Sensex Opens Higher; Coal India and JSW Steel Top Gainers

Wed, 24 Feb 09:30 am

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Asian share markets opened lower today on concerns about rising interest rates and rich equity valuations and following selling in the US and European overnight trading.

Japan's Nikkei is currently trading lower by 0.8%, while Hong Kong's Hang Seng is trading lower by 2.3%.

Wall Street reversed course late Tuesday, with the S&P 500 and the Dow trading in the positive territory by the closing bell.

The Dow Jones Industrial Average reversed early losses to close with a gain 0.05%, while the tech-heavy Nasdaq Composite ended 0.5% lower.

Back home, Indian share markets have opened the day marginally higher.

The BSE Sensex is trading up by 133 points. Meanwhile, the NSE Nifty is trading higher by 41 points.

Coal India is among the top gainers today.

GAIL, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.3%. The BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading mixed with stocks in the metal sector and energy sector witnessing buying interest. IT stocks are trading in red.

Shares of Tata Steel and NALCO hit their 52-week highs today.

The rupee is trading at 72.38 against the US$.

Gold prices are trading up by 0.05% at Rs 46,824 per 10 grams.

Talking about Indian stock markets, Rahul Shah, co-head of Research at Equitymaster, in his latest video talks about how one should invest in the current times.

One of the biggest uncertainties in an uncertain world is a huge stock market crash.

Should one make an attempt to predict it or is there any other blueprint that an investor needs to follow?

Rahul discusses these points in the video below. Tune in to find out more:

Moving on to news from the IPO space...

As per a leading financial daily, Fintech startup MobiKwik has appointed investment banks ICICI Securities and IIFL, besides a few law firms, to kickstart work on its draft red herring prospectus.

The company may bring a few more investment banks on board to manage the domestic initial public offer (IPO).

As per the reports, the IPO will help the company raise fresh funds to continue its growth trajectory, but also provide an exit for its earlier investors. A large part of the IPO is expected to be a sale of shares by existing investors.

Several Indian startups in the fintech and consumer payments space, such as Paytm and PhonePe, are planning to go public.

In other news, Indian auto components maker Sona Comstar is also set to file draft red herring prospectus this week to raise about Rs 60 billion through an IPO.

The Blackstone-backed company will be valued at about Rs 217.1 billion in this proposed IPO.

Meanwhile, the IPO of agrochemical manufacturer Heranba Industries was subscribed 84% on its first day of bidding yesterday.

The Rs 6.3-billion public issue received bids for 58,76,845 shares, which was 84% of the total issue size of 69,81,417 shares.

The offer size excludes anchor book of over 3 million equity shares. The company mopped up Rs 1.9 billion from anchor investors on February 22, a day before the opening for the issue.

The agrochemical company's IPO includes a fresh issue of Rs 600 million and the remaining is an offer for sale (OFS) by existing investors.

The price band for the issue has been fixed at Rs 626-627 per share.

Heranba Industries is a crop protection chemicals manufacturer, exporter and marketing company. It has over 9,400 dealers/distributors across 16 states and 1 Union Territory in India and exports to over 60 countries across the Middle East, South East Asia and Africa.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In news from the automobile sector, Amazon India and Mahindra Electric have entered a partnership for the deployment of electric three-wheelers for last-mile delivery.

Amazon has purchased at least a hundred Treo Zor cargo vehicles from Mahindra Electric and is set to acquire several more for its fleet of last-mile delivery vehicles.

The e-commerce giant had announced last year that by 2025 its delivery fleet would include 10,000 electric vehicles.

The company has deployed the Mahindra Treo Zor in seven cities so far, including Bengaluru, New Delhi, Hyderabad, Ahmedabad, Bhopal, Indore and Lucknow.

Launched in October 2020, the Treo Zor has a 56% market share in the electric three-wheeler market, as per data released by the Society of Indian Automobile Manufacturers (SIAM).

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

Stay tuned to get more updates from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers