Gift Nifty Down 24 Points | JSW Steel To Buy Australian Coal Mine | Zomato Plans D2C Expansion | Top Buzzing Stocks Today

Tue, 20 Feb Pre-Open

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

The equity benchmark closed near record-highs after the NSE Nifty index made a new peak of 22,187 during Monday's trade.

At the closing bell on Monday, the BSE Sensex closed higher by 282 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 82 points (up 0.4%).

Cipla, ICICI Bank and Bajaj Auto were among the top gainers.

Coal India, L&T and Wipro on the other hand, were among the top losers.

Broader markets ended the day higher. The BSE Mid Cap ended 0.3% higher and the BSE Small Cap index ended 0.7% higher.

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

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 62,036 per 10 grams at the time of Indian market closing hours on Monday.

At 7:40 AM today, the Gift Nifty was trading 24 points lower at 22,147 levels.

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

Speaking of stock markets, there are few railway stocks that sport excellent fundamentals thanks to their unique positioning and strong government back.

Above all, it is the lack of competition from the private sector that has kept their financials impressive.

Therefore, any signs of competition could become a big valuation risk.

Compared to other railway stocks, three stocks are certainly less vulnerable to destruction of shareholder wealth, especially when held for long.

Co-head of Research, Tanushree Banerjee provides details in below video.

Top buzzing stocks today

MRPL share price will be in focus today.

Shares of Mangalore Refinery & Petrochemicals (MRPL) rallied 18% on 19 February, extending monthly gains to nearly 60% in February and a total of 33% in January. Year-to-date, it has surged 113% with increased volumes.

LIC will also be a top buzzing stock.

Life Insurance Corporation (LIC) of India shares traded more than 2% higher on 19 February afternoon after the insurer announced that it received refund orders worth Rs 217.4 bn.

The refund was for the 2012-2019 period. The total refund value is Rs 254.6 bn and the company was pursuing the balance with the Income Tax Department.

Dr Reddy Eyes Novartis India Acquisition

The company is in the race to acquire Novartis AG's stake in Novartis India.

The management of Dr Reddy's has also repeatedly hinted at their interest in acquiring a domestic-focused portfolio.

Switzerland-based pharma giant Novartis AG initiated a strategic review of its subsidiary, Novartis India, on 16 February.

The strategic review will also look over Novartis AG's 70.7% shareholding in its Indian arm.

Dr Reddy has been involved in strategic partnerships with Novartis India in the past as well. In February 2022, Dr Reddy signed an exclusive sales and distribution agreement with Novartis, which included medicines, such as the Voveran range, Calcium range, and Methergine. In April of the same year, Dr Reddy's acquired Novartis India's Cidmus brand.

Given that under the existing distribution arrangement which already covers a significant part of Novartis India's portfolio.

Dr Reddy's had a net cash surplus of Rs 59 bn as of 31 December, which gives it ample headroom to go ahead with plans of inorganic growth.

The drugmaker had some of its brands in the domestic market last year and is now focused on inorganic opportunities to lead its next leg of growth.

JSW Steel To Buy Australian Coal Mine

JSW Steel is in talks to pick up a 20% stake in Australia's Blackwater coal mine from Whitehaven Coal for around US$ 1 billion.

The companies are yet to decide on the final valuation. If the parties reach an agreement, the deal is expected to close by the end of this financial year.

The news comes shortly after JSW Group's failed bid to acquire a majority stake in the metallurgical coal business of Canada's Teck Resources. The stake was later picked up by mining and trading major Glencore.

The deal to acquire a stake in Blackwater could be structured like the Teck deal.

The development was first reported by The Australian newspaper.

Japan's Nippon Steel is also in the race to pick up a stake in Blackwater.

Whitehaven had acquired Blackwater and Daunia, another coal mine, from BHP in October for a cash consideration of US$ 3.2 billion. At a US $1 billion asking price for a 20% stake in Blackwater, the company could see a significant markup in the valuation of the asset in just a few months.

Zomato Plans D2C Expansion

Zomato, known primarily for its food delivery services, is gearing up for a significant expansion into the fast-growing direct-to-consumer (D2C) space through its 10-minute delivery platform, Blinkit.

This move places Zomato in direct competition with established e-commerce giants like Amazon and Flipkart, signalling a strategic shift in the company's business model.

To facilitate its foray into the D2C market, Zomato plans to add brands across various categories to its Blinkit platform.

This ambitious endeavour would involve building a dedicated supply chain infrastructure to source branded products directly and manage inventory. By doing so, Zomato aims to offer a diverse range of products for swift delivery through Blinkit.

Zomato's expansion into the D2C space mirrors a broader trend among food delivery firms, including its competitor Swiggy, which has launched its e-commerce marketplace.

With both companies venturing beyond their core food delivery services, the landscape of the food delivery sector is rapidly evolving, driven by the pursuit of new revenue streams and market opportunities.

With a focus on expanding into new categories, particularly in the D2C space, Blinkit aims to enhance its average order value (AOV) and drive revenue growth.

In the October-December quarter (Q3FY24), Blinkit's gross order value (GOV) grew 103% to Rs 35.4 bn, compared to Rs 17.5 bn registered during the same period last year.

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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