Gift Nifty Trades Flat | Adani Group Launches First Bond Sale | Flipkart's BlackBuck Eyes IPO | Top Buzzing Stocks Today

Tue, 5 Mar Pre-Open

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On Monday, Indian share markets turned positive as the session progressed and ended the day higher.

Equity markets were highly volatile on Monday as investors looked for decisive cues.

At the closing bell on Monday, the BSE Sensex closed higher by 66 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 27 points (up 0.1%).

NTPC, ONGC and BPCL were among the top gainers.

Eicher Motors, JSW Steel and Britannia 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 higher. The BSE Mid Cap ended marginally higher and the BSE Small Cap index ended 0.8% lower.

Sectoral indices are trading positive, with socks in oil & gas sector and power sector witnessing buying. Meanwhile stocks in media sector and auto sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 63,609 per 10 grams at the time of Indian market closing hours on Monday.

At 7:35 AM today, the Gift Nifty was trading 5 points higher at 22,495 levels.

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

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Top buzzing stocks today

Tata Investment share price will be in focus today.

Shares of Tata Investment Corporation rose 21% in four sessions after the Union Cabinet approved two semiconductor plant proposals by the Tata Group last week.

Meanwhile, the stock also hit an upper circuit of 5% at Rs 8,417.6 in Monday's trade. This was the third consecutive upper circuit in the stock.

Jubilant Industries will also be a top buzzing stock.

The shares of Jubilant Industries have had a stellar rally in February, rising over 100%, making it the leading gainer among the smallcap pack during the month.

The rally, which was supported by a significant increase in volumes, was on the back of a strong operational show in the third quarter results. In the past week, the shares have gained about 10%.

Adani Group Launches First Bond Sale

Adani Group began marketing a US$ 409 million (m) bond in what would be its first dollar note after a report last year by short-seller Hindenburg Research, adding to signs of a rebound in investor confidence.

The conglomerate's solar energy unit Adani Green Energy Ltd. and associated firms are offering the 18-year bond at initial price guidance in the 7.1% area, according to a person familiar with the matter.

Issuing the security would give Adani its latest boost and further allay fears it might have to pay dearly to raise overseas capital after the US short seller's claims - which it has denied - triggered a rout in the stock and bond prices of group firms.

Adani won fresh equity backing from investors, including GQG Partners LLC last year and successfully refinanced US$ 3.5 billion (bn) worth of debt for the acquisition of cement companies, helping its securities to recover.

Proceeds from the bond sale will be used to redeem US$ 500 million of notes maturing in December. The longer maturity and structure of the new notes removes refinancing risk, Fitch Ratings wrote on 27 February.

The issuer group operates assets generating solar power in India.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Marcrotech Developers Launches QIP

Realty major Macrotech Developers has embarked on a mega fundraise and launched a qualified institutional placement (QIP) to raise around US$ 400 million (m).

The deal has been launched and the proceeds will be used for the acquisition of land and debt repayment.

The floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 1,129.48 per Equity Share.

Under Regulation 176(1) of the SEBI ICDR Regulations and by the approval of the members of the Company accorded through a special resolution passed through postal ballot on 29 February 2024.

Flipkart's BlackBuck Eyes IPO

BlackBuck, a logistics startup backed by Flipkart, is looking to go public in the next fiscal year aiming to raise as much as US$ 300 million (m).

Started in 2015, BlackBuck, run by Zinka Logistic Solutions Pvt Ltd, is a B2B online trucking platform that connects companies looking to ship goods with truckers and vice versa.

It also has a services business that sells GPS tracking devices, FASTags and fuel cards.

Its customers include companies such as Hindustan Unilever, Reliance Petrochemicals, Hindustan Zinc and Marico, among others.

The IPO will be a mix of a fresh issue of shares to raise money for the business as well as a secondary sale of shares by existing investors of the company.

The eventual size of the offering will depend on the quantum of the secondary share sale, which is yet to be finalised.

The company will use the IPO proceeds to scale up its services business, which it has been focusing on ramping up in recent years, as well as to grow its core freight business.

BlackBuck became a unicorn - a startup with a valuation of at least US$ 1 billion (bn) - in 2021 when it raised US$ 67 million (m) as a part of its Series E funding round at a valuation of US$ 1 bn.

The fundraiser was led by US-based Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors including Wellington Management, Sands Capital and International Finance Corporation also participated in that round.

For more information on IPOs, check out the list of upcoming IPOs.

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

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