 50,000 crore on renewable energy projects totalling 6-7 GW in other locations by 2030. The group’s equipment manufacturing arm, Adani New Industries will invest Rs 30,000 crore, taking Adani Group’s total investment to Rs 2.3 lakh crore.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended higher in range 0.8% to 1.24%.
  • European equity markets settled in red, down 0.82% to 1.25%.
  • Asian equity markets are trading in green.
  • GIFT Nifty is trading up by 59 points, Nifty futures is likely to open around 22654 levels (as on 8:30AM).


News highlights from across the globe

  • Stocks in the Asia-Pacific region were up in early trade on Monday following Wall Street’s positive weekly close as jobs print indicated a strong U.S. economy.
  • U.S. stocks ended the week on a higher note after a blowout jobs report signaled the US economy will continue to power Corporate America.


Important news updates from the domestic front

  • Bajaj Finance: Bajaj Housing Finance is mandatorily required to list by Sept 30, 2025. The company’s board will undertake discussions with respect to the mandatory listing requirement, including considering various options based on the prevailing market conditions, at its meeting scheduled on April 24, 2024.
  • Wipro appointed Srinivas Pallia as its new chief executive officer and managing director, following the resignation of Thierry Delaporte.
  • JSW Energy raised Rs 5,000 crore via qualified institutional placements at an issue price of Rs 485 per share. The issue price is at a 4.92% discount to the floor price of Rs 510.09 per share.
  • Vodafone Idea will raise Rs 2,075 crore via issuance of shares to Oriana Investments. The telecom company will issue 139.5 crore shares at Rs 14.87 per share.
  • Tata Power signed a share purchase agreement and acquired 100% equity stake in Jalpura Khurja Power Transmission Ltd. It will build, own, operate and transfer electrical power transmission system to establish twin 400 KV GIS substations at Jalpura and Metro-Depo, Greater Noida.
  • Tata Steel achieved highest ever annual crude steel production of 20.8 million tons, a growth of 4% year-on-year. It achieved debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam Ltd.
  • Adani Wilmar witnessed double-digit growth in edible oils and foods at the end of the fourth quarter. Food and FMCG volume growth stood at 10% YoY, while edible oil was at 13%.
  • Bandhan Bank: MD and CEO Chandra Ghosh will step down from the post after the completion of his current tenure.
  • Zee Entertainment Enterprises: MD and CEO Punit Goenka has proposed the implementation of a lean and streamlined management structure to the board.


Nifty Overview & Outlook

Benchmark Nifty index settled on a flat note at 22513 levels after a lackluster trading session.

Small cap index outperformed the benchmark as it rose nearly 1% while Mid cap index ended on a flat to positive note.

Majority of sectoral indices, tracked at NSE, settled higher. Amongst them, Nifty Realty index was at the top of the tally, up nearly 1.5% followed by Banking and Financial pack that were settled higher by nearly 1%. On the other hand, Nifty IT led the decline, fell by 0.5%.

Technically, Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 22000 levels on closing basis. Crossover and sustenance above 22550 spot will be a positive development that might take it towards 22800 and higher levels.


Derivatives Overview & Outlook

Last Friday, no significant changes was seen in Nifty futures on price front as well as on open interest front. Long buildup was seen in Banknifty and Finnifty futures with increase in open interest by 13.1% and 33.9%.

On the sectoral front, fresh long buildup observed in Chemicals, Oil & gas, FMCG and Finance shares. Fresh short observed in Cement and Textile stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 22500 PE and 23000 CE closely followed by 22800 CE.


Institutional Trading Activity

Last Week, FIIs sold stocks worth Rs 3836 Cr in the cash segment, sold stocks futures and index futures worth Rs 22607 Cr and Rs 1698 Cr respectively. DIIs were unchanged.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22680-22750; Supports 22430-22380

Banknifty – Resistances 48850-49100; Supports 48100-47700

Finnifty – Resistances 21760-21840; Supports 21440-21350


F&O Securities in Ban Today  – BANDHANBK, HINDCOPPER, SAIL, ZEEL


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