Gift Nifty Down 34 Points | M&M, Adani Team Up for EV Charging Network | Why Gold Loan Stocks are Rising | Top Buzzing Stocks Today

Fri, 22 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 Thursday, the BSE Sensex closed higher by 540 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 173 points (up .8%).

NTPC, Tata Steel and BPCL were among the top gainers.

ONGC, ICICI Bank and Bharti Airtel 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 ended 2.4% higher and BSE SmallCap index ended 2% higher.

Sectoral indices are trading on positive note, with socks in metal sector, power sector and realty sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 1.5% higher at Rs 66,701 grams at the time of Indian market closing hours on Thursday.

At 7:30 AM today, the Gift Nifty was trading 34 points lower at 22,080 levels.

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

Speaking of stock markets, in 1947 a group of researchers at Bell Labs, a subsidiary of AT&T, invented the transistor, a switch that controls electric current.

A thriving industry grew up around California, outsourcing low-value tasks, such as chip assembly, to Asia, where labour was cheaper.

Japanese firms such as Toshiba and Fujitsu managed to take a share of some chip markets.

Decades later China's tech titans reduced the country's dependence on foreign chips.

Now it is India's turn.

Co-head of Research at Equitymaster, Tanushree Banerjee talks about how you could cash in, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Bajaj Auto share price will be in focus today.

When it comes to the least-loved sectors by investors, two-wheeler figures are pretty much high up on that list. So it would come as a surprise to most people that the top two consistent performers in the Nifty over the last one year have been Bajaj Auto and Hero Motocorp.

Jupiter Wagons will also be a top buzzing stock.

Jupiter Wagons rallied 4.4% to hit a high of Rs 348.35 in intra-day deals on the BSE after the company announced the acquisition of Bonatrans India for Rs 2.7 bn.

Jupiter Wagons (JWL) in a press release said, the acquisition of Bonatrans India marks a significant milestone for the company and positions it as the first rolling stock manufacturer to have its wheel plant.

M&M, Adani Team Up for EV Charging Network

Mahindra & Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country.

The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard.

The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country.

Moreover, the partnership will also entail rolling out e-mobility solutions to provide seamless access to the charging network for the customers covering discovery, availability, navigation, and transactions.

With this association, electric vehicle XUV400 customers will now have access to more than 1,100 chargers.

This alliance is a cornerstone in enhancing the EV charging infrastructure, ensuring our customers enjoy seamless access to the charging network and digital integration for an unparalleled EV experience.

In line with the commitment to enhance customer experience with a partner network, the company is actively onboarding multiple partners to broaden the EV ecosystem, driving the adoption of electric vehicles.

Why Gold Loan Stocks are Rising

Shares of gold loan companies, including Muthoot Finance and Manappuram Finance, jumped nearly 5% after the precious metal surged to a new high following dovish commentary from the US Federal Reserve.

Gold hit a fresh high of Rs 66,778 on MCX. In the international market, spot gold surged as markets heaved a sigh of relief as the Fed remained on track to three rate cuts this year.

Muthoot Finance gained nearly 5% to hit an intraday high of Rs 1,404.6 on the NSE, while Manappuram Finance shares gained over 3% to Rs 172.3.

Gold loan companies tend to benefit from the increase in the price of the metal, as the value of the collateral held by them also rises. This boosts the confidence of investors in the company's asset quality and lending business.

These companies typically charge interest rates on the loans they provide, and the difference between the interest earned on loans and the cost of funds represents their profit margin.

When gold prices rise, the value of the collateral goes up, allowing them to maintain or even increase profit margins while lending against the same amount of gold.

The loan-to-value ratio (LTV), representing the ratio of the loan amount to the value of the collateral (in this case, gold), also increases with a price rise, allowing borrowers to access a higher percentage of the value of their gold as a loan, leading to loan growth for gold financiers.

Higher prices also enable these companies to expand their loan book by attracting more borrowers.

Trust Fintech Sets IPO Price Band

Trust Fintech, a provider of SaaS product-focused fintech software solutions fixed the price band at Rs 95-101 per share for its initial public offering.

The Initial Public Offer (IPO) will open on 26 March and conclude on 28 March. The anchor portion will be opened on Friday.

The IPO is only a fresh issue of 62.82 lakh equity shares with a face value of Rs 10 each through the book-building route. The company's shares will be listed on NSE's small and medium enterprises platform Emerge.

At the upper end of the price band, the company intends to raise up to Rs 634.5 m. Investors can bid for 1,200 equity shares as a minimum, and subsequently in multiples of 1,200 equity shares.

The firm plans to utilise the proceeds from the public issue to establish a new development facility at Mihan SEZ in Nagpur to procure hardware and upgrade IT infrastructure; to enhance, maintain, and upgrade existing products.

It will also use the proceeds to fund its global and domestic business development, sales, marketing and general corporate expenses.

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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