Gift Nifty Up 42 Points | Grasim Enters Paint Business | Why Space Stocks are Rising | Top Buzzing Stocks Today

Fri, 23 Feb Pre-Open

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On Thursday, Indian share reversed the trend and recouped the losses as the session progressed and ended on firm footing.

The weekly F&O expiry likely triggered a fag-end recovery on the bourses on Thursday, helping benchmarks recoup from steep losses intraday.

At the closing bell on Thursday, the BSE Sensex closed higher by 535 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 162 points (down 0.8%).

HCL Tech, Bajaj Auto and Coal India were among the top gainers.

BPCL, Hero MotoCorp and HDFC Bank on the other hand, were among the top losers.

The BSE MidCap index ended 0.9% higher and BSE SmallCap index ended 0.5% higher.

Barring banking sector, other sectoral indices are trading on positive note, with socks in auto sector, IT sector and capital goods sector witnessing most buying.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 62,173 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading 42 points higher at 22,309 levels.

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

Speaking of stock markets, in the latest video, Hidden Treasure, Richa Agarwal shares her views on the road ahead for smallcaps, a prudent strategy to navigate it and alerts on six smallcaps that have witnessed insider buying interest.

These are the smallcaps with decent financial performance and where the current price is almost at par or at a discount from the average price at which insiders have purchased.

Tune in to below video for details.

Top buzzing stocks today

ITC share price will be in focus today.

ITC is evaluating the purchase of a 47% stake held by Peak XV Partners (formerly Sequoia Capital) in listed Prataap Snacks.

This follows the failure of talks with Haldiram's owing to a valuation mismatch. Prataap is best known for Yellow Diamond chips and traditional Indian namkeen under the Avadh brand.

Brigade Enterprises will also be a top buzzing stock.

Shares of Brigade Enterprises Limited advanced 5% to Rs 1,055 in early trade on 22 February after the company signed a joint development agreement with PVP Ventures to develop a 2.5 million square feet, high-rise residential project in Perambur, Chennai.

Why Space Stocks are Rising

Space-related stocks fired up on 22 February after the Union Cabinet approved changes to the Foreign Direct Investment Policy (FDI) in the space sector.

The government has allowed 100% investment under the automatic route for activities that include the manufacturing of components, systems and sub-systems for satellites.

Shares of MTAR Technologies and Data Patterns (India) zoomed nearly 6%, while stocks like Apollo Micro Systems, Azad Engineering, Paras Defence, Hindustan Aeronautics and L&T were up between 1 and 2%.

The Singapore government acquired Rs 578 crore worth of stake in Data Patterns (India) through bulk deals in February. Shares of Data Patterns (India) have surged over 16% over the last month.

Astra Microwave Products incorporated Astra Space Technologies in February. The company incorporated the the subsidiary because the space sector requires focus and Astra intends to be an end-to-end player in this space.

Additionally, the government has allowed up to 49% FDI in the automatic route for launch vehicles and associated systems or subsystems, the creation of spaceports for launching and receiving spacecraft.

Up to 74% FDI is allowed in automatic routes for satellite manufacturing and operation, satellite data products and ground segment and user Segment.

Grasim Enters Paint Business

Grasim Industries, the flagship firm of Aditya Birla Group, announced its entry into the decorative paint business in India on Thursday with the launch of the new brand "Birla Opus".

The company is aiming for revenue of Rs 100 bn in three years of full-scale operations.

The company has also inaugurated three Birla Opus plants at Panipat (Haryana), Ludhiana (Punjab), and Cheyyar (Tamil Nadu).

In the announcement, it said that the products would be available to the people of these three states by March 2024. By July 2024, its products will be available in all cities with a population of over 100,000.

Moreover, the company will also have three more plants at Chamarajanagar (Karnataka), Mahad (Maharashtra) and Kharagpur (West Bengal), which will commence production throughout 2024-25.

The company aims to expeditiously expand its distribution to over 6,000 towns by the fiscal year-end.

Birla Opus will have over 145 products and 1200 SKUs across water-based paints, enamel paints, wood finishes, waterproofing and wallpapers.

The products offered will be across consumer segments - economy, premium, luxury, designer finishes and institutional clients.

In addition, Birla Opus will present the largest range of over 2,300 tintable colour choices, including 216 iconic Indian colours.

Rupee Rises 13 Paise

The rupee appreciated 13 paise to close at 82.8 (provisional) against the US dollar on Thursday, tracking the weakness of the American currency in the overseas market and positive domestic equities.

Forex traders said elevated crude oil prices weighed on the local unit and restricted a sharp uptick.

At the interbank foreign exchange, the local unit opened at 82.94 against the greenback.

It hit an intraday high of 82.83 during the day. The domestic unit finally settled at 82.83 (provisional) against the dollar, higher by 13 paise from its previous close of 82.96.

The Indian rupee appreciated on Thursday on weak US dollar and mixed-to-positive domestic markets.

However, a surge in crude oil prices capped sharp gains. The US dollar declined on a rise in risk appetite in global markets and positive European markets ahead of PMI data from the Eurozone and Germany.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.3% lower at 103.7. Brent crude futures, the global oil benchmark, rose 0.4% to US$ 83.3 per barrel.

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