Market Updates: Nifty around 15,500 amid volatility; auto gains, oil & gas, metals, power under pressure

– Vinati Organics will expand capacity with capex of Rs 580 crore:

Considering the strong demand outlook of ATBS, the Company will be expanding ATBS capacity from 40000 MT to 60000 MT. This would entail a capex of Rs 300 crore which is going be funded by internal accruals and is anticipated to get commissioned by December 2023. The capital expenditure in Veeral Organics Private Limited (fully owned subsidiary of Vinati Organics Limited) is under progress. The total capex is approximately Rs 280 crore and

the products include 2000 MT of MEHQ & Guaiacol and 30000 MT of Iso Amylene. These products are used in polymerization inhibitors, flavours, fragrances, pharmaceuticals and pesticides. The commissioning is anticipated by September 2023,said the company in an exchange filing.

– Sensex is up 504.13 points or 0.97% at 52326.66, and the Nifty gained 158 points or 1.03% at 15571.30.

– Nifty Metal index shed 0.5 percent dragged by NALCO, Ratnamani Metals, Vedanta

– BSE Oil & Gas index slipped 1 percent dragged by the Reliance Industries, Adani Total Gas, Gail India

– BSE Realty index rose 1 percent led by the Sobha, Phoenix Mills, DLF