Gift Nifty Up 134 Points | Aurionpro Acquires AI Firm | NBCC Financial Services Venture | Top Buzzing Stocks Today

Mon, 22 Apr Pre-Open

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Indian share markets reversed the trend as the session progressed and ended on firm footing.

Equity markets recouped losses in the afternoon session on Friday, after Iran said it has no plans to counter retaliate against Israel.

At the closing bell on Friday, the BSE Sensex closed higher by 599 points (up 0.8%).

Meanwhile, the NSE Nifty higher by 153 points (up 0.7%).

M&M, HDFC Bank and Bajaj Finance were among the top gainers.

Bajaj Auto, TCS and HCL Tech 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 0.3% lower and BSE SmallCap index ended flat.

Sectoral indices are trading mixed, with socks in metal sector, banking sector witnessing most buying. Meanwhile, stocks in power sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.2% higher at Rs 72,550 per 10 grams at the time of Indian market closing hours on Friday.

At 7:30 AM today, the Gift Nifty was trading up by 134 points at 22,245 levels.

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

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about stocks to ride India's semiconductor opportunity, in her latest video.

Tune in to find out more.

Top buzzing stocks today

ICICI Securities share price will be in focus today.

ICICI Securities shares snapped a three-day losing run on 19 April to trade higher on strong growth in revenue and net profit for the March quarter.

Net profit doubled to Rs 5.4 bn. Revenue was up 74% year-on-year to Rs 15.4 bn, driven by increased broking income in the cash segment and growth in the investment banking segment.

Man Industries will also be a top buzzing stock.

Shares of Man Industries (India) rallied around 3% in early trade on 19 April, after the firm received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat.

The assessment tested the performance of external, internal and concrete coating for steel pipelines. Three different types of coating were tested.

TCS Outperforms Infosys

Moving on to news form the IT sector, after four consecutive quarters of full-year revenue growth lag, Tata Consultancy Services (TCS) has finally outperformed rival Infosys. This was mainly driven by TCS' surprise double-digit growth in the regional markets and major mega deal wins from group companies in FY24.

TCS' constant currency revenue grew by 3.4% in FY24, when compared to Infosys' 1.4%. Just to be sure, the revenue of Infosys is much lower in absolute figures than that of TCS.

TCS had a better large-deal momentum than Infosys. Additionally, TCS' conversion of deal wins to revenue was better apart from a strong deal pipeline.

TCS has won deals from its group companies such as automobile player Jaguar Land Rover.

However, experts also believe that Infosys is spread much more vertically, horizontally, and geographically in terms of revenue. TCS was earlier lagging in the rest of the world markets like India, the Middle East, Africa, etc.

Between India's top two information technology (IT) services companies, Tata Consultancy Services seems to have beaten its counterpart Infosys on most metrics in the last quarter of the financial year 2023-24.

Although TCS is much bigger than Infosys in size, it has still outperformed its Bengaluru-based next-best rival hands down.

By the metric of constant currency revenue growth, the Tata-group-owned company posted a growth of 2.2% year-on-year (YoY) in Q4FY24, whereas the Salil Parekh-led company grew marginally by 0.2% in the same period.

Even on the operating margin front, which is calculated as earnings before interest and tax as a percentage of revenue, TCS beat Infosys. While TCS' margin expanded by 1% to 26% in Q4, Infosys' fell by 0.4% to 20.1%.

On headcount, Infosys' headcount fell by over 5,400 in Q4, on a base of over 300,000 employees.

NBCC Financial Services Venture

India's state-run NBCC plans to set up its own non-banking finance company (NBFC) later this year to lower its borrowing costs for key infrastructure projects.

The construction and real estate developer estimates the move will help it save $108 million in interest costs over the next two years.

The Indian government owns infrastructure financial institutions but no other state-run company has created a unit to help it finance projects.

The NBCC's board discussed the proposal to set up a shadow lender in March.

The final structure of the NBFC will be decided after June.

NBCC will seek approval for the shadow bank from the new administration that will be elected in June, at the end of the seven-phase national polls that started on Friday.

The company will also need a license from the Reserve Bank of India (RBI), which it has not yet applied for.

Currently, NBCC pays 12% to 14% to other NBFCs in borrowing costs and that could be lowered by 1-2% points if it sets up the NBFC.

Aurionpro Acquires AI Firm

Aurionpro Solutions' stock hit the 5% upper circuit of Rs 2,436.85 on reports of the tech firm buying a 67% stake in artificial intelligence firm Arya.ai, which will allow it to make advanced AI systems for big banks and insurance companies.

There were buyers for the stock but no sellers were available.

The acquisition, at US$ 16.5 million, will allow Aurionpro to make advanced AI systems for big banks and insurance companies worldwide.

Buying Arya.ai will add a bunch of different products and skills to Aurionpro's collection. These include artificial intelligence, deep learning, smart automation, Platform as a Service (PaaS), self-operating AI systems, and specific solutions for different industries.

Arya.ai's Enterprise AI solutions enjoy the trust of over 100 banks and insurers across Asia.

The transaction involves buying shares from existing shareholders and the injection of fresh equity capital, both through an all-cash deal.

Mumbai-based Aurionpro is a technology solutions provider specialising in banking, mobility, payments, and government sectors.

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

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