Gift Nifty Up 17 Points | Spectrum Electricals' Medical Device Manufacturing Foray | Aster DM Plans Major Expansion | Top Buzzing Stocks Today

Tue, 6 Feb Pre-Open

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On Monday, Indian share markets gave up gains as the session progressed and ended the day lower.

After staying listless for better part of the day, equity markets turned sharply lower on Monday as investors read through Q3 numbers, and tracked global developments.

At the closing bell on Monday, the BSE Sensex closed lower by 354 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 95 points (down 0.4%).

BPCL, Cipla and Coal India were among the top gainers.

UPL, Bajaj Finance and Grasim Industries on the other hand on the other hand, were among the top losers.

Broader markets are trading on higher. The BSE Mid Cap is trading flat and the BSE Small Cap index is trading 0.2% lower.

Sectoral indices are trading mixed, with socks in oil & gas sector, metal sector and realty sector witnessing most buying. Meanwhile, stocks in FMCG sector, telecom sector and capital goods sector witnessed selling pressure.

The rupee was trading at 83.06 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% lower at Rs 62,276per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading 17 points higher at 21,825 levels.

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

Speaking of stock markets, smallcaps were not the only outperformers of 2023.

Stocks from the defence, railways and electric vehicle sectors also found their place under the sun.

Stocks of the largest public sector entities in defence and railway sectors fetched handsome gains every time the government ordered more spending.

But there were also plenty of private sector entities in defence ecosystem that commanded premium valuations.

The EV sector became a stock market favourite in 2023.

Am sure you wonder, what after these big-ticket gains?

Will the stars of 2023 continue to shine in 2024? Or should you consider a different set of potential wealth creators?

Research Analyst, Tanushree Banerjee answers this in below video.

Top buzzing stocks today

Tata Motors share price will be in focus today.

Shares of Tata Motors, rose as much as 7.2% to hit a record high of Rs 941.9 on Monday after it announced its results for the December 2023 quarter.

The company reported a more than two-fold increase in net profit at Rs 70.3 bn, 2.4x times higher than Rs 30.4 bn registered in the year-ago period.

Birlasoft will also be a top buzzing stock.

Birlasoft, on 5 February launched its Generative artificial intelligence (Gen AI) platform Cogito to deliver enterprise solutions to automate processes, generate innovative content, enhance decision-making, and boost overall business performance.

Spectrum Electrical Forays into Medical Device Manufacturing

Shares of Spectrum Electrical Industries were trading at record highs on 5 February after making an intraday high of Rs 1,697.9 per share.

Spectrum Electrical Industries shares witnessed a gap-up opening after it announced on bourses the approval of its wholly-owned subsidiary.

The company further stated that the new subsidiary was formed to diversify its operations by tapping into the medical devices manufacturing industry.

As per the announcement, the primary objective of the proposed company will be to develop, design and manufacture medical devices.

Spectrum Electrical Industries currently designs and manufactures electrical, automobile, and irrigation components. They serve as contract manufacturers and component suppliers to leading industry players on a Business-to-Business (B2B) model.

Spectrum Electrical Industries shares have surged more than 838% in the past one year and are currently trading at a PE of 190. Year-to-date, the stock is up 18%.

Promoter holding in the stock has increased by 3.4% over the last quarter to 74.8%.

Spectrum Electrical Industries is an NSE Emerge-listed SME company with a market capitalisation of Rs 25.7 bn. SME stocks have been outperforming on bourses and experts have been cautioning investors on the possibility of excesses in the SME stocks.

Aster DM Healthcare's Expansion Plan

Aster DM Healthcare, which runs multispecialty hospitals across India, will add 1,500 beds in the next 2 to 3 years as part of its expansion plans.

Capital allocated for this particular expansion plan is around Rs 8-8.5 bn.

The expansion will take the company's bed tally in India to 6,000+ beds, including the upcoming Aster Capital in Thiruvananthapuram, with 350+ beds in the first phase by FY26 and Aster MIMS Kasargod, with about 200+ beds.

Aster will also add capacity to existing hospitals in Medcity, MIMS Kannur by about 100 beds each and Aster Whitefield, with 159 beds.

The company is also exploring opportunities in Maharashtra, Tamil Nadu, and Uttar Pradesh, with plans to enter markets where it can secure a position among the top 3. He added that the company is scouting for opportunities similar to its current model.

Founded in 1987 from a single clinic in Dubai, Aster operates in India and the Gulf region.

It currently has a presence in Kerala, Karnataka, Maharashtra, AP and Telangana. It has 19 hospitals, 13 clinics, 226 pharmacies, 251 patient experiences with a total of 4,000+ operational beds in India currently.

Aster had approved the sale of its business in the GCC (Gulf Cooperation Council) region to Alpha GCC Holdings Ltd for a consideration of US$ 1.01 billion.

The board will consider the distribution of 70-80% of the upfront consideration of US$ 903 million (m) from this transaction as a dividend to its shareholders, which will be in the range of Rs 110 to Rs 120 per share.

Rupee Settles Lower

The rupee depreciated 8 paise to settle at 83.06 (provisional) against the US dollar on Monday, as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit.

However, the downward trend in the global crude oil prices supported the domestic unit and restricted its decline.

At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and traded in the narrow range of 83.00 to 83.07.

The local unit finally settled at 83.06 (provisional) against the greenback, down 8 paise over its previous close. The rupee settled flat at 82.98 against the dollar on Monday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.33% higher at 104.1.

Brent crude futures, the global oil benchmark, declined 0.1% to US$ 77.2 per barrel. On the domestic equity market front, Sensex fell 354.2 points, or 0.5%, to 71,731.4 points.

The Nifty dipped 82.1 points, or 0.4%, to 21,771.7 points. On the domestic equity market front, Sensex fell 354.21 points, or 0.5%, to 71,731.4 points.

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

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