Gift Nifty Up 32 Points | Paytm to Partner Axis Bank | Policybazaar to Enter Reinsurance Business | Top Buzzing Stocks Today

Mon, 19 Feb Pre-Open

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On Friday, Indian share markets gained momentum as the session progressed and ended the day higher.

The equity benchmark indices held firm gains on Friday tracking strength in global markets.

At the closing bell on Friday, the BSE Sensex closed higher by 376 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 129 points (up 0.6%).

Wipro, M&M and L&T were among the top gainers.

ONGC, Reliance Industries and SBI on the other hand, were among the top losers.

Broader markets ended the day higher. The BSE Mid Cap ended 0.7% higher and the BSE Small Cap index ended 0.6% higher.

Sectoral indices are trading mixed, with socks auto sector, realty sector and IT sector witnessing most buying. Meanwhile, stocks in power sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 61,683 per 10 grams at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading 32 points higher at 22,145 levels.

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

Speaking of stock markets, Tata Motors has now gone past Maruti Suzuki to emerge as India's most valuable auto manufacturer.

From a loss of Rs 287 bn in FY19, perhaps its highest ever, Tata Motors has earned record profits of Rs 157 bn in the trailing twelve-month period. And it is this turnaround that has led to investors warming up to the stock and turning it into a 12-bagger since its March 20 lows.

However, when it comes to fundamental parameters like profitability, return ratios and balance sheet strength, Maruti is comfortably ahead of Tata Motors.

Why is it then Tata Motors enjoys nearly the same valuation as Maruti? Why is Mr Market considering Tata Motors at par with Maruti?

Co-head of Research, Rahul Shah answers this in below video.

Top buzzing stocks today

GAIL share price will be in focus today.

State-run GAIL (India) is seeking competitive pricing for liquefied natural gas (LNG) as consumers in India are highly price-sensitive.

Affordable gas pricing is the only way to ensure that consumers in India do not switch to other fuels. In the last month, India's largest gas distributor has finalised two long-term LNG import deals, one with UAE's ADNOC Gas and another with global commodity trader Vitol.

ITC will also be a top buzzing stock.

ITC shares briefly slipped below the psychological Rs 400 mark to a 10-month low as the market worries about the impending 4% stake sale by British American Tobacco (BAT), the largest shareholder in the company.

Paytm to Partner Axis Bank

Paytm said on 16 February that it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it.

The shift of nodal accounts to Axis Bank will ensure seamless merchant settlements as before.

According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and card machines will continue to operate seamlessly for all their merchant partners.

Additionally, the Reserve Bank of India (RBI) has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond 15 March.

According to Paytm, merchants with fund transactions connected to any bank account other than Paytm Payments Bank need not worry about disruptions.

Paytm has also announced that merchants utilising Paytm QR codes, Paytm soundbox, or Paytm POS terminals linked to non-Paytm Payments Bank accounts can continue their operations seamlessly beyond 15 March 2024.

The Reserve Bank of India (RBI) on 16 February issued frequently asked questions (FAQs) for bank account holders of Paytm Payments Bank. The RBI issued an FAQ on action taken against Paytm Payments Bank Ltd (PPBL), outlining the different aspects of the directions and assuring that customers of the bank wouldn't be impacted because of the central bank step.

For more, check out Paytm Shares Tread Troubled Waters: These Mutual Funds May Feel the Impact.

Policybazaar to Enter Reinsurance Business

PB Fintech on Friday said that its wholly-owned subsidiary Policybazaar Insurance Brokers has been granted in-principle approval from the insurance regulator to upgrade its licence, allowing its entry into the reinsurance business.

According to PB Fintech, the approval will allow Policybazaar to deepen the insurance penetration in the country" and bring "more technology, process control and data analytics based innovation into reinsurance capacity.

The upgradation of licence now allows Policybazaar to undertake a wider gamut of services such as risk management, selling reinsurance products and maintaining claims data, apart from just being a pure play insurance buying platform.

Last month, PB Fintech reported its first-ever net profit of Rs 372 m for the third quarter ended December. Following the guidance provided in the previous quarters, the company also reported profits of Rs 42 m for the first nine months of FY24.

The company expects cash reserves to touch Rs 75 bn in 2027.

Why HAL & BEL Share Price is Rising

Stock prices of Hindustan Aeronautics Limited and Bharat Electronics Limited rose over 2% on 16 February as the Defence Acquisition Council has reportedly given its approval for the procurement of equipment.

According to media reports, DAC, chaired by Defence Minister Rajnath Singh, has likely approved a proposal to buy equipment worth Rs 80,000 crore. DAC's likely approval comes at a time when India has been locked in a bitter military standoff with China at several friction points in eastern Ladakh for over three years.

In December 2023, India accorded an initial approval to defence acquisition projects worth Rs 2.2 tn that included procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters, in a major move to significantly enhance the combat capabilities of the armed forces.

The defence ministry had said 98% of the total procurement worth Rs 2.2 tn will be sourced from the domestic industries and that the move will give a substantial boost to the Indian defence industry in achieving the goal of 'Aatmanirbharta' (self-reliance) in defence industry.

To know how is this hot sector likely to perform in 2024, check out How Indian Defence Stocks are Shaping Up for 2024.

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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