Indian share markets trade higher with the BSE Sensex up by 234 points, while the Nifty is trading higher by 42 points.
Asian share markets are mixed today, tracking talks of progress between Russian-Ukraine even as fighting raged on.
Russian missiles hit a large Ukrainian base near the border with Poland on Sunday.
The Hang Seng and the Shanghai Composite are trading down by 3.8% and 1.3%, respectively. The Nikkei is up 0.8%.
In US stock markets, Wall Street indices stumbled on Friday as tech and growth shares led a broad decline and investors worried about the conflict in Ukraine while attention turned to the Federal Reserve's policy meeting this week.
The two-day meeting of the US central bank will begin on Tuesday.
At the end of a volatile week, indexes had opened higher after Russian President Vladimir Putin said there were 'certain positive shifts' in talks with Ukraine, without providing any details, but stocks then faded during the session.
TheDow Jones Industrial Averagefell 230 points, or 0.7%, while the S&P 500 lost 55 points, or 1.3%. The tech heavy Nasdaq dropped 286 points, or 2.2%.
Back home, Indianshare marketsare trading on a positive note.
Despiteuncertainty on developments around Russia-Ukraine talks, benchmark indices started on a positive note today.
The BSE Sensex is trading up by 234 points. Meanwhile, the NSE Nifty is trading higher by 42 points.
Infosys and HDFC Bank are among thetop gainers today. Hindustan Unilever, on the other hand, is among thetop losers today.
The BSE Mid Cap index is down 0.5% while the BSE Small Cap is trading on a flat note.
Sectoral indices are trading mixed with stocks in the IT sector and banking sector witnessing buying interest.
Realty stocks and automobile stocks, on the other hand, are trading in red.
Shares of GHCL, Sun Pharma and Gujarat Narmada hit their 52-week highs today.
The rupee is trading at 76.63 against theUS$.
Gold prices are trading down by 0.3% at ?52,732 per 10 grams.
Meanwhile, silver prices are trading down by 0.4% at ?70,067 per kg.
Gold fell today, dragged by firmer US Treasury yields and improved risk appetite on hopes of peace between Russia and Ukraine.
In news from the renewable energy space, highways minister and chairman of the cabinet subcommittee to expedite renewable energy projects, Johnston Fernando on Sunday said that President Gotabaya Rajapaksa had ordered that action be taken to generate 5,000 MW from renewable energy.
As part of the new programme, the cabinet subcommittee had approved a project by India’s Adani Group to invest US$ 500 m in developing renewable energy projects in Sri Lanka, the Minister said.
He added that the Indian company is expected to invest in several more similar projects here adding that actions will be taken against those who delay foreign investment projects.
The cabinet subcommittee had decided to select suitable investors from those who had expressed their willingness to invest in identified renewable energy projects, identifying new projects with higher feasibility.
All this is done for adding the power generated from renewable energy sources to the national grid.
We will keep you updated on the latest developments from this space. Stay tuned.
In news from the edible oil space, Ruchi Soya will launch its follow-on public offer on 24 March. A follow-on offering is an issuance of additional shares made by a company after an initial public offering (IPO).
The diversified FMCG company’s issue will close on 28 March. The FPO comprises equity shares of face value of ?2 each aggregating to ?43 bn.
The issue also includes a reservation of up to 10,000 equity shares for subscription by eligible employees. If such placement is completed, the follow-on size will be reduced.
Note that in order to comply with market regulator’s requirement of a minimum public shareholding of 25% in a listed business, the company is issuing the additional public offering.
Currently, Patanjali Group owns about 98.9% stake in Ruchi Soya. Public shareholders own about 1.1% stake.
Post the FPO, Patanjali Group's holding in Ruchi Soya will come down to about 81% and the public would hold about 19%.
Ruchi Soya share price is currently trading up by 16.3%.
Speaking of Ruchi Soya, note that shares of the company saw a meteoric rise after relisting on the stock exchanges in January 2020.
From ?17 on 27 January, shares skyrocketed to touch a high of ?1,535 on 29 June - a jump of 8,929%.
Since then, the stock has come down and is trading in a range for past couple of months.
The rise in Ruchi Soya's stock price was mainly on account of the low level of free float.
Moving on to news from the energy space, GAIL is among the top buzzing stocks today.
State-owned gas utility GAIL has declared a second interim dividend of 50% ( ?5 per share) for the current fiscal year ending March 2022.
The total dividend payout will be ?22.2 bn with a record date of 22 March, the company said in a statement.
For the current fiscal 2021-22, GAIL has already declared an interim dividend of ?4 per share to its shareholders in December 2021. The two interim dividends total to ?9 per equity share.
Note that this is the highest ever dividend payment in terms of total dividend amount by GAIL.
Based on the current shareholding, dividend of ?11.4 bn shall be paid to the government and ?10.8 bn to other shareholders.
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