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MobiKwik to Enter Stock Broking | L&T Secures Largest-Ever Order | Top Buzzing Stocks Today Thu, 27 Mar Pre-Open
Image source: MF3d/www.istockphoto.comThe benchmarks dragged further as the session progressed and ended the day on weak note.
Benchmark Indian equity indices ended their 7th day of winning streak to settle in the red on Wednesday, led by profit booking across the counters.
At the closing bell on Wednesday, the BSE Sensex closed lower by 728 points (down 0.9%).
Meanwhile, the NSE Nifty closed lower by 181 points (down 0.8%).
Trent, HCL Techa and Grasim Industries was the top gainers.
BPCL, NTPC and Cipla on the other hand, were among the top losers.
For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.
The BSE Mid Cap ended 0.7% lower and the BSE Small Cap index ended 1.5% lower.
Sectoral indices are trading on negative note with stocks in realty sector, oil & gas sector and power sector witnessing selling pressure.
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Top buzzing stocks today
Bharat Dynamics share price will be in focus today.
Shares of Bharat Dynamics jumped over 8%, reaching an intraday high of Rs 1,227.9 on 16 January 2025, after the company secured a substantial order from the Ministry of Defence.
The defence manufacturer announced that it had signed a contract worth Rs 2,960 crore for the supply of Medium-Range Surface-to-Air Missiles (MRSAM) for the Indian Navy. The contract was formalized in the presence of Defence Secretary Rajesh Kumar Singh in New Delhi.
Waaree Technologies will also be a top buzzing stock.
Waaree Technologies' shares surged on Thursday, 16 January 2025, hitting the 5% upper circuit limit at Rs 383.8 per share on the BSE.
The rise in share price came after the company secured an order for 99 sets of Solar Off-Grid Combos from a customer involved in trading activities.
MobiKwik to Enter Stock Broking
MobiKwik is set to expand into the stock broking and derivatives trading segment through its newly incorporated subsidiary, MobiKwik Securities Broking Pvt Ltd (MSBPL), as per a regulatory filing. The Ministry of Corporate Affairs, Central Processing Centre, approved the incorporation of MSBPL as a wholly owned subsidiary of MobiKwik on March 3, 2025.
MSBPL aims to engage in trading shares, stocks, securities, debt instruments, commodities, currencies, and their derivatives. Additionally, the company plans to operate as a stock and commodity broker by securing memberships in various stock and commodity exchanges in India and internationally.
With an initial paid-up share capital of Rs 1 lakh, MobiKwik intends to infuse an additional Rs 2 crore into MSBPL in multiple tranches to support the venture, according to its exchange filing.
L&T Secures Largest-Ever Order
Larsen & Toubro (L&T) has secured its biggest-ever offshore hydrocarbon contract, valued at over Rs 15,000 crore, from QatarEnergy LNG. The global LNG major awarded the contract for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4) to L&T Hydrocarbon Business (L&T Energy Hydrocarbon - LTEH).
This project is expected to strengthen L&T's presence in the global energy sector while contributing to Qatar's energy security objectives.
The contract involves the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes.
Each complex will include large offshore platforms equipped with compression and power generation facilities, living quarters, flare platforms, interconnected bridges, and other associated structures, located approximately 80 km off the northeast coast of Qatar.
L&T is one of India's largest and most diversified conglomerates, operating in engineering, construction, manufacturing, technology, and financial services.
With a presence in over 30 countries, the company is renowned for executing large-scale infrastructure, power, defence, and hydrocarbon projects.
LG's India IPO May See Lower Valuation
LG Electronics Inc.'s India unit is likely to receive a lower valuation than initially expected for its upcoming initial public offering (IPO), according to sources familiar with the matter.
The revised valuation is estimated to range between US$ 10.5 bn and US$ 11.5 bn, down from earlier projections of up to US$ 15 bn.
The IPO, which could take place as early as May, is still expected to raise up to US$ 1.7 bn, more than initially anticipated.
The potential valuation adjustment comes amid a broader decline in India's stock market, with the benchmark Sensex index dropping around 10% from its peak in September. This decline followed LG CEO William Cho's remarks about considering an IPO in Mumbai. The company filed its IPO application in December and recently received approval from the Securities and Exchange Board of India (SEBI).
Despite being one of India's largest IPOs, the offering will fall short of Hyundai Motor India Ltd.'s $3.3 billion IPO last year. Hyundai India's shares have declined by about 11% since their market debut.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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