Market Update Summary

Suzlon Energy Wins Major NTPC Wind Order

• Key Win: Suzlon Energy surged by 3% after securing a 1,166 MW wind energy order from NTPC Green Energy. The project, India’s largest wind energy order, involves 370 turbines across Gujarat and will power 3 million homes.
• Strategic Move: Suzlon also acquired 51% of Renom Energy, expanding its renewable energy services. The company’s order book now approaches 5 GW.

Nifty Faces Downturn Signals

• Technical Patterns: Nifty is showing bearish indicators, with support at 24,750 and potential downside to 23,885. Analysts suggest a cautious stance, focusing on defensive sectors like pharma and FMCG.

Adani Green Redeems $750M Bonds Early

• Deleveraging Strategy: Adani Green redeemed $750 million in bonds using cash reserves, avoiding refinancing. The company aims to grow its renewable capacity to 50 GW by FY30 and has raised Rs 9,350 crore for future capital expenditure.

Godfrey Philips Shares Drop Amid Leadership Reappointment

• Stock Reaction: Shares fell by 5% after Bina Modi was reappointed as MD despite opposition from advisory firm Glass Lewis. Internal family disputes have also contributed to the stock’s decline.

FPIs Challenge SEBI Disclosure Norms

• Regulatory Pushback: Foreign Portfolio Investors (FPIs) are seeking legal relief from SEBI’s new disclosure rules on beneficial ownership, which could lead to selling pressure if unresolved before the deadline.

Ola Electric Shares Drop Post Lock-In Expiry

• Stock Decline: Ola Electric fell 5.61% after anchor investors’ lock-in expired, with concerns over a widened net loss of Rs 347 crore in Q1 FY25. Analysts remain cautious but note policy support as a positive factor.

Indoco Remedies Breakout Signals Buying Opportunity

• Stock Surge: Indoco Remedies broke out of a bullish technical pattern, with a target of Rs 425-430 in the next 5-7 weeks. Tata Technologies and Dabur were also highlighted as top trading picks.

Jewellery Stocks Rise on Import Duty Cut Forecast

• Sector Boost: Tribhovandas Bhimji Zaveri (TBZ) surged 18% on expectations of gold import duty cuts, marking a 130% gain over the past year. Jewellery companies are set for a revenue boost of 22-25%, according to CRISIL.