Indian Indices Continue Momentum; MSTC IPO, and Top Stocks in Action Today

Wed, 13 Mar Pre-Open

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On Tuesday, share markets in India opened on a positive note and ended the day deep in green after an optimistic day of trading.

The BSE Sensex closed higher by 482 points to end the day at 37,536. While the broader NSE Nifty ended up by 133 points, to end the day at 11,301 points.

Among BSE sectoral indices, realty stocks rose the most by 2.6%, followed by telecom stocks at 2.4%.

Top Stocks in Action Today

Bharti Airtel share price will be in focus today as the company is planning to reduce its direct stake in Bharti Infratel by over 50%. The company's unit -- Nettle Infrastructure Investments will be purchasing up to 32% share in Bharti Infratel by March 18, 2019.

Piramal Enterprise share price will be in focus today as the company's partner for its global pharma businesses - Slate Run Pharmaceuticals LLC. (Slate Run) has launched generic cinacalcet hydrochloride tablets (30mg, 60mg and 90mg) in the United States (US).

Tata Motors share price will also be in focus today as the company has bagged orders for over 2,500 commercial passenger transportation vehicles from various institutional customers and the company is in the process of delivering these units.

Market participants will also track Deep Industries share price.

Reportedly, Deep Industries has received Letter of Award of contract from ONGC, for charter hiring of 01 No. of 1000 HP Mobile Drilling Rig for Ahmedabad Asset for a period of 3 years. The total estimated value of the said Award is approximate Rs 917.5 million.

From the Currency Space...

The rupee appreciated 15 paise to 69.99 against the dollar yesterday, on weakening greenback, fresh foreign inflows and higher opening of domestic equities.

The rupee closed at 69.89 against the dollar on Monday, its highest close since January 7.

In its previous session Friday, the rupee edged 14 paise lower to close at 70.14. On a weekly basis, however, the domestic currency logged 78 paise gains.

The dollar depreciated against most Asian currencies after Federal Reserve Chairman Jerome Powell said the central bank was in no hurry to change interest rates.

Reportedly, fresh foreign fund inflows and positive sentiment on Dalal Street also buoyed the local unit.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 11 billion on Friday, the reports noted.

From the IPO Space...

In the news from the IPO space, the initial public offering of state-run e-commerce company MSTC is set to open today. The company is planning to raise Rs 2.3 billion through this IPO. The issue closes on March 15 and the company has fixed the price band of Rs 121-128 per share.

Incorporated in 1964, Kolkata based MSTC Limited is a PSU involved in the business trading of bulk-raw material and e-commerce service provider to government and government-controlled entities.

It was a canalizing agency for import of ferrous scrap until 1992 and established itself one of the leading e-commerce service providers in the country after de-canalization.

The company has also entered into the recycling business through a 50:50 joint venture with Mahindra Intertrade Limited (MIL) for setting up a shredding plant and collection centers across the country.

The three main business verticals of MSTC are (i) E-commerce, (ii) Trading, and (iii) Recycling.

We will keep you updated on all the developments from this space. Stay tuned.

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