Gift Nifty Up 16 Points | Tech Mahindra Acquires Orchid Cybertech | Zaggle Prepaid Partners EaseMyTrip | Top Buzzing Stocks Today

Wed, 21 Feb Pre-Open

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

Equity markets were extremely volatile on Tuesday, laced with stock-specific action.

At the closing bell on Tuesday, the BSE Sensex closed higher by 350 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 74 points (up 0.3%).

Axis Bank, NTPC and HDFC Bank were among the top gainers.

Hero MotoCorp, Coal India and TCS on the other hand, were among the top losers.

Broader markets ended the day higher. The BSE Mid Cap and the BSE Small Cap index ended 0.2% lower.

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

Gold prices for the latest contract on MCX were trading marginally higher at Rs 62,088 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the Gift Nifty was trading 16 points higher at 22,250 levels.

Indian share markets are headed for a muted 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

Zee share price will be in focus today.

Shares of Zee Entertainment Enterprises gained over 4% during morning trades on the NSE on 20 February on reports that Zee and Sony Pictures Networks (India) were working on another attempt to revive the mega-merger deal.

According to the report, meetings have taken place over the last fortnight to salvage the deal. The report added that Zee is expected to inform Sony in the next 24-48 hours if it's willing to accept the terms and conditions.

CIE Automotive will also be a top buzzing stock.

CIE Automotive India stock sank 2% in trade on 20 February after the net profit for the December quarter fell 9.1% on-year.

The automotive ancillary company recorded a consolidated net profit of Rs 1.8 bn for the quarter ended December 2023, falling 9.1% compared to the year-ago period despite healthy operating numbers.

Tech Mahindra Acquires Orchid Cybertech

Tech Mahindra, on 20 February announced that it has acquired a 100% stake in Orchid Cybertech Services (OCSI) through a wholly owned subsidiary for US$ 3.27 million (m).

Tech Mahindra emphasised its long-standing relationship with TPG Telecom (TPG).

This deal further strengthens its relationship with it and aids in expanding existing customer experience capabilities and business in the Philippines.

As part of the transaction, OCSI, along with its assets and employees, will be integrated into Tech Mahindra, which will then provide customer support and other services to TPG.

Tech Mahindra had last March acquired 100% equity shares in Mumbai-based Thirdware Solutions in an all-cash deal for a total consideration of up to US$ 42 m, including earnouts.

On 25 January, the company reported a 60.6% fall in net profit to Rs 5.1 bn YoY for Q3 in a seasonally weak quarter as a slowdown in demand continues in key verticals, including hi-tech, telecom and financial services.

Tech Mahindra was formed as a joint venture between Mahindra & Mahindra, India's leading tractor and utility vehicle manufacturer, and British Telecommunications Plc. (BT), a leading global telecom services company.

It provides services like application development and maintenance, solution integration, product engineering and lifecycle management, testing, consulting, and managed services to global telecom companies.

Zaggle Prepaid Partners EaseMyTrip

Shares of Zaggle Prepaid Ocean Services surged 18% to Rs 299, hitting an all-time high, after the company announced it has entered into an agreement with EasyMyTrip Planners Limited for three years.

Zaggle and EaseMyTrip will offer integrated travel and expense management solutions to corporate clients.

The stock price of the Hyderabad-based fintech company has nearly doubled from its IPO and listing price of Rs 164 per share. The company made a debut on the exchanges on 22 September 2023. Since listing, the shares have gained around 88%. The company's current market capitalisation is around Rs 35.9 bn.

In the December quarter, Zaggle's profit zoomed 9.2 bn year-on-year to Rs 152.2 m, on the back of a decrease in finance cost after prepayment of debts.

The company clocked its highest quarterly revenue to date at Rs 1.9 bn, driven by revenue contribution from Zoyer-its software platform.

Zaggle is a fintech company which follows a B2B2C business model. Within this sector, the company provides software solutions catering to payables, payroll, and tax processing.

Additionally, it collaborates with banking partners to issue prepaid cards as part of its comprehensive service offerings.

Godrej Consumer Products to Divest Stake

Godrej Consumer Product is planning to divest its stake in Godrej East Africa Holdings, Mauritius, for US$ 3.5 million (m).

After the completion of the deal, Godrej East Africa Holdings, along with its step-down subsidiaries DGH Tanzania, Mauritius, Charm Industries Kenya, and Sigma Hair Industries Tanzania, will cease to be subsidiaries of the company.

The FMCG player wants to improve profitability in the GAUM cluster (Godrej Africa, USA, Middle East).

To realign focus towards enhancing growth potential and profitability in the GAUM cluster, GCPL has announced divestment of its Tanzania operations (shift to franchisee model).

This will lead to a negative revenue impact of ~Rs 700 m for Q4FY24. With this, GCPL has reorganized operations in Uganda, Angola, and Tanzania; the company now has to effect a reorganization of its Kenya business.

With its Kenya business yet to be reorganised, GCPL will shift its overall revenue of Rs 5 bn to the franchisee model, which will drive ~Rs 500 m in annual profit. Management sees cluster margin expansion to over 15%t in the next couple of years.

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

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