Indian share markets witnessed volatile trading activity throughout the day today and ended marginally lower.
Benchmark indices opened on a cautious note and fluctuated between gains and losses as the session progressed, amid weakness in private bank stocks.
At the closing bell, the BSE Sensex stood lower by 95 points. Meanwhile, the NSE Nifty ended down by 8 points.
SGX Nifty was trading at 11,544, down by 17 points, at the time of writing.
The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.7%.
Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing selling pressure.
Consumer durable stocks, on the other hand, witnessed buying interest.
Vodafone Idea was among the top gainers today after reports stated that retailer Amazon and wireless carrier Verizon Communications were looking to invest over US$ 4 billion for a stake in the telecom operator.
Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng was down 0.5% and the Shanghai Composite stood lower by 0.6%. The Nikkei ended up by 0.9%.
The rupee is trading at 73.47 against the US$.
Gold prices are trading down by 0.1% at Rs 50,790 per 10 grams.
Moving on, Jubilant FoodWorks was among the top buzzing stocks today.
Shares of the company surged to a fresh record high today on the expectation of margins improvement going forward.
In early trade today, shares of Jubilant FoodWorks declined 2% after it reported weaker than expected April-June quarter (Q1FY21) earnings with same-store-sales (SSS) falling 61.4% and a net loss of Rs 726 million.
In news from the power sector, Tata Power, India's largest private power company has announced that it signed a Power Purchase Agreement (PPA) with Tata Motors to commission India's largest carport.
The project, with 6.2-megawatt (mw) capacity, is likely to cut 1.6 lakhs ton of carbon emission for Tata Motors.
"We are confident that this PPA will complement our efforts to lower the carbon footprint and we look forward to exploring new ways to harness clean resources and implement them in our business operations," said Praveer Sinha, CEO & MD, Tata Power.
The company also said that its solar arm Tata Power Renewables has executed the world's largest rooftop at a single location in Amritsar, a 16-mw project and also a 2.67 mw solar rooftop project at Cochin International Airport.
Tata Power share price ended the day down by 0.7%.
In other news, electricity generation declined 4.5% in the second half of August, compared with a 2.6% increase during the first fifteen days of the month.
Power use during the second half of August in states such as Maharashtra and Gujarat, among the country's largest electricity consumers, declined by about 15% each, compared to August 2019.
Renewable energy output rose for the first time in three months, driven by a higher solar-powered generation and a pick-up in wind energy production.
The contribution of coal to overall electricity generation in August was 60.9%, lower than 64.6% in July.
Gas-fired power output was up nearly 11%, the data showed.
Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:
This is abysmally low by global standards. This shows that there is a big upside in the market share of power exchanges in India.
Moving on, in the latest developments from the IPO space, Bengaluru-based IT services company Happiest Minds Technologies on Wednesday said it will launch its initial public offer (IPO) on 7 September.
The offer will close on 9 September and the company has fixed the price band at Rs 165-166 per equity share.
The offer comprises of fresh issue of Rs 1.1 billion and an offer for sale (OFS) aggregating up to 35.6 million equity shares, which includes 8.4 million equity shares held by promoter and executive chairman Ashok Soota and 27.2 million equity shares by private equity fund CMDB II.
Bids for the IPO can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter.
The face value of the equity shares is Rs 2 each. The issue will open for anchor investors for a day on September 4.
As per reports, as much as 97% of the company's revenue comes from digital, which is much higher than peers Infosys, Cognizant, and Mindtree where the average contribution from digital stands at 40-50%.
How this IPO sails through remains to be seen. Stay tuned for more updates from this space.
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