SGX Nifty Down 20 Points | Titan Q4 Update | 4 IPOs to Hit the Market | Top Buzzing Stocks Today

Mon, 10 Apr Pre-Open

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On Thursday, Indian share markets continued their momentum throughout the trading session and ended 0.2% higher.

Benchmark indices witnessed a sharp upside move after the announcement of RBI Governor Shaktikanta Das surprised India by keeping the repo rate unchanged at 6.5%, as the market was expecting a 0.25% rate hike.

At the closing bell on Thursday, the BSE Sensex stood higher by 143 points (up 0.2%).

Meanwhile, the NSE Nifty closed up by 42 points (up 0.2%).

HDFC Bank and Reliance were among the top gainers.

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

Broader markets ended on a positive note on Wednesday with the BSE Midcap index and the BSE Smallcap index ending 0.7% higher.

Sectoral indices ended on a mixed note with stocks in the auto sector, and power sector witnessing most of the buying.

On the other hand, stocks from the metal sector, and IT sector witnessed selling pressure.

Shares of Abbott India hit their 52-week highs.

The rupee was trading at 81.9 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.1% at Rs 60,797 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:35 AM today, the SGX Nifty was trading down by 21 points or 0.1% lower at 17,690 levels.

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

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...

Speaking of stock markets, over the past decade, the demand for lithium has grown in massive proportions.

China controls almost 60% of the world's capacity for processing raw lithium products into battery-grade chemicals.

Some Western countries are concerned that if lithium supplies fall short, Chinese companies will meet the needs of their own rapidly growing electric vehicle (EV) market first.

However, Chinese firms continue to invest in lithium mining and processing and lithium-ion battery production around the world. The race for countries to establish a secure, independent supply of lithium is on.

To know how far India has come in the race, tune into the video below.

Top buzzing stocks today

Titan share price will be in focus today.

Titan saw healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year-on-year for the March 2023 quarter.

The growth was aided by strong showings from watches and wearables and emerging business segments.Its jewellery division clocked 23% YoY growth, led by buyer growths, both new and repeat, and an increase in ticket size.

MarcoTech Developers will also be a top buzzing stock.

The real estate major, recorded pre-sales of Rs 30.3 bn for the March 2023 quarter, pushing its annual pre-sales to the best performance of Rs 120.6 bn for the financial year 2022-23.

With a 34% YoY rise in annual pre-sales, the listed company has surpassed its full-year guidance of Rs 115 bn.

The collections of money from customers stood at Rs 106.1 bn for the financial year 2023, up 23% YoY.

Axita Cotton bags a new order

Small-cap company, Axita Cotton operates in the textile industry. It is involved in the manufacture and trade of cotton seed (Kapas), cotton seed oil, cotton cake, etc., as well as the installation of machinery for the production of corn oil.

Bangladesh has placed a US$ 3.3 m (about Rs 269.2 m) order with Axita Cotton. Also, the firm has recently received orders for Indian raw cotton worth US$ 2.7 m (about Rs 222.1 m) from several Bangladeshi spinning mills.

The order, which includes 4 foreign buyers, will be delivered to the nation over the course of the following three months.

A well-known Bangladeshi textile company that is renowned for its dedication to quality and on-time delivery made the order. Axita Cotton was chosen to get the order because of its track record of providing premium raw cotton at affordable pricing.

The company specialises in two types of cotton bales: Shankar-6 and MCU-5/MECH. It also manufactures cotton seeds.

The manufacturing plant is situated strategically close to the main cotton-growing regions of Saurashtra and other areas of Gujarat at Kadi, in the Mahesana District of that state.

Four companies get IPO approvals

Healthvista India, which runs home healthcare business Portea Medical, and Cyient DLM, a unit of IT services firm Cyient, are among the four companies that have received approval from the market regulator to raise funds through initial public offerings (IPOs).

Rashi Peripherals and fintech firm Zaggle Prepaid Ocean Services are the other two companies, according to market regulator update on Wednesday, last week. The companies filed their draft papers with the regulator between July 2022 and January 2023, and received approval during 29-31 March.

Since January, 44 Indian companies have launched IPOs worth Rs 222.5 bn.

Healthvista is planning a fresh issue of equity shares to raise up to Rs 2 bn and an offer for sale (OFS) of about 56.3 m shares by selling shareholders, according to its draft red herring prospectus.

Net proceeds from the fresh issue will be used for working capital needs of unit Medybiz Pharma and debt repayment among other purposes.

Cyient DLM, a wholly-owned unit of listed IT services firm Cyient, filed draft papers in January to raise Rs 7.4 bn via an IPO. The offer will solely comprise a fresh issue and the entire funds, excluding issue expenses, will be utilized by the company.

The electronic manufacturing services and solutions provider may also consider a pre-IPO placement of up to Rs 1.5 bn, which will reduce the IPO size.

Mumbai-based Rashi Peripherals, which also filed for an IPO in January, plans to raise Rs 7.5 bn in a fresh issue. The company plans to use Rs 4 bn from the IPO proceeds to repay debt and Rs 2 bn to meet working capital needs.

The public issue is a fresh issue of shares with no OFS component. The company may consider a private placement of equity shares for up to Rs 1.5 bn.

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

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