Gift Nifty Up 45 Points | Reliance Picks Stake in Adani Power Project | Cloverdell Exits IRFC First Bank | Top Buzzing Stocks Today

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On Thursday last week, Indian share markets gained momentum as the session progressed and ended on firm footing.

Benchmark indices witnessed a sharp rally, with the Nifty 50 surging above the 22,400 level, amid cautiously positive global market cues. The market rally was led by across-the-board gains as all the sectoral indices traded in the green.

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were closed for trading on Friday on account of Good Friday.

At the closing bell on Thursday, the BSE Sensex closed higher by 639 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 203 points (up 0.9%).

Grasim Industries, Eicher Motors and Bajaj Finance were among the top gainers.

Axis Bank, Tech Mahindra and Britannia 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 0.6% higher and BSE SmallCap index ended 0.3% higher.

Sectoral indices are trading on positive notw, with socks in metal sector, power sector and capital goods sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 67,144 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 45 points higher at 22,527 levels.

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

Speaking of stock markets, initiatives like sea links, multi-modal connectivity, dedicated freight corridor, logistics parks, drone deliveries and e-commerce policies are expected to offer massive long-term tailwinds to key logistics players in the country.

Co-head of Research at Equitymaster, Tanushree Banerjee talks about one such company that stands out, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Tata Elxsi share price will be in focus today.

Shares of Tata Elxsi gained 1.4% on 28 March after it forged a partnership with Germany-based Dräger to advance critical care innovation in India.

Tata Elxsi and Dräger, a global leader in medical and safety technology, announced a collaboration to advance critical care innovation in India.

Tata Investment will also be a top buzzing stock.

Shares of Tata Investment hit its 5% upper limit for the second session on 28 March on a report that the conglomerate was planning several initial public offerings (IPOs) over the next two or three years.

Canara Bank to Dilute Stake in AMC IPO

Canara Bank plans to sell off 13% equity shares in Canara Robeco Asset Management Company (CRAMC) by taking the mutual fund subsidiary public.

The public sector lender in a filing to exchanges said it has approved to kick off the process for diluting a 13% stake through an initial public offering (IPO).

The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the Department of Financial Services under the Ministry of Finance, Government of India.

The public sector lender in a filing to exchanges said it has approved to kick off the process for diluting a 13 per cent stake through an initial public offering (IPO).

The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the Department of Financial Services under the Ministry of Finance, Government of India.

Canara Robeco Asset Management Company will be the fifth listed mutual fund house if it gets listed on the bourses.

HDFC Asset Management Company, UTI Asset Management Company, Aditya Birla Sun Life AMC, and Nippon Life India Asset Management are the four listed competitors now.

Canara Robeco Mutual Fund is the second oldest mutual fund in India, operating since December 1987 as Canbank Mutual Fund.

Cloverdell Exits IRFC First Bank

Cloverdell Investment on March 28 exited IDFC First Bank offloading 158.8 m shares (2.2% stake) for Rs 75.2. Shares of IDFC First Bank fell 2.9% to Rs 75.5 on NSE.

In Shriram Finance, 5.9 m shares or 1.6% stake changed hands in the trading session for Rs 2,386.

Promoter Shriram Value Services bought the shares while foreign promoters Sanlam Life Insurance were the sellers. Sanlam had a 2.0% stake in the company as of December 2023.

Shriram Value held a 3.5% stake in the company.

In Cartrade Tech, ICICI Prudential India Opportunities Fund bought 0.5 m shares (1.3% stake) at an average price of Rs 640. Meanwhile, Springfield Venture International sold 6.31 lakh shares (1.4% stake) for Rs 640. Springfield held a 3.5% stake in the company.

In Dhani Services, 10 m shares or 1.6% stake exchanged hands. ACM Global Fund VCC were the buyers and Promoters, Inuus Developers were the sellers and the shares were sold at Rs 39.2. Innus held a 25.7% stake in the company til December 2023.

Reliance Picks Up Stake in Adani Power Project

In a first, the business houses run by Mukesh Ambani and Gautam Adani will enter into an investment agreement, by which Reliance Industries Ltd (RIL), controlled by Ambani, will pick up a minority stake in the latter's Mahan Energen power project.

On Thursday, two companies -- Adani Power and RIL informed the stock exchanges of the investment agreement.

RIL entered into an investment agreement on 27 March with Mahan Energen, a wholly-owned subsidiary of Adani Power, where 50 m equity shares are to be allotted to RIL.

The equity shares, Adani Power said, came to Rs 500 m.

It is India's Electricity Rules, 2005, that has prompted RIL to pick a stake in Adani Power's unit.

RIL has entered into a 20-year power purchase agreement with Mahan for its captive use.

RIL has said the investment agreement was following the provisions of the Electricity Rules, 2005, in terms of which it, as a captive user, is required to own 26 per cent proportionate ownership in one unit of Mahan of 600 megawatt (Mw), with RIL being the captive user of 500 Mw.

The Ambani company is expected to complete the deal within two weeks of completing some steps.

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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