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SGX Nifty Up 82 Points | TVS Motor Launches 7 New Products | The Latest on Oyo IPO | Top Buzzing Stocks Today
Tue, 28 Mar Pre-Open

SGX Nifty Up 82 Points | TVS Motor Launches 7 New Products | The Latest on Oyo IPO | Top Buzzing Stocks Today

On Monday, Indian share markets pared early gains in late deals to end marginally higher.

Benchmark indices witnessed volatile trading activity after reports of advanced talks for the acquisition of collapsed Silicon Valley Bank brought relief to markets, although fears of contagion in the global banking system lingered.

At the closing bell on Monday, the BSE Sensex stood lower by 127 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 19 points (up 0.1%).

Grasim, Reliance and Cipla were among the top gainers.

Adani Ports, Power Grid Corporation and M&M on the other hand, were among the top losers.

The BSE Midcap index fell 0.4% while the BSE SmallCap index ended 1.6% lower.

Sectoral indices ended on a mixed note on Monday with stocks in the metal sector, and healthcare sector witnessing most of the buying.

On the other hand, stocks from the realty sector, and power sector witnessed selling pressure.

Shares of Cyient hit their 52-week high.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.4 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% lower at Rs 58,815 per 10 grams at the time of Indian market closing hours on Monday.

At 6:50 AM today, the SGX Nifty was trading up by 82 points or 0.5% higher at 17,090 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

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Speaking of stock markets, the performance of Indian share markets in 2023 shows that only a few stocks have experienced an upward trend, rather than the entire sector moving in a specific direction.

From the capital goods space, L&T and Siemens are topping the charts while the rest have languished.

The banking sector is showing negative trend, and majority of banking stocks have seen a decent correction. However, ICICI Bank and HDFC Bank are putting on a show and standing tall.

But chartist Brijesh Bhatia believes that there is one sector in which there's a huge risk-reward favourable equation.

The sector is none other than the specialty chemical sector.

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Top buzzing stocks today

TVS Motor share price will be in focus today.

TVS Motor Company on Monday, introduced seven new products in Ghana, Africa.

The company has launched various new models like Apache 180 and Neo NX among others.

The company revealed that the Bebek - TVS Neo NX, TVS HLX series - HLX 125, HLX 150 & HLX 150X, TVS Apache 180 and TVS King series - Deluxe & Deluxe Plus ISG will be available at all showrooms across Ghana.

Mahindra Logistics will also be a top buzzing stock.

Mahindra Logistics, in partnership with Ascendas-Firstspace, is planning to establish a multi-client warehouse park in Pune's Talegaon.

The project will be executed in three phases, covering a total area of 1 million (m) sq ft. The first phase, which spans 0.5 million sq ft, is expected to become operational by the end of the 2023-24 financial year.

The warehouse park will offer comprehensive connectivity and is situated in Talegaon, which is part of the Chakan Talegaon Industrial Corridor (CTIC). CTIC is a major manufacturing cluster in India that has been witnessing significant growth due to the Make in India program's success.

The Ascendas-Firstspace Pune Talegaon-II Logistics Park is spread over 40 acres and represents the second project in the Ascendas-Firstspace micro-market.

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ISGEC Heavy Engineering bags a new order

Isgec Heavy Engineering , a small-cap company's share price rallied over 4% yesterday after receiving an order of Rs 1,972.5 m from Maharashtra State Power Generation Company for the renovation and modernisation of the electrostatic precipitators (ESPs).

According to Isgec Heavy Engineering, the ESPs shall be retrofitted and modernised for particulate emission reduction in order to meet the latest emission norms guidelines for thermal power plants.

The scope of work includes complete design, engineering, supply, assembly, erection, commissioning and performance guarantee testing for ESP retrofitting/upgradation of 2x500 MW units of Chandrapur U-5&6 thermal power station on an EPC basis.

Grasim Industries acquires new property

Grasim Industries has acquired leasehold rights to approximately 220 acres from Century Textiles And Industries for Rs 2,547 m.

This acquisition will allow Grasim Industries to set up manufacturing facilities in the future, and the land parcel is located at the Gujarat Industrial Development Corporation's (GIDC) Vilayat Industrial Estate in Bharuch district, Gujarat

In the December 2022 quarter, the Aditya Birla group company reported consolidated net sales at Rs 286.4 bn, up 17% YoY while net profit surged 44% YoY to Rs 251.6 bn.

Earlier this month, the management of the company highlighted growth opportunities in core businesses, near-term challenges, strengths and market positioning, diversified chemical portfolio, sustainability initiatives, and progress in high-growth businesses.

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Oyo Rooms to reduce IPO size

Oyo Rooms is reducing the shares it aims to sell via a stock-market debut by about two-thirds, an effort by its founder to get the sale done even after tech valuations plunged.

Reportedly, the once-high-flying company is preparing to file a fresh initial public offering (IPO) document as soon as this week.

The company will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive.

The plan shows how founder Ritesh Agarwal, is trying to push through an IPO even at weaker terms to alleviate the financial pressures on the hotel and lodging booking company and himself.

While the travel market has improved from the pandemic-era trough, Oyo Rooms - once valued around $10 bn (about Rs 822.9 bn) as India's Airbnb-equivalent - is still reporting mounting losses. Agarwal, meanwhile, took on billions of dollars of debt to boost his holding in the firm.

It's the second attempt at an IPO by the SoftBank group backed startup, after the market regulator raised multiple red flags on its earlier try in late 2021.

Since then, valuations of IT companies have declined after accelerating inflation and rising interest rates left customers with less to spend and raised concerns of a potential recession.

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

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