Gift Nifty Up 97 Points | Bajaj Finance Q3 Results | Why Adani Energy Solutions Share Price is Rising | Top Buzzing Stocks Today

Tue, 30 Jan Pre-Open

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On Monday, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian benchmark indices Sensex and Nifty rallied over 1 percent each on Monday after ending the last 2 weeks in the red, down 1.2% each.

At the closing bell on Monday, the BSE Sensex closed higher by 1,241 points (up 1.8%).

Meanwhile, the NSE Nifty closed higher by 385 points (up 1.8%).

ONGC, Reliance Industries, and Coal India were among the top gainers.

Cipla, ITC and Infosys on the other hand on the other hand, were among the top losers.

The BSE MidCap index ended 1.6% higher and BSE SmallCap index ended 1% higher.

Barring IT sector and FMCG, other sectoral indices are trading on positive note, with socks in energy sector, power sector and oil & gas sector witnessing most buying.

The rupee was trading at 83.1 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 62,370 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 97 points or 0.5% higher at 21,963 levels.

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

Speaking of stock markets, ndia's three leading exchanges, BSE, MCX and IEX operate in different genres.

One is a stock exchange (operating in financial sector).

The second is a commodity exchange (operating in manufacturing sector).

The third is an energy exchange (operating in infrastructure sector).

All three exchanges are listed. Also, they are perceived by investors as the gateway to the long-term prosperity of the underlying sector they operate in.

Which one could be a future multibagger?

Tanushree Banerjee co-head of research at Equitymaster, answers these questions in below video.

Top buzzing stocks today

IRB Infra share price will be in focus today.

Shares of IRB Infrastructure Developers gained nearly 13.5% in morning trade on 29 January, a day after the company reported that the arbitration tribunal had granted an award in favour of the Yedeshi Aurangabad Tollway.

According to the filing, IRB will receive Rs 16.8 towards the compensation and is also entitled to receive further interest from the date of the award till the date of realisation of the compensation as per the terms of the award.

CSB Bank will also be a top buzzing stock.

CSB Bank on 29 January reported a net profit of Rs 1.5 bn for the October-December quarter of the financial year 2023-24, a 4% drop from Rs 1.6 bn clocked in the year-ago period.

Net interest income (NII) for the quarter stood at Rs 3.8 bn, higher than Rs 3.4 bn reported in the corresponding quarter of the previous fiscal. The net interest margin of the bank stood at 5.1%.

BYJU's Right Issue

Troubled ed-tech firm Byju's has kickstarted a right issue to raise US$ 200 million, effective today, as per a notice sent to investors.

Byju's-which is facing multiple crises and is in urgent need of capital-is likely to price the share offering at a nominal value that would ascribe it to a valuation of around US$ 220-250 million (m).

Byju's valuation has seen significant downgrades from several investors including BlackRock to just about US$1 billion.

In the note to investors, CEO Byju Raveendran said the company has not 'shied away from taking several tough decisions' amid its current challenges.

The Bjyu's founder said the rights issue will offer existing shareholders the opportunity to participate in this proposed capital raise to the extent of their shareholding and beyond.

According to the note to investors, founders have infused around US$ 1.1 billion (bn) into the company over the past 18 months.

Why Adani Energy Solutions Share Price is Rising

Shares of Adani Energy Solutions jumped over 5% on 29 January after the company incorporated a wholly-owned subsidiary, Adani Energy Solutions Step-Twelve Limited (AESSTL).

The company has been incorporated for transmission, distribution and supply of power and other infrastructure services relating thereto.

Adani Energy Solutions informed that it has incorporated AESSTL with an authorised and paid-up share capital of Rs 1 lakh each. The turnover of the subsidiary is nil as it has yet to commence business operations.

AESSTL was incorporated in India and registered with the Registrar of Companies, at Ahmedabad on 25 January 2024. Adani Energy Solutions acquired equity shares at a face value of Rs 10 each.

Meanwhile, Adani Enterprises and Adani Power shares jumped over 3% on 29 January after AdaniConnex (ACX), a 50:50 joint venture of Adani Group and EdgeConneX, signed a contract with Adani Power to acquire a 100% equity stake in two wholly owned subsidiaries of the company.

Adani Power will sell Aviceda Infra Park Ltd (AIPL) for Rs 1.9 bn and Innovant Buildwell (IBPL) for Rs 3.5 bnto AdaniConnex. Both transactions are expected to be completed by 31 March 2024.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Bajaj Finance Q3 Results

Bajaj Finance, on 29 January, reported a consolidated net profit of Rs 36.4 bn for the October-December quarter of the current financial year, up 22.4% from the same quarter of the previous year.

An average of four brokerages showed that the net interest income is expected to rise 26% on-year to Rs 93.4 bn. Stable asset quality and strong AUM (assets under management) growth will drive earnings.

Bajaj Finance, on 3 January, declared provisional numbers for the December quarter AUM. On the back of a strong festive season, the company's AUM crossed the Rs 3 trillion (tn) mark for the first time in the quarter gone by, surging 35% on-year.

As per the Q3 update, its deposit book grew by 35% to Rs 580 bn. During the quarter, it booked 9.9 m new loans, a year-on-year growth of 26%.

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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