Gift Nifty Down 186 Points | Vodafone Idea to Roll Out 5G | Vedanta Issues Rupee-Denominated Bond | Top Buzzing Stocks Today

Tue, 16 Apr Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Indian benchmark equity indices started the week on a lower note on Monday, mirroring losses in Asian markets, as investor sentiment was subdued after Iran's retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict.

At the closing bell on Monday, the BSE Sensex closed lower by 845 points (down 1.1%).

Meanwhile, the NSE Nifty lower by 242 points (down 1.1%).

Bharti Airtel, ONGC and Nestle were among the top gainers.

ICICI Bank, Wipro and Bajaj Finance 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 lower. The BSE Mid Cap and the BSE Small Cap index ended 1.5% lower.

Barring energy sector and oil & gas sector, all other sectoral indices are trading negative with socks banking sector, power sector and realty sector witnessing most selling pressure.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 71,819 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 186 points lower at 22,169 levels.

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

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Green hydrogen can be a game changer for India, which imports 85% of its oil and 53% of gas demand.

Co-head of Research at Equitymaster, Tanushree Banerjee talks what kind of companies are helping India in this green hydrogen landscape, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Reliance Power share price will be in focus today.

Shares of Reliance Power fell nearly 5% on 15 April after the company had reported that it had completed the slump sale of its Vashpet, Maharashtra, wind power project to JSW Renewable Energy.

In a regulatory filing on 12 April, Reliance Power reported that it had concluded the slump sale/transfer of its 45 MW Wind Power Project located at Vashpet, Maharashtra to JSW Renewable Energy (Coated) and the consideration amounting to Rs 1.3 bn had been received.

Aster DM will also be a top buzzing stock.

Shares of Aster DM Healthcare zoomed 14% to hit a fresh record high of Rs 558 on the National Stock Exchange in early deals on 15 April. The gains come after the company announced a special dividend of Rs 118 a share.

Average trading volume on the counter jumped more than four-fold, with a total of 1 crore shares changing hands on BSE and NSE combined, compared to the weekly average of 21 lakh.

Ramkrishna Forging's New Order Win

Ramkrishna Forgings on 15 April 2024 secured Rs 2.7 bn orders for Vande Bharat trains.

The scope of this project involves the development and validation of the bogie frame for the sleeper version of the Vande Bharat trainset. This order encompasses 32 trainsets, each comprising 16 coaches.

Consequently, RKFL will be producing a total of 1024 bogie frames.

In February, the company secured a US$

220 million (m) contract in the North American markets.

This contract spans over a decade and marks the company's foray into a new vertical within the forging sector, focusing on supplying Tier 1 customers in the light vehicle segment across North America.

Incorporated in 1981, Ramkrishna Forgings, today has an annualised installed capacity of 187,100 MT after the commissioning of the Hollow Spindle Line, a new 7000 Ton Press Line, a 2000 Ton warm/hot Forming Press and a fabrication facility.

Vedanta Issues Rupee-Denominated Bond

Vedanta has mandated JPMorgan Chase & Co. to help it raise Rs 25 bn (US$ 300 million) via rupee-denominated bonds.

JPMorgan's financing solutions department in India, headed by Nitin Rungta, is reaching out to potential investors on behalf of the metals and mining company, according to people who asked not to be identified as the information is private. Those investors include global private credit funds.

The tenor of the proposed bonds is expected to be in the range of three to five years.

Proceeds would be used to support the company's business activities.

A Vedanta spokesperson said the group continues to exercise refinancing and capital-raising activities from diverse sources as it seeks to improve its debt and cash profile.

Earlier this month, a committee of Vedanta's directors approved the plan to raise as much as Rs 25 bn through a private placement of non-convertible bonds.

Vodafone Idea to Roll Out 5G

Vodafone Idea's management said on 15 April that it intends to cover 40% of its revenue base with its 5G services in the next 24-30 months, adding that 5G network order placement will start once it secures funding.

It expects to roll out 5G services in select pockets within 6-9 months of the issue.

The telecom operator will make a focused network investment to drive coverage and capacity expansion. The investment will be focused on 17 priority circles in the country.

Vodafone Idea has been engaged with all 5G telecom gear vendors for some time and said that order placement will depend on how early it secures funding for capex.

India's third largest telco plans to spend the Rs 18,000 crore capital raised from its follow-on public offering (FPO) to set up new 5G sites, expand its 4G network, and defer spectrum payments.

Of the total FPO proceeds, the telco proposes to use Rs 127.5 bn to purchase equipment for expanding its network infrastructure by setting up new 4G sites, expanding the capacity of existing 4G sites, and setting up new 5G sites.

The telco will spend Rs 57.2 bn of the Rs 127.5 bn earmarked for network expansion on setting up its 5G network.

In FY25, it plans to set up 10,000 new 5G sites with a spend of Rs 26 bn, and in FY26, it will set up 12,000 5G sites with a spend of Rs 31.2 bn.

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

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