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Indian Indices Continue Momentum; MSTC IPO, and Top Stocks in Action Today
Wed, 13 Mar Pre-Open | Monish Vora, TM Team

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.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

Read the latest Market Commentary


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Stock Market Updates

JSW ENERGY Share Price Up by 6%; BSE POWER Index Up 0.9% (Today's Market)

Aug 7, 2020 01:18 PM

JSW ENERGY share price is trading up by 6% and its current market price is Rs 48. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are JSW ENERGY (up 5.9%) and TORRENT POWER LTD (up 5.6%). The top losers are NTPC (down 0.6%) and SIEMENS (down 1.0%).

SHILPA MEDICARE at 52 Week High; BSE 500 Index Up 0.1% (Today's Market)

Aug 7, 2020 01:16 PM

SHILPA MEDICARE share price has hit a 52-week high. It is presently trading at Rs 619. BSE 500 Index is up by 0.2% at 14,610. Within the BSE 500, SHILPA MEDICARE (down 12.3%) and HONEYWELL AUTOMATION (up 12.3%) are among the top gainers, while top losers are MAGMA FINCORP and LUPIN.

HEG Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.7% (Today's Market)

Aug 7, 2020 12:02 PM

HEG share price is trading up by 5% and its current market price is Rs 822. The BSE CAPITAL GOODS is up by 0.7%. The top gainers in the BSE CAPITAL GOODS Index are HEG (up 5.4%) and HONEYWELL AUTOMATION (up 9.8%). The top losers are CARBORUNDUM UNIVERSAL and L&T (down 0.2%).

GRANULES INDIA at All Time High; BSE HEALTHCARE Index Down 0.1% (Today's Market)

Aug 7, 2020 12:02 PM

GRANULES INDIA share price has hit an all time high at Rs 329 (down 1.9%). The BSE HEALTHCARE Index is down by 0.1%. Among the top gainers in the BSE HEALTHCARE Index today are GRANULES INDIA (down 0.1%) and ABBOTT INDIA (up 0.1%). The top losers include CIPLA (down 0.1%) and PFIZER (down 0.2%).

DR. REDDYS LAB at All Time High; BSE HEALTHCARE Index Down 0.1% (Today's Market)

Aug 7, 2020 12:02 PM

DR. REDDYS LAB share price has hit an all time high at Rs 4,707 (up 0.7%). The BSE HEALTHCARE Index is down by 0.1%. Among the top gainers in the BSE HEALTHCARE Index today are DR. REDDYS LAB (up 0.7%) and ABBOTT INDIA (up 0.1%). The top losers include CIPLA (down 0.1%) and PFIZER (down 0.2%).

Sensex Opens Lower; Banking and IT Stocks Drag (Today's Market)

Aug 7, 2020 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 152 points, while the Nifty is trading down by 36 points.

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