SGX Nifty Down 57 Points | IIFL Finance Plans Fundraise | Kalpataru Power's Merger | Top Buzzing Stocks Today

Tue, 3 Jan Pre-Open

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On Monday, Indian share market continued their momentum as the session progressed and registered strong gains on the first trading session of 2023.

Most Asian indices remained closed for the holidays and the rally was mostly influenced by investors' faith in the Indian economy.

At the closing bell on Monday, the BSE Sensex stood higher by 327 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 92 points (up 0.5%).

Tata Steel, Hindalco, and ONGC were among the top gainers.

Asian Paints, Titan, Divis Laboratories on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap ended the day higher by 0.6% and the BSE SmallCap index ended 0.8% higher.

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

On the other hand, stocks from the healthcare sector, and power sector witnessed selling pressure.

Shares of Solar Industries, Jindal Steel and Power, and REC hit their 52-week high.

If stocks trading close to their all-time highs interest you, check out how to invest in multibagger stocks to get started.

The rupee was trading at 82.7 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 55,160 per 10 grams at the time of Indian market closing hours on Monday.

At 7:30 AM today, the SGX Nifty was trading down by 57 points or 0.3% lower at 18,160 levels.

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

Speaking of stocks markets, stock splits have been a rage in 2022 with the world's most valuable companies such as Amazon, Alphabet or Tesla announcing massive splits.

Will India's highest priced companies do the same with their stocks in 2023?

As the number of retail investors grows leaps and bounds, will the highest priced companies of India announce stock splits in 2023 to ensure maximum participation in their stocks?

Should these companies allow their shares to trade at such exorbitantly high prices or should they split shares?

Below is the list of 10 companies that should do a stock split in 2023 but probably won't! Watch the video to know more.

Top Buzzing Stocks Today

SML Isuzu share price will be in focus today.

On Monday SML Isuzu recorded an increase in its passenger vehicles sales. the company's passenger vehicle sales more than doubled to 570 units in the month of December 2022. The commercial vehicles company had sold 218 units during the same month last year.

SML Isuzu is primarily engaged in the business of manufacturing of commercial vehicles and related components.

NCC will also be a top buzzing stock.

On Monday, NCC received 5 new orders aggregating to Rs 3,601 crore (about Rs 30.6 billion) in the month of December 2022.

NCC is a Hyderabad-based construction company engaged in the construction of roads, buildings, irrigation, water and environment, electrical, metals, mining and railways. Apart from executing projects across India, the company has a presence in the Middle East through its subsidiaries in Muscat and Dubai.

Market participants will also track the share price of BF Investment.

On Monday BF Investment announced its board will meet on Wednesday, 4 January 2023 to consider a delisting proposal.

The meeting of board of directors of the company to be held on 4 January 2023 to consider the proposal for voluntary delisting of the equity shares of the company, having the face value of Rs 5 per share.

Kalptaru Power Transmission and JMC Projects merger

Kalptaru Power Transmission (KPTL) and JMC projects (JMC) fixed 11 January, as record date for the merger.

KPTL is one of the largest specialized EPC companies engaged in power transmission & distribution, oil & gas pipeline, railways and civil infrastructure business. JMC, a subsidiary of KPTL, is one of the leading civil construction and infrastructure

JMC has emerged market leader in the verticals of Buildings & Factories (B&F), Water, Urban Infrastructure and Heavy Civil.

The board of directors of these companies at their respective board meeting held on February 19, 2022 approved the scheme of amalgamation which inter alia provides for the merger of JMC with KPTL.

This merger brings together two leading organizations with unique sets of capabilities and complementary businesses in the current attractive EPC markets.

The merger will accelerate growth and enhance value creation for all stakeholders, these companies said.

Pursuant to the scheme, JMC's shareholders (other than KPTL) will be allotted one share of KPTL against every four shares held by them in JMC.

RB Infrastructure Developers to raise funds

RB Infrastructure Developers on 2 January jumped after the company said one of its special purpose vehicles (SPV) raised Rs 7 billion (bn) by issuing nonconvertible debentures on a private placement basis to eligible investors.

The company will use the proceeds to refinance the existing project debts. A lower interest rate of 8.9% will bring the annual interest savings of Rs 100 m.

The proceeds received from these nonconvertible debentures would be used to refinance the said project through part repayment of existing project debts, at lower interest cost, which would bring huge interest saving over project life.

Earlier in the quarter, the company had re-financed its two SPVs - Solapur Yedeshi Tollway and Yedeshi Aurangabad Tollway- as well.

This involved fixing rates for at least five years at optimised cost and amortisation, resulting in an incremental surplus cash of around Rs 5 bn over the following five years and further achieving rating improvement to 'AAA' for these assets.

IIFL Finance to raise funds

IIFL Finance is planning to raise through the public issue of non-convertible debentures (NCDs). The issue will open for public subscription this week on Friday, 6 January 2023 and close on 18 January 2023.

The Tranche I Issue consists of public issue by the company of secured redeemable NCDs of face value of Rs 1,000 each for an amount up to Rs 1,000 m.

The company has an option to retain oversubscription up to Rs 9,000 m aggregating to Rs 10,000 m, which is within the shelf limit of Rs 50,000 m.

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

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