Gift Nifty Up 38 Points | Zee Entertainment Trims Workforce | Titan Q4 Update | Top Buzzing Stocks Today

Mon, 8 Apr Pre-Open

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Indian share markets turned positive as the session progressed and ended the day higher.

Benchmark indices stayed in the negative zone on Friday after the Reserve Bank of India's Monetary Policy Committee (MPC) kept the repo rate unchanged at 6.5% in FY25's first monetary policy. The decision was taken with a majority of 5:1.

At the closing bell on Thursday, the BSE Sensex closed higher by 21 points.

Meanwhile, the NSE Nifty closed higher by 10 points.

HDFC Bank, Bajaj Finserv and kotak Mahindra were among the top gainers.

Bajaj Auto, Bharti Airtel and BPCL 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.

Broader markets ended the day mixed. The BSE Mid Cap and the BSE Small Cap index ended 0.5% higher.

Sector indices are trading on mixed, with stocks in realty sector, banking sector and finance sector witnessing buying. Meanwhile, stocks in IT sector, auto sector and media sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 69,758 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 38 points higher at 22,660 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, remember how Accenture's revised growth target dominated investment news last week?

This downgrade triggered worries about Indian IT giants like Infosys and TCS. To know is the future of IT Companies bright, check out Co-head of Research at Equitymaster, Rahul Shah's latest video.

Tune in to the below video:

Top buzzing stocks today

Marico share price will be in focus today.

The FMCG sector, shares of Marico rose 3% on 5 April 2024 as investors rejoiced in the company's positive business updates for the fourth quarter ended March.

The company, in its Q4 update, stated that its international business has reverted to clocking double-digit constant currency growth.

Globus Spirit will also be a top buzzing stock.

Globus Spirits shares rose 4% to Rs 815 on 5 April 2024 after the company announced a joint venture with ANSA McAL, a Trinidad and Tobago headquartered brand for beer production and distribution in India, focusing on the Carib beer brand.

Zee Entertainment Trims Workforce

Indian broadcaster ZEE Entertainment Enterprises (Zee) has proposed a new, streamlined management structure to the board to rationalise its workforce by 15%.

The proposed structure is aimed (at) arriving at a cost-effective operational model with speed and agility as the core areas of focus. The firm did not give the number of layoffs.

In the new lateral structure, Punit Goenka, managing director and chief executive officer, proposed the elevation of certain team members across businesses, to provide them with a higher level of responsibilities.

Besides, Goenka will assume direct charge of the critical business verticals leading to cross-functional collaboration, quick decision-making, and higher productivity levels.

The detailed composition of the new operating structure will be announced after seeking the required approvals and guidance from the board.

The core units of the new structure will include broadcast, digital, movies, and music.

R Gopalan, chairman of the Zee board, said the board had noted the steps being taken to streamline the organisation and the proposed lean structure.

Titan Q4 Update

Titan posted a revenue growth of 17% year-on-year (YoY) in the fourth quarter of FY24, the company said in a preliminary update on 5 April.

It also added 86 stores during the quarter, taking the total strength across the country to 3,035 outlets.

The Jewellery segment contributed significantly to the growth as its domestic operations surged 19% YoY led by both buyers and same-store sales clocking healthy double-digit growths.

The company further said that Tanishq added a new store in Dubai and Chicago and 27 in India in its jewellery division. Out of the 27 new stores added in India, 11 were under its Tanishq brand, while 16 were added in Mia.

The company also recorded a 7% YoY growth in the watches and wearables segment. In this, the revenue from analogue watches was 7%, while it was 2% for wearables. Its multi-brand premium watch store Helios saw the fastest growth in the analogue watch segment with a healthy double-digit growth. For this segment, it added 44 new stores during the quarter with 10 stores in Titan World, 20 in Helios and 14 in Fastrack respectively.

Moreover, the company said Caratlane's business grew 30% YoY.

JSW Energy Raises Rs 50 Billion

JSW Energy has raised Rs 50 bn by selling shares to institutional investors, including the Abu Dhabi Investment Authority (ADIA), to accelerate its growth plans.

In a late regulatory filing on Friday, the company informed that it has completed its Rs 50 bn Qualified Institutions Placement (QIP).

JSW Energy said the proceeds from the QIP will further bolster its capital structure, enhance financial flexibility and enable the company to accelerate its ambitious growth plans.

The QIP witnessed more than 3.2 times subscriptions.

Some of the largest global asset managers, such as GQG, Blackrock, Nomura, Wellington, UBS and ADIA, participated in the QIP issue.

This is the largest primary equity raise in the Indian power sector in the last decade and among the top three largest primary equity raises in the history of the Indian power sector.

It is part of the US$ 23 billion (bn) JSW Group, which has a significant presence in sectors such as steel, energy, infrastructure, cement and sports, among others.

JSW Energy has a presence across the value chains of the power sector, with diversified assets in power generation and transmission.

JSW Energy began commercial operations in 2000, with the commissioning of its first 2×130 MW thermal power plants at Vijayanagar, Karnataka.

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

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