Gift Nifty Down 20 Points | KP Green Engineering's Mega SME IPO | Bitcoin Hits New Peak | Top Buzzing Stocks Today

Mon, 11 Mar Pre-Open

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On Thursday, Indian share markets turned positive as the session progressed and ended the day Flat.

Benchmark indices moved in a narrow range around the flat line on Thursday, while the broader indices held their gains through the day.

At the closing bell on Thursday, the BSE Sensex closed higher by 33 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 11 points.

Tata Steel, Bajaj Auto and Tata Motors were among the top gainers.

M&M, BPCL and Axis 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 higher. The BSE Mid Cap ended 0.4% higher and the BSE Small Cap index ended 0.7% higher.

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

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 65,490 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading 20 points lower at 22,640 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 Chemicals share price will be in focus today.

Tata Chemicals shares zoomed around 14% to hit a 52-week high of Rs 1,349 on NSE, extending gains to the sixth consecutive session.

The recent rally has come on the back of a media note on 4 March, which mentioned Tata Sons, the parent company of the Tata Group.

Tata Motors will also be a top buzzing stock.

Tata Motors announced on 18 September that it will increase the prices of its commercial vehicles, effective 1 October 2023, by upto 33%.

This adjustment aims to offset the impacts of past input costs. The price increase is to offset the residual impact of the past input costs.

KP Green Engineering's Historic SME IPO

KP Green Engineering, the fabricated and hot-dip galvanised steel products manufacturer, is going to launch the biggest-ever IPO in the SME (small and medium enterprise) segment in the coming week on 15 March.

The initial public offering of 1,31,60,000 equity shares will close on 19 March, while the anchor book will be opened for a day on 14 March.

The company is planning to raise Rs 1.9 bn through its public issue at the upper price band, comprising only a fresh issue with no offer-for-sale component.

The price band for the book-built issue has been fixed at Rs 137-144 per equity share.

The Gujarat-based KP Group company has reserved 6.6 lakh equity shares for the market maker, and the issue less the market maker reservation portion is the net issue. Further, half of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% shares are for retail investors.

Investors can bid for a minimum of 1,000 equity shares and in multiples of 1,000 shares thereafter. Retail investors can bid for only Rs 1.4 lakh worth of shares.

KP Green Engineering which provides several products such as lattice towers, substations, solar module mounting structures, cable trays, earthing strips, and beam crash barriers, will spend Rs 1.6 bn out of the net fresh issue proceeds for setting new manufacturing unit to expand its current production capabilities as well as expanding current product portfolio.

The remaining fresh issue money will be used for general corporate purposes.

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

Bitcoin Shatters Record, Soars Over US$ 70,000

Bitcoin rallied to a record high on Friday in volatile trade as crypto mania continued to sweep through the investment community.

The leading cryptocurrency topped the US$ 70,000 mark for the first time, boosted by investor demand for new US spot exchange-traded crypto products and expectations for global interest rates to fall.

Billions of dollars have flowed into ETFs in the past few weeks and the market is getting extra support from an outlook that includes an upgrade to the Ethereum blockchain platform, home to bitcoin rival ether, and a bitcoin halving event, which slows the flow of bitcoin minting, in April.

The approval of 11 spot bitcoin ETFs by the US Securities and Exchange Commission in late January marked a watershed moment for the industry, following an 18-month-long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.

Even institutional investors who once shunned crypto due to its sharp and wild moves have begun committing long-term money too, this could help sustain the latest leg of this rally.

The recent optimism over Bitcoin has also spilt over to other digital tokens, particularly ether, which ranks second behind Bitcoin in terms of total market value, up more than 60% since the start of the year.

Tata Sons's IPO Goes for a Toss

This week's multi-billion-dollar rally in several Tata group stocks, sparked by a what-if bull case scenario, might fade away soon with India's most valued conglomerate now trying to avoid Tata Sons IPO.

The worst affected would, undoubtedly, be Tata Chemicals, which had rallied 36% in 4 days as it was believed to be the biggest beneficiary of the mega listing.

To avoid getting listed under RBI rules, Tata Sons is now said to be exploring the option of restructuring its balance sheet.

If it reorganises debt by repaying borrowing or transfers the holding in Tata Capital to another entity, Tata Sons may get deregistered as a core investment company (CIC) and upper-layer NBFC. By doing so, Tata Sons can avoid getting listed.

The Tatas had also approached RBI seeking an exemption to the listing rule but the plea was rejected. Tata Sons has now been consulting legal and finance experts to find a solution.

The RBI rule that Tata Sons, the holding company of the salt-to-software group, would have to get listed by September 2025 as it has been classified as an upper-layer NBFC, was known for a long time.

But investors started buying Tata stocks, Tata Chemicals in particular, after investment banker Spark Capital released a report on Monday identifying Tata Chemicals as the only potential play in the IPO.

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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