SGX Nifty Up 18 Points | Vedanta Declares Fifth Interim Dividend | Chemical Company's Upcoming IPO | Top Buzzing Stocks Today

Wed, 29 Mar Pre-Open

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On Tuesday, Indian share markets reversed gains to end on a negative note.

Benchmark indices ended lower amid high volatility, as broader economic challenges dampened sentiment, while investors waited for some key economic data due later in the week.

At the closing bell on Tuesday, the BSE Sensex stood lower by 40 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 34 points (down 0.2%).

UPL, HDFC Bank and Power Grid Corporation were among the top gainers.

Adani Enterprises, Adani Ports and Tata Motors, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index fell 0.4% while the BSE SmallCap index fell 0.9%.

Sectoral indices ended on a mixed note with stocks in metal sector, and financial sector witnessing buying.

On the other hand, stocks from the telecom sector, power sector and auto sector witnessed heavy selling pressure.

Shares of Artemis Electrical & Projects hit their 52-week high on Tuesday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 58,634 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:20 AM today, the SGX Nifty was trading up by 18 points or 0.1% higher at 17,010 levels.

Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Speaking of stock markets, investors used to believe that they have to choose between high dividend paying stocks and high growth stocks, as these were perceived as two distinct types of investments.

High dividend stocks were typically viewed as defensive investments, offering steady income but limited growth potential, while high growth stocks were seen as more volatile investments, with greater potential for capital appreciation but lower dividend yields.

However, there are some companies that offer both high dividend yields and strong growth potential. Yazad Pavri talks about such companies in the below video.

Tune in to know more:

Top Buzzing Stocks Today

Vedanta will be among the top buzzing stocks today.

The board of directors of mining company Vedanta considered and approved an interim dividend in its meeting held on Tuesday. This was the fifth interim dividend declared by Vedanta this year.

ABB India will also be in focus today.

The unit of Swedish-Swiss engineering and technology major ABB said, on Tuesday, that it will secure the 130-kilometer Indo-Bangla Friendship Pipeline (IBFPL), through integrated automation and control solutions.

JG Chemicals gets nod for an IPO

JG Chemicals has obtained final observations from the capital markets regulator, Sebi, for the launch of its initial public offering (IPO).

The Kolkata-based manufacturer of Zinc Oxide had submitted its draft red herring prospectus (DRHP) to Sebi in January 2023. The IPO includes an offer-for-sale of up to 5.7 million (m) shares by its existing shareholders and promoters.

Among them, Vision Projects & Finvest and Jayanti Commercial will offload 3.6 m equity shares in the OFS, whereas will Suresh Kumar Jhunjhunwala (HUF) sell 1.2 m equity shares and Anirudh Jhunjhunwala (HUF) will offer 0.6 equity shares.

The company, in consultation with merchant bankers, may also consider a private placement to raise up to Rs 4 m. If a private placement is completed, the fresh issue size will be reduced.

The proceeds from the issue will be used for investment in its material arm BDJ Oxides, repayment of the debt, setting up a research and development center, long-term working capital requirements, and general corporate purposes.

JG Chemicals is India's largest zinc oxide manufacturer in terms of production and revenue, having marketed and sold its products to over 200 domestic customers and over 50 global customers in more than ten countries over the past three years.

For more details, check out the current IPOs and upcoming IPOs on our website.

GR Infraprojects wins new order

GR Infraprojects on Tuesday won two NHAI projects valued at Rs 16.1 billion (bn) after submitting the lowest bids.

The financial bids were unveiled on 28 March 2023. One of the projects, priced at Rs 8.9 bn, involves constructing a 4/6 lane bypass in Karnataka under HAM mode package 1, with a completion deadline of 912 days from the appointed date.

The second project, worth Rs 7.2 bn, is for constructing a 4-lane road with paved shoulders in Karnataka under HAM mode, which must be executed within 730 days from the date of appointment.

G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

Why Adani Group stocks are falling once again

Shares of the Adani group's flagship firm Adani Enterprises tanked 7%, while five other group stocks hit their 5% lower circuit limits on Tuesday amid a media report that raised questions about whether the group repaid debts worth US$ 2.15 bn.

The Adani group had earlier this month announced the completion of the full prepayment of margin-linked share-backed financing ahead of the committed timeline of 31 March 2023.

The report suggested that the Adani Group only reduced the loan amount through a partial repayment to avoid pledging more shares and further action against it by lenders.

It alleged that following the Adani group's prepayment announcement, banks have only released the pledged shares of Adani Ports.

It claimed that the pledged shares of Adani Green Energy and Adani Transmission had not been released by the bank even a month after the loan repayment announcement.

In the meantime, according to other media report the Adani Group is seeking to renegotiate the terms of outstanding loans worth US$ 4 bn taken in August last year for the acquisition of its cement assets - ACC and Ambuja Cements, from Switzerland-based Holcim group.

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.

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

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