Nifty Above 23,200; ICICI Bank & Bajaj Finance Top Gainers

Asian markets traded higher on Tuesday, following overnight gains on tech socks on Wall Street.

US stock market ended mixed on Monday, led by gains in chipmakers amid short-covering.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

At present, the BSE Sensex is trading 287 points higher, and the NSE Nifty is trading 88 points higher.

Trent, ICICI Bank, and Bajaj Finance are among the top gainers today.

NTPC, Infosys, and Tata Steel, on the other hand, are among the top losers today.

The BSE 150 Midcap index is trading 0.9% higher, and the BSE 250 SmallCap index is trading 0.9% higher.

Baring metal sector and the IT sector, all other sectoral indices are trading positively today with stocks witnessing buying. The banking sector and real estate sector witness buying.

The rupee is trading at Rs 95.6 against the US dollar.

Government Launches NLC India Stake Sale

The Indian government has announced an Offer for Sale (OFS) of up to 3% stake in NLC India, a state-owned mining and power company.

The sale includes a base offer of 2% equity and an additional 1% stake that can be sold if investor demand is strong. The minimum price has been set at Rs 303 per share.

Institutional and other non-retail investors can bid on June 9, while retail investors can participate on June 10.

NLC India, a Navratna PSU under the Ministry of Coal, operates in lignite mining, power generation, and has been expanding its renewable energy business. The stake sale is part of the government's ongoing disinvestment programme, following recent OFS transactions in NHPC, Coal India, and Central Bank of India.

Grasim Announces Major Karnataka Capacity Expansion

Grasim Industries has approved an investment of Rs 3,094 crore to expand its Lyocell fibre manufacturing capacity at its Harihar plant in Karnataka.

The company plans to add 110,000 tonnes per annum (TPA) of Lyocell capacity in two phases. The first production line is expected to start operations by 2028, while the second line is scheduled for 2030.

This expansion is in addition to the 55,000 TPA Lyocell plant currently being built at Harihar, which is expected to begin operations by mid-2027.

Once all projects are completed, Grasim's total Lyocell production capacity will reach nearly 210,000 TPA, making it one of the world's largest Lyocell manufacturers.

The investment will be funded through a combination of internal funds and borrowings and is aimed at meeting the rising global demand for sustainable textile materials used in apparel, home furnishings, and technical textiles.

JSW Energy Commissions Gujarat Wind Blade Plant

JSW Energy has started operations at its new wind turbine blade manufacturing plant in Halol, Gujarat. The move will help the company produce key wind power equipment in-house, reducing its dependence on external suppliers and lowering costs.

The Halol facility can manufacture up to 450 wind blades annually, enough to support around 600 MW of wind power projects. These blades are designed for 4 MW wind turbines.

The company is also setting up another wind blade plant in Chitradurga, Karnataka, which is in the final stages of commissioning.

By manufacturing its own blades, JSW Energy aims to strengthen its supply chain, meet domestic content requirements, reduce logistics and input costs, and improve returns from its wind energy projects.

JSW Energy currently has 32.1 GW of locked-in power generation capacity, including operational, under-construction, and pipeline projects. The company is targeting 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, while aiming to become carbon neutral by 2050.