Gift Nifty Down 79 Points | Why Adani Group Stocks are Falling | Baazar Style Retail Files for IPO | Top Buzzing Stocks Today

Tue, 19 Mar Pre-Open

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On Monday, Indian share markets reversed the trend as the session progressed and ended the day higher.

Equity benchmark indices turned rangebound after a tepid start on Monday.

At the closing bell on Monday, the BSE Sensex closed higher by 105 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 28 points (up 0.1%).

Tata Steel, JSW Steel and Tata Motors were among the top gainers.

UPL, Infosys and TCS 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 mixed. The BSE Mid Cap ended 0.1% higher and the BSE Small Cap index ended 0.1% lower.

Sectoral indices are trading mixed, with stocks in auto sector, metal sector and realty sector witnessing selling pressure. Meanwhile stocks in IT sector and FMCG sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 65,473 grams at the time of Indian market closing hours on Monday.

At 7:35 AM today, the Gift Nifty was trading 79 points lower at 22,058 levels.

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

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Co-head of Research at Equitymaster, Rahul Shah show how you can use a simple back-of-the-envelope calculation to decide whether a stock can be considered for investment or whether it should be rejected, in his latest video.

Tune in to the below video:

Top buzzing stocks today

DroneAcharya share price will be in focus today.

DroneAcharya Aerial Innovations' share price rose 5% in the early trade on 18 March after the company secured a contract to supply IT hardware for the Indian Army's drone lab in Jammu and Kashmir.

The provision of IT hardware, including CPUs, monitors, keyboards, and mice, for the drone lab will contribute significantly to the establishment and operation of this state-of-the-art facility.

Tata Steel will also be a top buzzing stock.

Tata Steel's share price jumped nearly 5% on 18 March amid heavy volumes and multiple large deals, buoyed by China's robust industrial output growth.

Nearly 100 m shares of Tata Steel have been traded today, which is more than double the last month's average. As many as 23 m shares have been sold in bunches of large trades.

Why Torrent Power Share Price is Rising

Shares of Torrent Power soared nearly 7% in the opening trade on 18 March after the company bagged a letter of award for setting up 300 MW win solar hybrid projects.

The project will have a tariff of Rs 3.65/kwh, with a contract period spanning 25 years. The project was awarded by Torrent Power's distribution unit.

The project, which has a cost of Rs 36.5 bn, will be commissioned within 24 months from the power purchase agreement (PPA).

The annual capacity utilisation factor (CUF) shall not be less than 50% for any of the years during the term of the PPA and the rated power capacity of wind and solar shall be in ratio of 2:1.

Last week, the company bagged a solar project worth Rs 15.4 bn. The order win had lifted shares of the company to a 52-week high of Rs 1,287.50.

The letter of award (LoA) was awarded by the Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 306 MW solar power under Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder level solarisation under the PM KUSUM Scheme.

Why Adani Group Stocks are Falling

Shares of companies Adani Group experienced a decline of up to 2-4% on Monday following a report by Bloomberg that indicated that the US government may have expanded the scope of the investigation.

Adani Enterprises, the flagship firm of the group, witnessed a nearly 4% drop to an intra-day low of Rs 2,976.05 during early trading while Adani Ports and Special Economic Zone saw a decrease of over 3% to Rs 1,227.2.

Similarly, Adani Power, Adani Green Energy, and Adani Energy Solutions registered losses ranging between 2% and 3%.

According to the article, the US government is scrutinizing the actions of founder and Chairman Gautam Adani, as well as investigating the potential involvement of Adani entities or affiliates in bribing Indian officials to gain favourable treatment in energy projects.

The investigation is being handled by the US Attorney's office for the Eastern District of New York and the Department of Justice's fraud unit. Additionally, the probe extends to Indian renewable energy company Azure Power.

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.

Baazar Style Retail Files For IPO

Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds from the public.

The initial public offer (IPO) will be a mix of fresh shares of up to Rs 1.9 bn and an offer-of-sale (OFS) of up to 16.8 m by the promoter group and other selling shareholders.

Upon the demise of the Big Bull, the late Rakesh Jhunjhunwala, the equity shares held by him were transmitted to Rekha Rakesh Jhunjhunwala as his nominee and wife.

Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Rajendra Kumar Gupta (HUF) and Sri Narsingh Infrastructure are promoters of the company.

The company may consider a further issue of specified securities through a private placement, rights issue, preferential offer, or any other method aggregating to Rs 370 m as a 'pre-IPO placement'. If such placement is completed, the fresh issue size will be reduced.

The net fresh issue proceeds worth Rs 1.4 bn will be utilised for prepayment or repayment of certain outstanding borrowings and general corporate purposes.

Axis Capital, Intensive Fiscal Services and JM Financial are the book-running lead managers, and Link Intime India is the registrar of the issue.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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