Gift Nifty Up 151 Points | Reliance Power to Settle Dues | Bharti Hexacom IPO | Top Buzzing Stocks Today

Thu, 21 Mar Pre-Open

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Indian share markets were volatile throughout the trading session today.

After opening the day on a positive note, benchmark indices fell marginally only to recover in the afternoon session and ending on a positive note.

At the closing bell on Tuesday, the BSE Sensex closed higher by 89 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 22 points (up 0.1%).

Maruti, Nestle India and SBI were among the top gainers.

Tata Steel, Tata Motors and HDFC 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.

The BSE MidCap index and the BSE SmallCap index ended on a flat note.

Sectoral indices ended mixed with stocks in the energy sector, power sector and oil & gas sector witnessing most of the buying.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 65,590 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 151 points higher at 22,076 levels.

Indian share markets are headed for a positive 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

Maruti Suzuki share price will be in focus today.

Maruti Suzuki share price crossed the Rs 12,000 mark today.

The sharp rally in India's largest carmaker comes after a brokerage firm highlighted that Maruti will maintain its top position in the CNG PV segment with a 72% share.

LT Foods will also be a top buzzing stock.

LT Foods share price rallied over 10% today after Sunil Singhania entered the stock via a bulk deal.

Bulk deal data revealed that the market mogul bought stake in the rice stock on Tuesday, 19 March 2024.

Wipro Appoints New CEO

Wipro announced on 20 March that Anne-Marie (Annie) Rowland has been appointed as the chief executive officer at the IT services major's technology and management consultancy unit Capco.

Capco, a Wipro company, is a global technology and management consultancy focused on the financial services and energy industries.

Annie is currently Managing Partner of Capco's business in the United Kingdom and Ireland and a member of Capco's Global Leadership Team, according to a press release from Wipro. She will take on the CEO role effective 1 April 2024.

As CEO of Capco, Rowland will report to Wipro CEO and Managing Director Thierry Delaporte and will become a member of Wipro's Executive Committee (WEC).

Rowland joined Capco 14 years ago and has consulting expertise in business change management, innovation, and transformation.

Capco, acquired by Wipro in 2021, has evolved from a niche service provider to become the world's largest, independent, financial services management consultancy.

Reliance Power to Settle Dues

Reliance Power settled the debts owed to three banks - ICICI Bank, Axis Bank, and DBS Bank - last week, while its parent Reliance Infrastructure is working towards settling dues of Rs 21 bn to JC Flowers Asset Reconstruction Company.

The three lenders jointly had about Rs 400 crore and have recovered close to 30-35% of their principal loans.

Reliance Infrastructure and JC Flowers ARC had entered into a standstill agreement, according to a notice issued to the exchanges on 7 January. Initially, the standstill was until 20 March 2024, according to a separate stock exchange disclosure.

As per the standstill agreement, JC Flowers ARC will not take legal action against Reliance Infrastructure until 31 March, giving the company time to arrange funds.

Reliance Power raised Rs 240 crore equity from VFSI Holdings on 13 March, a stock exchange disclosure showed. The proceeds were probably used to settle the dues of the banks. VFSI Holdings is a subsidiary of Varde Partners, a global asset manager.

Yes Bank, the original lender, has transferred its Rs 480 bn distressed loan book to JC Flowers ARC, including loans given to Reliance Infrastructure and Reliance Power.

Bharti Hexacom IPO

The initial public offer (IPO) of Bharti Hexacom, owned by telecom major Bharti Airtel, will likely be launched in April first week, seeking valuation of over Rs 280 billion (bn).

According to reports, Bharti Hexacom IPO size will be around Rs 43 bn.

On 19 March 2024, Bharti Hexacom received approval from the market regulator to go ahead with its IPO.

According to the draft red herring prospectus (DRHP), promoter Bharti Airtel holds a 70% stake (35 crore equity shares) and the remaining 30% shareholding (equivalent to 15 crore equity shares) is held by non-promoter Telecommunications Consultants India.

TCIL will sell 10 crore shares in Bharti Hexacom through IPO.

In the six-month period ended September FY24, the company's net profit dropped 64.6% YoY to Rs 691 million, impacted by higher tax costs and exceptional loss.

However, revenue during the same period grew by 8% to Rs 34.2 bn.

With major groups like Tatas, Adanis and Ambanis eyeing big IPOs in 2024, it was only a matter of time before the Airtel group also planned for an IPO of its subsidiary.

For more details, check out Bharti Hexacom IPO: 5 Things to Know.

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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