SGX Nifty Up 88 Points | Why MTAR Technologies Share Price Is Rising | TCS's New Data Exchange Launch | Top Buzzing Stocks Today

Wed, 7 Jun Pre-Open

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On Tuesday, Indian share markets stayed in the red zone for better part of the day but staged a smart rebound in the end, closing the day flat.

Benchmark indices ended flat on Tuesday as a slide in information technology stocks overshadowed the gains in auto and realty amid hopes of a rate hike pause by the US Federal Reserve and Reserve Bank of India heading into their policy meetings.

At the closing bell on Tuesday, the BSE Sensex stood higher by 5 points.

Meanwhile, the NSE Nifty closed marginally higher by 5 points.

Axis Bank, Kotak Mahindra, and Grasim were among the top gainers.

Tech Mahindra, Infosys and TCS on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and BSE SmallCap ended 0.4% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector, auto sector and power sector witnessing most of the buying.

On the other hand, stocks from the IT sector and metal sector witnessed selling pressure.

Shares of Procter & Gamble Health and Hindustan Aeronautic hit their 52-week highs.

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 82.62 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 59,959 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the SGX Nifty was trading up by 88 points or 0.5% higher at 18,717 levels.

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

Speaking of stock markets, PVR INOX?is down almost 40% from its 52-week highs. The correction seems a result of the stock running into a few business challenges.

But has the correction been overdone? More importantly, are the fundamentals still strong enough for the stock to be a good long-term bet?

Rahul Shah, Co-head of Research at Equitymaster, answers all these questions in the video below.

Top Buzzing Stocks Today

Tata Consultancy Services (TCS) will be among the top buzzing stocks today.

Yesterday India's largest IT services company announced to launch data exchange and marketplace (Dexam) platform on Google cloud.

TCS Dexam provides a seamless data exchange for enterprises and their ecosystem partners, while ensuring compliance with data privacy, consent, and security regulations.

L&T will also be in focus today.

L&T's construction arm on Tuesday bagged a significant order in the domestic market.

The orders have been received from a reputable developer to construct commercial towers at two locations in Mumbai. The scope of the work includes four-level basements and two towers, with 70 floors and 50 floors, respectively, to be done in 40 months.

The other location will have four-level basements and two towers of 19 floors each, to be completed in 35 months.

As per the company, significant orders are in the range of Rs 10 billion (bn) to Rs 25 bn.

Why MTAR Technologies share price is rising

MTAR Technologies share price gained nearly 3% on June 6 after Ahmedabad-based Plutus Wealth Management LLP picked up more than 4% stake in the company.

Plutus Wealth bought 13.2 lakh shares in the engineering company at an average price of Rs 1,880.02 per share through open market transactions on 5 June.

Promoters were the sellers for some of those shares that changed hands. Usha Reddy Chigarapalli, Anitha Reddy Dwaram, and Kavitha Reddy Gangapatnam sold 11.2 lakh shares, or 3.6% shareholding in MTAR Technologies.

The company's robust March quarter results also boosted investor sentiment. Its net profit increased 57% to Rs 310 million (m) against Rs 200 m in the corresponding quarter of the last financial year. Revenue from operations doubled to Rs 1,960 m from Rs 990 m in Q4 of financial year 2022.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 490 m, up 77% compared from Rs 280 m in the year-ago period.

Did you know MTAR Technologies is one of the favourite defence stocks of mutual funds?

Speaking of defence stocks, defence stocks are rallying as of late, to know, read our editorial on why defence stocks are rising.

Man Infraconstrution hits 52-week high

Man Infraconstruction share price scaled their 52-week high of Rs 102.17 on June 6 on the back of the company's plans to develop a luxurious residential project at Ghatkopar East in Mumbai.

MICL Creators LLP, a subsidiary of Man Infraconstruction with 60% holding in partnership interest, has acquired development rights from 10 adjoining societies at Ratilal B Mehta Road (60 Feet Road) in Ghatkopar (East), Mumbai.

The infrastructure company's bottomline surged 118% in Q4 of financial year 2023 to Rs 815.8 m from Rs 373.6 m a year back, while its topline leaped 157% to Rs 6.8 bn from Rs 2.6 m.

Capacite Infraprojects plans to raise funds

Yesterday Capacite Infraprojects was one of the stocks hitting 52-week high after the company announced that its board will, on 8 June, consider its plans to raise funds.

The company plans a preferential issue of equity shares to raise funds.

Capacite Infraprojects posted a 34% on year growth in revenue for financial year 2023 while net profit grew 95% to Rs 943 m.

Operating margin also remains stable at 13.3%. The company's order book was also robust at Rs 95.1 m, giving it a strong revenue visibility. Adding to that, the company also aims to reduce fund based debt in medium to long term and improve profitability and return ratio.

Incorporated in 2012, Capacite Infraprojects is a focused EPC company that provides an end-to-end construction service for buildings and factories across sectors (including design and building services).

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

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

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