Gift Nifty Up 73 Points | Vodafone Idea's Fundraising Plan | Adani Group Launches Roadshow | Top Buzzing Stocks Today

Thu, 29 Feb Pre-Open

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On Wednesday, Indian share markets continued the downtrend as the session progressed and ended the day weak.

After a one-day hiatus, equity markets resumed their broad-based downward trend on Wednesday led by profit booking in Reliance Industries, ICICI Bank, Power Grid, Maruti Suzuki.

At the closing bell on Wednesday, the BSE Sensex closed lower by 790 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 247 points (down 1.1%).

HUL, Infosys and TCS were among the top gainers.

Apollo Hospital, Eicher Motors and IndusInd Bank on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap and the BSE Small Cap index ended 1.9% lower.

Sectoral indices are trading negative with socks realty sector, power sector and oil & gas sector witnessing most selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 62,080 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:30 AM today, the Gift Nifty was trading 73 points higher at 21,957 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

Torrent Power share price will be in focus today.

Shares of Torrent Power Limited gained almost 4% to Rs 1,190 in morning trade on 28 February after the company announced that it bagged a project for the evacuation of power from renewable energy projects in Solapur, Maharashtra, marking its foray into the transmission segment.

Asian Paints will also be a top buzzing stock.

Shares of Asian Paints continued their downward spiral, falling around 7% in the past four days as Grasim's foray into the paints business has sparked fears of increased competitive intensity in the sector.

Vodafone Idea's Fundraising Plan

Vodafone Idea is likely to go for a combination of follow-on public offer (FPO) and preferential allotment to the promoter for its Rs 200 bn equity fundraising.

Vodafone Idea on Tuesday said its board has approved raising Rs 200 bn in equity from promoters and other investors by June as it looks to shore up finances for a much delayed 5G rollout and strengthen 4G services.

The debt-laden firm, where the government also holds just over 33% equity stake, plans to raise Rs 450 bn through a mix of equity and debt with hopes of matching services offered by rivals Jio and Bharti Airtel.

On Tuesday, Vodafone Idea said its board has approved fundraising of up to Rs 200 bn via a combination of equity and/or equity-linked instruments, but stopped short of naming any new investor.

The VIL board has also authorised the management to appoint bankers and counsel to execute the fundraiser.

VIL will call for a meeting of its shareholders on 2 April 2024, and post-shareholder nod it expects to complete the equity fund raise in the coming quarter.

The promoters will also participate in the proposed equity raise, as committed earlier.

Last week, billionaire industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla underlined the group's firm commitment to the cash-strapped telco and asserted that efforts are on to rope in external investors.

VIL has been struggling to raise capital for the past several quarters, with the cash crunch impacting its ability to invest, expand and even settle vendor dues.

Its woes have been compounded by the continuous loss of subscribers.

The government is now the biggest shareholder in the company after it allowed VIL to convert dues of around Rs 160 bn into equity.

Why CMS Info Systems Share Price Is Rising

Shares of CMS Info Systems surged 5% in the opening trade on 28 February, buoyed by the strong institutional interest in the counter. A flurry of big institutional players, foreign as well as domestic, rushed to buy the promoter's stake in the cash management solutions provider.

On 27 February, promoter Sion Investments, an affiliate of Baring Private Equity Asia, unloaded its entire stake in the company through open market transactions.

It sold over 41.7 m shares, accounting for a 26.7% stake, at an average price of Rs 370.4 apiece, taking the deal value to Rs 15.5 bn.

ICICI Prudential Mutual fund grabbed the biggest piece of the pie, acquiring a 3.6% stake at an average price of Rs 370.1. The firm infused a total of Rs 2.1 bn to acquire the stake.

Nomura and Kotak bought shares worth Rs 159.51 crore and Rs 1.3 bn.

The strong institutional interest in the counter also provided confidence to investors, who lapped up CMS Info shares.

Adani Group Launches Roadshow

The Adani group has embarked on a series of overseas roadshows for bondholders to bolster investor confidence around its businesses before fresh bond sales, two people close to the development.

Signalling the group's return to the international bond markets after the Hindenburg crisis last year, Adani Green Energy Ltd (AGEL) said on Wednesday that it is looking to raise US$ 409 m via dollar-denominated bonds with a door-to-door tenor of 18 years.

The proceeds from the sale will be used to refinance the US$ 500 million, 6.3% senior secured notes due in 2024, sold on 10 June 2019.

The roadshows, according to the people cited above, are part of efforts to reassure investors of its ability to service its debt obligations through prudent financial planning, operational efficiency, and strategic asset monetization initiatives while also addressing any lingering doubts stemming from the Hindenburg crisis.

During these engagements, the Adani Group is expected to outline its expansion plans across various verticals, including renewable energy, ports, airports, and infrastructure.

With India's burgeoning infrastructure requirements and the government's emphasis on initiatives such as the adoption of renewable energy and port-led development, the group aims to capitalize on emerging opportunities and solidify its position as a key player in the global market.

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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