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SGX Nifty Up 40 Points, TVS Motors' EV Plans, Latent View's Blockbuster Debut, and Buzzing Stocks Today
Wed, 24 Nov Pre-Open

TVS Motors

Indian share markets ended on a positive note yesterday.

Benchmark indices reversed the four-day losing streak with modest gains on the back of pull-back in select index heavyweights following the recent sell-off.

At the closing bell yesterday, the BSE Sensex stood higher by 198 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 87 points (up 0.5%).

Power Grid Corp and JSW Steel were among the top gainers.

IndusInd Bank and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.6% and 1.8%, respectively.

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

IT stocks, on the other hand, witnessed selling pressure.

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Shares of Adani Green Energy and TCI Express hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading up by 40 points, or 0.2% higher at 17,631 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.5% at Rs 47,666 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Power.

National Payments Corporation of India (NPCI) announced tie-up of its subsidiary NPCI Bharat BillPay with power utility company Tata Power to provide the latter's customers the facility of ClickPay.

Tata Power claims to be the first power company to go live on NPCI's ClickPay. It will enable Tata Power customers to pay electricity bills with ease

Ramesh Subramanyam, Chief Finance Officer, Tata Power said,

  • Tata Power (Mumbai) is the first electricity biller to go live on NBBL ClickPay. NPCI has always been very thoughtful on the innovation front and comes up with new customer-friendly payment options.

    Looking forward to being a part of more such innovative projects from NPCI in future.

This payment option will bring more convenience to 7+ lakh consumers of Tata Power to pay their bills digitally with just the click of a button. This can help Tata Power to bring its customers from offline realm to online platform.

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Earlier this month, ICICI Prudential Life Insurance announced tie-up with NPCI to provide the facility of ClickPay to its customers, helping them make payments of renewal premium with ease.

TVS Motor share price will also be in focus today.

One of India's largest two-wheeler companies TVS Motor has signed a memorandum of understanding (MOU) with the Tamil Nadu government for Rs 12 bn investment in future technologies and electric vehicles (EVs) in the next four years.

The investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space.

'This investment reflects TVS Motor company's continued commitment towards the state's overall economic growth as a responsible corporate citizen,' the company said in a statement.

TVS said that it is committed to leading the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country.

The MoU will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor in Tamil Nadu, it further stated.

In a separate news, the e-mobility arm of Greaves Cotton, Greaves Electric Mobility also inaugurated its largest EV production facility in Ranipet, Tamil Nadu. The 35-acre plant is located in the Industrial centre of the state and will serve as an electric mobility hub for both domestic and export markets.

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India to Release 5 m Barrels of Crude Oil from Strategic Reserves

India plans to release about 5 m barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday.

India stores about 38 m barrels of crude oil in underground caverns at three locations on the east and west coast.

Of this, about 5 m barrels will be released, starting as early as 7-10 days.

The stocks will be sold to Mangalore Refinery and Petrochemicals (MRPL) and Hindustan Petroleum Corp (HPCL) which are connected by pipeline to the strategic reserves.

Latent View Makes Dream Debut at the Bourses

Data analytics services provider Latent View Analytics started off the first day trade with a massive 169% premium on the bourses yesterday, which was largely on expected lines.

The stock opened at Rs 530 on the BSE and the opening tick on the NSE was Rs 512.2, against issue price of Rs 197 per share, changing the mood at Dalal Street that was spoiled by the disappointing listing of Paytm, the leading digital payments platform.

Market observers had expected the listing premium of more than 150% over the issue price, while the grey market premium was around 180%. Reasonable valuations, healthy financials, strong growth prospects and good relationship with blue chip companies supported the stock price.

The initial public offering of Latent View had seen overwhelming response from investors, subscribing 326.5 times during 10-12 November 2021.

The company, which provides services to blue-chip companies in technology, BFSI, CPG & retail, industrials, and other industry domains, raised Rs 6 bn through its initial public offering (IPO).

We will keep you updated on the latest developments from this space. Stay tuned.

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!

Read the latest Market Commentary


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