Gift Nifty Trades Flat | Adani Total Gas & VIP Industries Q3 Results | Megatherm Induction IPO | Top Buzzing Stocks Today

Wed, 31 Jan Pre-Open

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On Tuesday, Indian share markets continued the downtrend and ended the day on weak note.

Equity markets fell again, after a day's hiatus, as profit booking in financial, FMCG, pharma, and select IT stocks weighed on the sentiment.

At the closing bell on Tuesday, the BSE Sensex closed down by 802 points (down 1%).

Meanwhile, the NSE Nifty closed down by 215 points (down 1%).

BPCL, Tata Motors and Eicher Motors were among the top gainers.

Bajaj Finance, Titan and NTPC on the other hand on the other hand, were among the top losers.

Broader markets ended on mixed. The BSE MidCap index ended 0.5% lower and BSE SmallCap index ended 0.2% higher.

Barring realty sector all other sectoral indices ended mixed with stocks in FMCG sector and power sector and capital goods sector witness selling pressure.

The rupee was trading at 83.1 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 62,498 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading 13 points lower at 21,616 levels.

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

Speaking of stock markets, the general elections in India have always played a big role in deciding sentiment in the market.

This may be for right or wrong reasons but the fact can't be denied. Most people who have put their hard-earned money in stocks either as investment or speculation, will be interested in knowing how the elections will impact the market.

Which stocks or sectors will rise in anticipation of the results? Which ones will be on the back foot?

Tue in to the below video to know the stocks likely to benefit from the 2024 general elections.

Top buzzing stocks today

Tata Motors share price will be in focus today.

Shares of Tata Motors surged 5% to an all-time high ahead of its Q3FY24 results announcement.

The company's stock has gained significantly on the back of record sales in its Jaguar Land Rover (JLR) volumes in Q3 and its decision to hike prices for its passenger vehicles. The stock has rallied over 10% in the last 1 month.

Tata Investment Corporation will also be a top buzzing stock.

Shares of Tata Investment Corporation Ltd zoomed 20% on 30 January to a record high of Rs 5,794 on the NSE, a day after the company reported a 53% on-year rise in consolidated net profit (PAT) of Rs 532 m for the quarter ended December 2023.

The company's revenue from operations climbed 36.9% on-year to Rs 516 m. Its earnings before interest, tax, depreciation and amortisation (EBITDA) surged 40% on-year to Rs 442 m in Q3.

Adani Total Gas Q3 Profit Jumps 18%

Adani Total Gas on 30 January said its consolidated net profit for the quarter ended December 2023 rose 17.6% to Rs 1.8 bn, up from Rs 1.5 bn in the same quarter last year.

Its revenue from operations stood at Rs 12.4 bn, registering a growth of 4.9% from Rs 11.9 bn in the corresponding quarter last fiscal, the company said in an exchange filing.

This was impacted due to a reduction in gas cost especially Administered Pricing Mechanism (APM) gas, as the company passed on the benefit of APM gas price reduction to consumers, which resulted in lower sales price.

EBITDA of the company was at Rs 3 bn, increasing by 26% year on year, on account of higher volume and balanced price strategy.

The company said it has commissioned 329 EV charging points across 10 states, and an additional 1050 EV charging points are under construction. These EV networks will be spread across 20 states and 130 cities.

Updating on another project, it said Phase-1 (225 Tonnes Per Day or TPD) of 600 TPD biomass plant in Barsana is expected to be commissioned by the end of March 2024.

On the other hand, the preparatory work on the 500 TPD municipal solid waste project awarded by Ahmedabad Municipal Corporation has already commenced, it added.

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.

VIP Industries Q3 Results

Luggage maker VIP Industries, on 30 January, reported a consolidated net profit of Rs 71.5 million (m) for the December quarter of FY24, down 83.8% from Rs 441 m in the same quarter of the previous financial year.

Total revenue came in at Rs 5.5 bn, rising 4% from Rs 5.3 bn in the year-ago quarter.

VIP Industries' consolidated earnings before interest, tax, depreciation and amortization (EBITDA) were at Rs 523 m, down by 28%. The EBITDA margin came in at 9.6% against 13.9% in the year-ago period.

The Board of Directors declared an Interim Dividend of Rs 2 per equity share for the financial year 2023-24. This dividend, representing 100%, will be paid on or after 16 February 2024.

Megatherm Induction IPO

The Rs 539 m initial public offering (IPO) of Megatherm Induction Limited opened for subscription on 29 January. The IPO, a fresh issue, will close on 31 January.

Incorporated in 2010, the company manufactures induction heating and melting products using electrical induction, such as induction melting furnaces and induction heating equipment. It is a subsidiary of Megatherm Electronics Private Limited.

The issue is entirely a fresh issue of 4.9 m shares.

The price band for the offer has been fixed at Rs 100-Rs 108 a share.

Investors can bid for a minimum of 1,200 equity shares and in multiples thereof.

The company intends to utilise the proceeds of the issue to meet funding capital expenditure towards the construction of a factory shed, and installation of an additional plant and machinery. The rest would be used to meet working capital requirements and for general corporate purposes.

Hem Securities Limited is the book-running lead manager of the Megatherm Induction IPO, while Bigshare Services is the registrar for the issue. The market maker for Megatherm Induction IPO is Hem Finlease.

For more information on IPOs, check out the list of upcoming IPOs.

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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