Gift Nifty Down 100 Points | UPL to Launch IPO | Vedanta Group's Fundraising Plan | Top Buzzing Stocks Today

Fri, 5 Apr Pre-Open

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Indian share markets continued the momentum as the session progressed and ended the day lower.

Equity markets charted a U-shaped trajectory on Thursday, starting and ending the session with healthy gains. The S&P BSE Sensex hit a record high of 74,502 in the early hours, before turning lower for better part of the day.

At the closing bell on Thursday, the BSE Sensex closed higher by 350 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 80 points.

HDFC Bank, Eicher Motors and Asian Paints were among the top gainers.

ONGC, SBI and BPCL 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 marginally lower and the BSE Small Cap index ended 0.5% higher.

Sector indices are trading on mixed, with stocks in power sector, banking sector and finance sector witnessing buying. Meanwhile, stocks in oil & gas sector, energy sector and telecom sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 69,715 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:30 AM today, the Gift Nifty was trading 100 points lower at 22,546 levels.

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

Speaking of stock markets, remember how Accenture's revised growth target dominated investment news last week?

This downgrade triggered worries about Indian IT giants like Infosys and TCS. To know is the future of IT Companies bright, check out Co-head of Research at Equitymaster, Rahul Shah's latest video.

Tune in to the below video:

Top buzzing stocks today

GM Breweries share price will be in focus today.

Shares of GM Breweries tanked over 4% in afternoon trade on 4 April after the company reported a sharp decline in its EBITDA margin for the fourth quarter of FY24.

The company's operating margin in the January-March quarter contracted to 15.8%, sharply down from 20.1% a year ago.

Dabur India will also be a top buzzing stock.

Dabur India's shares fell over 4% after the company announced a mid-single-digit revenue growth in the January-to-March quarter.

The company's India business and home and personal care segment is expected to grow in high-single digits, said the company in its Q4FY24 result update.

Vedanta Group's Fundraising Plan

Indian metals-to-oil conglomerate Vedanta will raise Rs 25 billion (bn) through debt securities.

The fundraising will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds would be used for.

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for Rs 34 bn.

Earlier in the day, the miner reported higher aluminium and refined zinc production for the fourth quarter, while refined lead production fell.

Vedanta last year said it planned to restructure by splitting into six separate units.

For more details, check out Best High Dividend Stock 2024: Vedanta vs Coal India.

Why oil stocks are Falling

Shares of upstream oil companies Oil and Natural Gas Corp and Oil India Ltd fell as much as 2.5% on 4 April after the government increased the windfall tax on crude oil by a massive 40%.

Shares of downstream oil companies Indian Oil Corporation (IOCL), Bharat Petroleum Corp (BPCL), and Hindustan Petroleum Corp (HPCL) fell too.

In the late afternoon trade, ONGC stock was down 2.1% at Rs 269; Oil India was down 2.1% at Rs 622; Indian Oil was down 2.3% at Rs 170; BPCL was down 2% at Rs 599; and HPCL was down 2.7% at Rs 462.

The Government of India announced late last night a hike in the windfall tax on crude petroleum from Rs 4,900 per tonne to Rs 6,800 per tonne.

This move by the Indian government comes as global oil prices continue to rise amid concerns over potential disruptions in supply due to escalating geopolitical tensions. The government levies a windfall tax on local crude oil production companies when the global market prices are above $75 per barrel.

Brent Crude Futures were flat at US$ 89.4 per barrel on 4 April.

This hike in windfall tax marks the fifth such increase since February. Notably, the windfall tax remains unchanged at zero for petrol, diesel and aviation turbine fuel.

The higher windfall tax moderates the profitability of upstream oil companies, whereas high global crude oil prices continue to exert pressure on oil marketing companies too.

OMCs are responsible for the retail marketing and distribution of petroleum products under the Ministry of Petroleum and Natural Gas.

Oil producers and oil marketing companies first encountered the windfall tax on crude oil and petroleum products in July 2022 amid soaring international prices.

UPL to launch IPO

Sustainable agriculture products and solutions provider UPL is likely to launch an initial public offering (IPO) of its seeds business Advanta Enterprises in early FY25.

BofA Securities, Morgan Stanley, and JM Financial are bankers to the Advanta IPO, the sources said, adding that the company plans to divest nearly 10 -12% stake in the subsidiary.

The report further mentioned that UPL is likely to use proceeds of the Advanta Ent issue for deleveraging. It is likely targeting a valuation of US$ 4 bn.

The company had also planned a rights issue worth over Rs 40 bn, and in an exchange filing on 26 March 2024, it mentioned that it is in the process of completing the necessary formalities and compliances for the same.

UPL owns 86.7%, and private equity firm KKR has a 13.3% stake in Advanta Ent. KKR had acquired the stake for $300 million in September 2024.

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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