Gift Nifty Up 23 Points | Hyundai Motor India's US$ 3 Billion IPO | Vodafone Idea to Sell Indus Tower Stake | Top Buzzing Stocks Today

Tue, 18 Jun Pre-Open

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Indian share reversed the trend as the session progressed and ended the on positive note

Benchmark indices were quick to recoup morning losses to end the day higher for a third straight session.

At the closing bell on Friday, the BSE Sensex stood higher by 182 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 67 points (up 0.2%).

M&M, Titan and Shriram Finance were among the top gainers.

Tech Mahindra, TCS and Wipro, 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 MidCap index and BSE SmallCap index ended 1% higher.

Barring media sector and IT sector, all other sectoral indices are trading on positive note with socks in realty sector, capital goods sector and power sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.7% higher at Rs 71,620 at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading up 23 points at 23,574 levels.

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

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Top buzzing stocks today

Tata Elxsi share price will be in focus today.

Shares of Tata Elxsi gained around 2% on 14 June after the company announced its collaboration with Red Hat, the world's leading provider of enterprise open-source solutions to monetise applications and reduce operational expenditures through simplifying operations in 5G networks for telcos and enterprises.

EIH Associated will also be a top buzzing stock.

Shares of EIH Associated Hotels, the flagship company of The Oberoi Group, gained around 5% to hit a 52-week high of Rs 892.6 on the National Stock Exchange (NSE) ahead of the company's board meeting on Friday, 14 June.

The board will meet to consider and approve the issue of bonus shares to the equity shareholders of the company.

Hyundai Motor India's US$ 3 Billion IPO

South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited has filed draft papers with market regulator Sebi to raise around US$ 3 bn via an initial public offer (IPO) at a targeted valuation between US$ 18 bn to US$ 20 bn.

If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's US$ 2.7 bn listing in 2022.

If required and depending on the roadshows and market conditions, the firm might explore a pre-IPO round at a later stage as a de-risking strategy, sources added.

Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel and Latham and Watkins acting as the international counsel.

Hyundai Motor India Limited was India's second-largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes.

Hyundai's India unit ended FY23 with revenue of Rs 600 billion and profits of Rs 46.5 bn, the highest amongst the non-listed car manufacturers in the country.

For more details, check out Hyundai India's US$ 3 Billion IPO: A Threat to Maruti Suzuki?

Vodafone Idea to Sell Indus Tower Stake

Vodafone Group's entire stake worth US$ 2.3 billion (bn) in mobile-tower operator Indus Towers could be offloaded through block deals next week, Reuters reported on 14 June, quoting sources familiar with the development.

Vodafone's 21.5% stake in Indus is held via various group entities and is valued at $2.3 billion. The report also said that the final deal could be less than the entire stake that Vodafone holds in Indus Towers, in case the demand is weak.

Vodafone Idea has ambitious 5G rollout and 4G coverage plans for it is

looking to raise a sizeable corpus.

Shares of Vodafone Idea were sharply higher at the close of trade on 14 June, while Indus Towers fell from the highs of the day after the news report.

Vodafone has reportedly hired Bank of America, Morgan Stanley and BNP Paribas to help manage the deal.

It should be noted that on 24 April Bharti Airtel had denied news reports that it was in talks to buy Vodafone Group's 21.05% stake in Indus Towers. Billionaire Sunil Mittal-led Bharti Airtel is Indus Towers' largest shareholder, with a 47.95% stake.

For more details, check out Why Vodafone Idea Share Price is Rising.

SBI Completes Bond Offering

The State Bank Of India has concluded the issuance of US$ 100 million (m) in foreign bonds which will be issued through SBI's London branch on 20 June 2024.

The funds were raised through senior unsecured floating rate notes, having a maturity of three years and coupon of secured overnight financing rate +95 bps per annum, payable quarterly in arrears under Regulation-S.

State Bank of India (SBI) boasts an unmatched retail franchise in the Indian banking landscape.

The bank's strong corporate ties, especially with high-rated PSUs help it retain its market share in competitive segments.

The banking giant is confident of growth going forward led by the government's capital outlay plans and an uptick in the credit demand across the country.

Moreover, it is confident in generating sufficient capital organically to fund the growing business.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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