The stock market in India is showing signs of a robust beginning on the upcoming Tuesday, following stable performance trends of its Asian counterparts as well as Global Indices of Futures & Options (GIFT) Nifty futures. Early indicators, as of 8:30 AM, show an increase in the GIFT Nifty Index, up by 68.5 points or 0.27%, arriving at a total of 25,250. This suggests a strong commencement for the Indian equity market’s major indicators – the Bombay Stock Exchange (BSE) Sensex and National Stock Exchange (NSE) Nifty.
The prior session recorded a steady growth of up to 0.4%, reflecting upon the fourth back-to-back profitable trading day. The BSE Sensex concluded with an uptick of 256.22 points, marking an increase of 0.31%, and closing at 82,445.21. Concurrently, the NSE Nifty finished at 25,103.20, gaining by 100.15 points or 0.4%.
Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Power Grid Corporation, and IndusInd Bank led the market’s advance among the Sensex index, each boosting their stocks up by between 1.6% and 3.2%. The BSE Sensex comprises thirty notable stocks of large and greatly transacted companies with nine of them ending the day on a lower note.
The trailing shares were noted to be of companies Eternal (Zomato), ICICI Bank, Titan, Mahindra and Mahindra, and Adani Ports. These experience a slight decline, falling anywhere between 0.3% and 1.95%. Potential investors will be keeping an eye out for several stocks today.
One of the highlights of the trading day will be companies releasing their Q4 results. As we approach the closing stages of the March quarter earnings season, companies like Borana Weaves, Orissa Minerals Development Company, PG Foils, and Supreme Infrastructure India are expected to disclose their March quarter earnings data.
Other companies grabbing the spotlight include Tata Power, with its solar manufacturing division (TP Solar Limited) recently achieving a 4 GW solar module production milestone at its Tamil Nadu facility. A noteworthy development that is sure to draw attention from investors.
Also in the limelight is the project management company, RITES. They were awarded a contract for supervising construction for the extension of the ‘East Bank- East Coast Road Project Phase 2 (Eccles to Providence)’, including additional work for an ongoing enterprise from the Ministry of Public Works, the Cooperative Republic of Guyana.
Meanwhile, Jana Small Finance Bank, a Bengaluru-based small finance institution established in 2018, is currently under consideration having applied to the Reserve Bank of India (RBI) for a voluntary shift to a full-service universal bank.
On the techno-commercial side, Protean eGov Technologies has secured a well-sized order valued at ?100 crore from the Bima Sugam India Federation (BSIF) – a remarkable achievement that will likely boost its market standing.
Within renewable energy circles, Premier Energies is set to undergo some ownership changes, with reports of South Asia Growth Fund II Holdings planning to sell a hefty 2.5 crore equity shares. This equates to about 5.5% of the total paid-up equity of the company and is anticipated to happen via block deals.
Another major story in the infrastructure sector revolves around ITD Cementation India. This company has recently won a contract approximated around ?893 crore to construct a berth and breakwater for developing greenfield captive jetty(s) in the state of Odisha.
In the oil segment, there’s an expectation of a movement in the stake of Veedol Corporation. Reports suggest that promoter Andrew Yule and Company is potentially offloading up to 2% stake, equivalent to around 3.48 lakh shares. This might occur via an offer for sale (OFS) on specific dates.
Moving on, there’s noteworthy news involving NIBE. The company has recently struck a licensing deal with the Research & Development Establishment in Pune, a part of the Defence Research and Development Organisation (DRDO). The partnership involves the technology transfer for a modular bridging system, ranging from 14m up to 46m.
Moreover, Capri Global Capital, a prominent name within the financial industry, has announced its plans to launch a qualified institutional placement (QIP) issue for subscription. This is to occur soon with a set floor price of ?153.93 per share.
Lastly, within the automobile industry, an essential update comes from Force Motors. The company announced the resignation of its Chief Financial Officer (CFO), Sanjay Kumar Bohra, effective from a recent date. This transition will mark an important change in the company’s leadership.