Gift Nifty Up 23 Points | JSW Group & MG Motor JV | TVS Motor Approves Interim Dividend | Top Buzzing Stocks Today

Tue, 12 Mar Pre-Open

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

Equity benchmark indices started the week on a dismal note, ending Monday's session with sharp losses ahead of key CPI inflation data both in India and the US on Tuesday.

At the closing bell on Monday, the BSE Sensex closed lower by 616 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 160 points (down 0.7).

Apollo Hospital, Nestle and Cipla were among the top gainers.

SBI, Tata Steel and Bajaj Auto 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 ended 0.2% lower and the BSE Small Cap index ended 2% lower.

Sectoral indices are trading negative, with stocks in telecom sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.1% higher at Rs 66,081 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading 23 points higher at 22,447 levels.

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

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Top buzzing stocks today

Gensol Engineering share price will be in focus today.

Shares of Gensol Engineering slumped 10% to Rs 911 in the afternoon on 11 March, even as the company bagged an order for a 70 MW / 140 MWh out of 250 MW / 500 MWh standalone Battery Energy Storage Systems (BESS) project.

This project is expected to contribute Rs 4.5 bn to Gensol's revenue throughout the contract. However, the specific timeframe of the contract has not been disclosed by the company.

Torrent Power will also be a top buzzing stock.

Shares of Torrent Power rallied 12.5% to hit an all-time high of Rs 1287.5 per share after the company bagged 306 megawatt (MW) solar project in Maharashtra for Rs 15.4 bn.

Torrent Power said it received a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) to supply 306 MW of solar power under Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder level solarisation under PM KUSUM Scheme.

JSW Group & MG Motor JV

JSW Group and MG Motor India are likely to commence their joint venture on 20 March and will unveil their India roadmap for manufacturing and sale.

Total investment in MG Motor India would be around Rs 50 bn, and PE investor Everstoine Capital has also picked up stake in MG Motor's India operations.

MG Motor's dealers and company employees could get up to 3.5% stake in the JV.

The investments will help MG Motor India scale up manufacturing and retail footprint in India.

MG Motor India expects an accelerated growth path with more aggressive expansion plans after getting the JSW Group as an investor.

With the company already establishing a well laid foundation based on technology, customer experience, gender diversity and community service in the first phase of its journey in the country.

JSW Group will hold 35 percent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions, with a focus on the Indian consumer.

In 2022, MG Motor India had announced plans to invest around Rs 40 bn on a second manufacturing unit, for which it was in talks with several state governments, including Gujarat, where its first facility is located.

Why Jio Financial Share Price is Rising

Shares of Jio Financial Services surged more than 6% on Monday, hitting a new record high.

The stock surged by 5.1% in early trade, reaching Rs 351, marking an increase of 71.5% from its lowest value in the past year.

The rise in share price today follows reports that Jio Payments might venture into the soundbox segment, similar to the Paytm Soundbox often used in retail stores.

Additionally, Jio Financial announced that its subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL), has sold its entire equity stake in Jio Infrastructure Management Services Ltd (JIMSL) to Reliance Strategic Business Ventures Ltd (RSBVL) for Rs 9.2 m in cash.

RSBVL, a subsidiary of Reliance Industries Ltd (RIL), deals with trading goods and holding strategic interests in businesses. JIMSL, on the other hand, specialises in project management services, with a turnover of Rs 40 m during FY 2022-23 and a net worth of Rs 12.3 m as of 31 March 2023.

This transaction marks JIMSL's departure as a subsidiary of Jio Financial. The company clarified that the transaction is conducted at arm's length and is not influenced by the promoters or promoter group.

Earlier this month, Jio Financial denied being in any negotiations to acquire Paytm wallet, calling such reports speculative. The company stated that it has not engaged in any discussions regarding this matter.

TVS Motor Approves Interim Dividend

The Board of TVS Motor has approved an interim dividend of Rs 8 apiece, which is about 800% of the face value, for the year ending March 2024. The dividend payout will cost the company about Rs 3.8 bn.

The interim dividend declared will be paid to those shareholders, who hold shares in physical form or electronic form and whose names appear in the register of members as on the record date.

The record date to determine the eligibility of shareholders is fixed as 19 March. The said dividend will paid within 30 days from the declaration.

Continuing the stellar run of the past year, the shares of TVS Motors rallied 12% so far this year, compared with 2.8% in the Nifty index. In the last year period, TVS Motor shares more than doubled investor wealth.

TVS Motor is the third largest two-wheeler company in India, with an annual sales of more than 3 m units. The company manufactures the largest range of two-wheelers, including mopeds, scooters, commuter motorcycles, and premium bikes.

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

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