Gift Nifty Trades Flat | M&M's EV Push | Jio's Rs 30 Billion Auction Bid | Top Buzzing Stocks Today

Fri, 17 May Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Benchmark indices swung sharply in trades on Thursday as investors adjusted their positions during the weekly F&O expiry.

At the closing bell on Thursday, the BSE Sensex stood higher by 676 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 203 points (up 0.9%).

M&M, Bharti Airtel, and Tech Mahindra were among the top gainers.

Maruti Suzuki, Tata Motors and SBI, 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 and BSE SmallCap index ended 1% higher.

Sectoral indices are trading positive with socks in realty sector, IT sector and FMCG sector witnessing most buying.

Gold prices for the latest contract on MCX were marginally lower at Rs 73,070 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading up by 6 points at 22,477 levels.

Indian share markets are headed for a flat 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

HAL share price will be in focus today.

Leading defence public sector utility Hindustan Aeronautics on 16 May reported a 52% year-on-year growth in net profit at Rs 43.1 bn.

The company's revenue from operations jumped 18% year-on-year to Rs 147.7 bn for the quarter ended March. The same stood at Rs 124.9 bn in the corresponding quarter of last year.

Vedanta will also be a top buzzing stock.

Metal major Vedanta on Thursday declared the first interim dividend of Rs 11 per equity share for the financial year 2024-25, amounting to a payout of Rs 4,089 crore. The company has set May 25 as the record date for the payment of dividend.

M&M's EV Push

Mahindra & Mahindra Ltd said on 16 May it will invest Rs 120 bn in its electric vehicle (EV) unit, Mahindra Electric Automobile, over three years up to 31 March 2027.

Mahindra Electric Automobile Limited, a subsidiary of M&M, was incorporated on 25 October 2022 in India.

The total Income of MEAL for the year ended 31 March 2024 was Rs 569.6 m.

The investment is poised to accelerate the growth of the Four-Wheel Passenger Electric Vehicles Business, aiming to secure growth capital for the endeavour.

MEAL (Mahindra Electric Automobiles Limited) intends to capitalize on the manufacturing capabilities and product development expertise of M&M (Mahindra & Mahindra) along with its ecosystem of suppliers, dealers, and financiers.

The funds injected by M&M will predominantly support MEAL in the creation and marketing of a world-class Electric SUV portfolio equipped with advanced technologies.

This investment is anticipated to enable M&M to leverage its focus and proficiency in Environmental, Social, and Governance (ESG) initiatives and address the challenges posed by climate change.

Jio's Rs 30 Billion Auction Bid

Reliance Jio has submitted Rs 30 bn as the earnest money deposit (EMD), the maximum amongst the three telecom firms, for the upcoming spectrum auction scheduled to start on 6 June. Bharti Airtel has deposited Rs 10.2 bn, while Vodafone Idea (Vi) has made deposits of Rs 3 bn.

Interestingly, Jio has deposited the maximum amount even though none of its licenses are coming up for renewal. In contrast, both Airtel and Vi have to renew airwaves in some circles in the upcoming auction.

Airtel needs to renew airwaves in J&K, Odisha, Bihar, UP (East), West Bengal and Assam. Vi, which has been bolstered by a Rs 200 bn equity fundraising recently, needs to renew the spectrum in West Bengal and UP West circles.

Since Jio has deposited the maximum amount, it has been allocated the highest eligibility points for the upcoming auction. As per details shared by the Department of Telecommunications (DoT), Jio has been allocated 21363 eligibility points followed by 7613 to Airtel and 2200 to Vi. All three operators can bid in any band in any service area, depending on the eligibility points and spectrum caps.

Telecom firms place bids based on the eligibility points that are in the kitty.

In the upcoming auction, the three private telecom firms will be competing for Rs 963.2 bn worth of 5G airwaves.

Aadhar Housing Finance surges 10%

Shares of Aadhar Housing Finance extended the listing day gains and surged another 10% to scale a new record high of Rs 362.35 on 16 May.

The stock made a tepid debut on the exchanges, listing at Rs 314 per share on 15 May, almost at par with its issue price of Rs 315 per share. The listing was also underwhelming for investors as it was below expectations.

Prashanth Tapse, Senior VP Research at Mehta Equities anticipated a decent debut for the stock on the back of its reasonable asset quality and healthy return ratios.

Nonetheless, follow-up buying in the counter lifted the stock to close around 5% higher at the end of its listing day. The buying also extended to the second session, lifting the stock higher for another day.

Specialising in mortgage-related loan products, Aadhar Housing Finance provides various options, including loans for purchasing and constructing residential properties, home improvement and extension loans, and loans for commercial property construction and acquisition.

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