Gift Nifty Up 123 Points | Vedanta's Fund Raising Plan | Why Oberoi Realty Share Price is Rising | Top Buzzing Stocks Today

Thu, 16 May Pre-Open

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Indian share markets reversed the trend as the session progressed and ended the day lower

Indian equities, which started with decent gains on Wednesday, took a sharp U-turn within an hour of opening.

At the closing bell on Wednesday, the BSE Sensex stood lower by 117 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 15 points (down 0.2%).

Coal India, BPCL and Cipla were among the top gainers.

Tata Motors, Asian Paints and Bajaj Auto, 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 1% higher.

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

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 72,980 per 10 grams at the time of Indian market closing hours on Wednesday.

At 8:30 AM today, the Gift Nifty was trading up by 123 points at 22,383 levels.

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

Speaking of stock market, the prospects of pharma stocks globally are tied to what is called the patent lifecycle of drugs.

The last phase of this lifecycle in the US generics market is known as 'Patent Cliff'. This is when products go off-patent i.e. they lose the regulatory exclusivity on selling a particular drug.

After this phase the drugs become 'generics', a category that Indian pharma companies have developed expertise in.

Drug makers in India have been making generic versions of the off-patent drugs for decades, at a fraction of the cost.

Tanushree Banerjee, Research Analyst at Equitymaster talks about what is new upside now in her latest video.

Top buzzing stocks today

PFC share price will be in focus today.

State-run Power Finance Corporation reported loan growth of 14% year-on-year and 5.3% sequentially for the financial year 2024 to Rs 4.8 tn. That number is in line with the management guidance of 12% to 15% guidance issued by the management earlier.

Canara Bank will also be a top buzzing stock.

Canara Bank shares surged 4.6% to the day's high of Rs 118.40 on BSE in Wednesday's trade as the board's decision to split the stock in a 1:5 ratio came into effect today.

For each share equivalent to a face value of Rs 10, the investors were to receive 5 shares of face value of Rs 2 per share.

Why Oberoi Realty Share Price is Rising

Shares of Oberoi Realty surged over 4% in trade on 15 May and scaled a new all-time peak of Rs 1629.1 apiece, a day after the company posted a stellar set of numbers for the March quarter.

The Mumbai-based real estate developer's net profit for Q4 FY24 soared 64% year-on-year to an all-time high of Rs 7.9 bn, led by robust demand and strong operational performance.

Revenue grew by nearly 37% YoY to Rs 13.2 bn for the quarter under review, up from Rs 10.8 bn in the year-ago period.

Meanwhile, the company also agreed on the development and redevelopment of around 12,790 sq. mtr. land parcels in Worli, Mumbai. Nuvama Institutional Equities estimates the company to be able to generate pre-sales of Rs 64 bn from the said project.

The Mumbai-based real-estate developer also received approval from its board to raise funds of up to Rs 40 bn through the issuance of non-convertible debentures (NCDs) and a qualified institutional placement (QIP) of equity shares.

The fundraising plan includes the issuance of NCDs worth up to Rs 200 bn via private placement, with the rest to be raised through the QIP route.

Vedanta's Fund Raising Plan

Mining major Vedanta (VEDL), a subsidiary of London-headquartered Vedanta Resources (VRL), intends to raise funds through various modes, including public offerings and rights issues and others.

The firm, helmed by industrialist Anil Agarwal, is also seeking board approval for the first interim dividend for FY25. The fundraising and dividend come at a time when Vedanta and parent VRL are looking at raising funds to trim debt.

The company has convened a board meeting on 16 May to seek approvals for the fundraising and the interim dividend.

The fundraise modes may include issuances of shares or other securities convertible into equity, or via further public offer, rights issue, American Depository Receipts or Global Depository Receipts, among others. It would also explore the options of foreign currency convertible bonds, qualified institutional placement or preferential issues.

At its meeting on Thursday, the company's board will also seek approvals for the interim dividend. The record date for the dividend, if declared, would be 25 May 2024.

For more details on Vedanta, check out 5 Stocks that Could Deliver Superb Gains During a Copper Supercycle.

Rupee Edges Higher

The rupee inched up 1 paisa to settle at 83.5 (provisional) against the US dollar on Wednesday as the American currency retreated from its elevated level.

However, sustained foreign fund outflows and a weak trend in domestic equities weighed on the local unit.

With foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias, according to forex traders.

At the interbank foreign exchange market, the local unit opened at 83.5. During the session, it traded in a narrow range of 83.5-83.4. The domestic unit finally settled at 83.5 (provisional), higher by 1 paisa from its previous close.

The rupee gained on weakness in the US Dollar. However, weak domestic markets and FII selling capped sharp gains.

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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