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SGX Nifty Up 25 Points, Happiest Minds IPO, Vehicle Scrappage Policy, and Top Buzzing Stocks Today
Tue, 8 Sep Pre-Open | Monish Vora, TM Team

Indian share markets ended marginally higher yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 60 points.

Meanwhile, the NSE Nifty ended up by 39 points.

Bharti Infratel was among the top gainers in NSE.

The BSE Mid Cap index ended down by 0.8%. The BSE Small Cap index ended down by 0.2%.

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Sectoral indices ended on a mixed note with stocks in the IT sector and FMCG sector witnessing buying interest.

Realty stocks, on the other hand, witnessed selling.

At 8 am today, the SGX Nifty was trading up by 25 points, or 0.2% higher at 11,410 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

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Top Stocks in Focus Today

VST Tillers will be among the top buzzing stocks today.

Shares of VST Tillers hit a fresh 52-week high of Rs 1,924 on the BSE yesterday, surging as much as 18% in the past five days after the company reported a strong power tillers sales in the month of August.

The company sold 2,638 power tillers in August 2020 as against 1,437 in August 2019, registering 83.6% year-on-year (YoY) growth. It had sold 897 tractors during last month, as compared to 813 in the corresponding month of the previous year.

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Bharti Airtel will also be in focus today as the company announced the launch of its new Airtel Xstream Bundle. The Airtel Xstream Bundle combines the power of Airtel Xstream Fiber with speeds up to 1 Gbps, Unlimited Data, Airtel Xstream Android 4K TV Box and access to OTT content.

Airtel said all Xstream Fiber plans now come with unlimited data allowances. Xstream Fiber plans will now start at just Rs 499. The Airtel Xstream bundle is available to customers starting 7 September 2020. Airtel claims to have 2.5 million broadband customers.

Market participants will also track Vodafone Idea share price as the company has launched a new brand identity in India. This comes as the company attempts to mount another challenge in the space which has seen Reliance Jio and Bharti Airtel strengthen over the past few quarters.

Vodafone Idea, now VI, is renewing its focus after the AGR verdict a few days ago. The rebranding may also bring with it price hikes of VI prepaid and VI postpaid users, something that the company has hinted at already. This is as the company looks to increase the average revenue per user (ARPU) figures.

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From the Auto Space: Vehicle Scrappage Policy in Final Stages

Union Road Transport and Highways Minister Nitin Gadkari said that a vehicle-scrappage policy was in its final stages of approval and could even be rolled out by month-end.

Reports state that the vehicle scrappage policy aims to provide customers incentives to exchange old vehicles, which in turn will be used in recycling clusters - ultimately cutting costs of raw materials. It is also expected to boost demand for new vehicles in a Covid-hit economy.

Saying that the policy would allow India to become an automotive manufacturing hub over the next five years, Gadkari asked industry stakeholders to reduce dependence on imports. He added that the Centre was looking to increase duties on certain imported parts.

Facing one of its worst slumps even before the viral outbreak, the automotive industry has requested the government to put on hold the next generation emission norms that kick in from 2022.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

As per Apurva Sheth, the auto index entered the greed phase in September 2019 and will stay there until December 2021. This means there is still a lot of fuel left for auto stocks.

How automobile stocks perform in the coming months remains to be seen. Stay tuned for more updates from this space.

Happiest Minds IPO Fully Subscribed

In news from the IPO space, the initial share-sale of IT services firm Happiest Minds Technologies sailed through in just over two hours into the bidding process yesterday.

The reserved portion of retail investors has subscribed 10 times as of closing market hours yesterday and that of non-institutional investors 34.89%, while the portion set aside for qualified institutional investors has seen 8% subscription.

The digital company, whose issue is being sold in Rs 165-166 price band, raised 3.1 billion on Friday from 25 anchor investors including Government of Singapore, Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment.

Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in grey market, said dealers in the unofficial market for unlisted shares.

Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.

How the above IPO sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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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Stock Market Updates

HPCL Share Price Up by 5%; BSE OIL & GAS Index Up 0.3% (Today's Market)

Oct 29, 2020 03:34 PM

HPCL share price is trading up by 5% and its current market price is Rs 180. The BSE OIL & GAS is up by 0.3%. The top gainers in the BSE OIL & GAS Index is HPCL (up 5.0%). The top losers are CASTROL INDIA (down 0.9%) and BPCL (down 1.1%).

TATA ELXSI Share Price Down by 5%; BSE IT Index Up 0.3% (Today's Market)

Oct 29, 2020 03:30 PM

TATA ELXSI share price is trading down by 5% and its current market price is Rs 1,566. The BSE IT is up by 0.3%. The top gainers in the BSE IT Index are HCL TECHNOLOGIES (up 1.2%) and PERSISTENT SYSTEMS (up 1.0%). The top losers are TATA ELXSI (down 5.0%) and SONATA SOFTWARE (down 6.1%).

DISH TV Share Price Down by 6%; BSE 500 Index Down 0.5% (Today's Market)

Oct 29, 2020 03:12 PM

DISH TV share price is trading down by 6% and its current market price is Rs 12. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are RELIANCE POWER (up 12.8%) and RELIANCE CAPITAL (up 9.9%). The top losers are DISH TV (down 6.0%) and MULTI COMMODITY (down 5.4%).

STRIDES PHARMA SCIENCE Share Price Down by 11%; BSE HEALTHCARE Index Down 1.1% (Today's Market)

Oct 29, 2020 02:56 PM

STRIDES PHARMA SCIENCE share price is trading down by 11% and its current market price is Rs 748. The BSE HEALTHCARE is down by 1.1%. The top gainers in the BSE HEALTHCARE Index are AJANTA PHARMA (up 2.7%) and THYROCARE TECHNOLOGIES (up 2.0%). The top losers is STRIDES PHARMA SCIENCE (down 10.6%).

MULTI COMMODITY Share Price Down by 5%; BSE 500 Index Down 0.6% (Today's Market)

Oct 29, 2020 02:48 PM

MULTI COMMODITY share price is trading down by 5% and its current market price is Rs 1,760. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index are RELIANCE POWER (up 14.1%) and RELIANCE CAPITAL (up 9.0%). The top losers are MULTI COMMODITY (down 5.0%) and PIRAMAL ENTERPRISES (down 5.7%).

Sensex Trades 48 Points Higher; Dow Futures Up by 329 Points (Today's Market)

Oct 29, 2020 12:30 pm

BSE Sensex is trading up by 48 points, while the NSE Nifty is trading flat.

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Oct 29, 2020 03:32 PM