SGX Nifty Trades Flat | Upcoming IPOs in December | RBI Announces First Pilot for Digital Rupee | Top Buzzing Stocks Today

Wed, 30 Nov Pre-Open

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On Tuesday, Indian share markets witnessed positive trading activity and ended higher, taking the rally to sixth consecutive session.

Benchmark indices rose as FMCG stocks rallied. Meanwhile, what really aided sentiment was strong Asian peers, that rebounded after China's decision to support property developers to boost demand.

At the closing bell on Tuesday, the BSE Sensex stood higher by 177 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 55 points (up 0.3%).

HUL, Sun Pharma, and Nestle India were among the top gainers.

IndusInd Bank, Maruti, and Power Grid, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE MidCap fell 0.4% while the BSE SmallCap index ended 0.3% lower.

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

While telecom stocks and capital goods stocks witnessed selling.

Shares of CEAT and ICICI Bank hit their 52-week high.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 81.70 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 52,448 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:00 AM today, the SGX Nifty was trading down by 14 points or 0.1% lower at 18,750 levels.

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

Speaking of stock markets, Aditya Vora talks about a smallcap jewellery stock and why it could be a better option than Titan, in his latest video.

A 30% fall from the peak offers a good opportunity in this niche diamond exporting company.

Top Buzzing Stocks Today

Kolte Patil Developers will be among the top buzzing stocks today.

The company's board of directors have considered and in-principally approved composite scheme of amalgamation and arrangement for amalgamation of PNP Agrotech and Tuscan Real Estate with the company and demerger of the retail business of Kolte-Patil Properties.

Britannia Industries share price will also be in focus today.

Britannia Industries has entered into a Joint Venture Agreement (JVA) with Bel SA, France and Britannia Dairy Private to undertake the development, manufacturing, marketing, distribution, trading and selling, etc., of cheese products in India and certain other countries.

As a part of the JVA, Britannia shall sell and transfer 49% of its equity stake in its wholly owned subsidiary.

Market participants will also track share price of Maharashtra Seamless.

Maharashtra Seamless has informed that maintenance shutdown of hot mill facility of one seamless pipe manufacturing mill at Nagothane has been taken for an estimated period of 4 weeks.

India's Ambitious Space Dream

Skyroot Aerospace, which successfully launched the country's first private rocket Vikram-S recently, is now planning to launch Vikram-1, a much bigger rocket to place satellites into orbit.

The space startup plans to do this within a year.

The Hyderabad-based space startup also aims to slash costs of space travel in the future.

Skyroot also wants to become one of the first few companies in the world who can place satellites into orbit.

The company's co-founder said that Skyroot would keep on raising more capital in its journey forward and would like to generate a good amount of revenue as it starts launching from next year.

Giving an example of Blue Origin, Amazon founder Jeff Bezos's space offering, he said that it may take up to 10 years to become a reality from an Indian perspective.

Note that the sector has generated eye-catching headlines recently with successful rocket launches.

In 2022 so far, funding to private players in the space sector has jumped 61.5% to US$108.5 million (Rs 8.9 bn).

India currently has 104 space startups and 368 space tech companies, according to official data.

For more, check out our recent editorial on 5 space stocks and why they could be big beneficiaries.

Busy December for Primary Markets

According to reports, around half a dozen initial public offerings (IPOs) worth over Rs 50 bn are expected to hit the primary markets next month.

Typically, December is considered a lacklustre month for fundraising activity. With markets scaling new peaks and FII flows staying buoyant, companies and investment bankers are looking to capitalise on the opportunity.

Companies projected to roll out their public offerings in December include KFin Technologies, Concord Enviro Systems, and GPT Healthcare.

The ongoing month of November 2022 has proven to be the best month so far. About 10 IPOs have garnered a collective Rs 105.6 bn this month.

So far this year, 33 companies have raised an aggregate of Rs 551.5 bn, supported by the Rs 200-bn plus IPO of Life Insurance Corporation of India.

Cosmo First Buyback

Cosmo First (formerly Cosmo Films) rose over 8% yesterday after the company announced that its board will meet on Thursday, 1 December to consider share buyback proposal.

With the recent rally, the stock has now gained 17% in just two sessions.

In this market, investors are again on the lookout for cash rich companies which are resorting to either big dividend payments or big buybacks or both. This, in the hope they will continue to receive steady income, if not capital gains.

Along with Cosmo First, another company which has declared buyback recently is IEX.

RBI to Launch Digital Rupee this week

The Reserve Bank of India (RBI) will launch the first pilot for retail digital Rupee (e₹-R) on 1 December 2022.

In a statement, the central bank said,

• "The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.
  
  The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries, i.e., banks."

Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M).

The central bank has selected eight banks for phase-wise participation in this pilot. The first phase will begin with four banks - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities.

Later, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot.

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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