Gift Nifty Up 19 Points | Vilas Transcore SME IPO | Why Hindustan Zinc Share Price is Rising | Top Buzzing Stocks Today

Wed, 22 May Pre-Open

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Indian share continued the momentum as the session progressed and ended the day lower.

Equity benchmark indices traded listless on Tuesday and ended on a flat note.

At the closing bell on Tuesday, the BSE Sensex stood lower by 53 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 27 points (up 0.1%).

Tata Steel, Coal India and Hindalco were among the top gainers.

TCS, Nestle and ICICI Bank, 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% higher and BSE SmallCap index ended 0.2% lower.

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

Gold prices for the latest contract on MCX were trading 0.7% lower at Rs 73,874 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:15 AM today, the Gift Nifty was trading up by 19 points at 22,637 levels.

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

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks about solar stocks. Tariffs on EV batteries will be raised by over 100%. Duties on semiconductors will be up 50%. On photovoltaic cells used to make solar panels, the duties will be doubled.

The public on twitter can't celebrate this move enough. Companies in the solar ecosystem are in news. Some stocks in the sector have hit upper circuits.

If you are planning to join this frenzy, keep in mind the potential second order effects of this move.

Tune in for more

Top buzzing stocks today

Delhivery share price will be in focus today.

Shares of Delhivery plunged another 12% to Rs 383 on the afternoon of 21 May, continuing a downward trend from the previous session, where it had already slipped over 4% on 18 May.

The stock has tanked 15% in the last two trading sessions and is now back to the level seen in January-end. It has given up all the gains made after the Q3 results report.

RVNL will also be a top buzzing stock.

Shares of Rail Vikas Nigam Ltd (RVNL) surged 15% on 21 May after the company bagged an order worth Rs 1.5 bn from the South Eastern Railway for designing, supply, erection, testing and commissioning for the upgradation of an electric traction system for Kharagpur division.

Why Hindustan Zinc Share Price is Rising

Shares of Hindustan Zinc zoomed over 14% on 21 May, extending gains for the fifth straight session. Indian metals stocks have been rallying significantly, driven by expectations that the sharp rise in metal prices will enhance company margins.

Additionally, with stable production costs and higher selling prices, increased profits per unit sold are anticipated.

Prices of Industrial metal including copper, aluminium, zinc, and lead, have surged lately due to supply concerns and optimistic long-term demand, sparking a new wave of speculative buying.

Although metal prices have been steadily rising in 2024, traders have also received a significant boost after China recently announced measures to support its crisis-hit property sector.

Metals have also rallied amid expectations that the US Federal Reserve might implement a rate cut by September. Investors will be closely monitoring the minutes from the Fed's last policy meeting, set to be released this week, along with comments from various Fed officials.

Lower zinc and lead prices and reduced lead volume contributed to the decline, partly offset by higher zinc & silver volumes, silver prices, and favourable exchange rates.

Why Oil Prices are Falling

Oil prices dropped by more than US$ 1 on Tuesday, extending losses on investor expectations that lingering US inflation could keep interest rates higher for longer, depressing consumer and industrial demand.

Brent crude futures fell by US$ 1.08, or 1.3%, to US$ 82.63 a barrel by 1037 GMT. US West Texas Intermediate crude (WTI) futures for June, which are set to expire on Tuesday, slipped by 1.07 cents, or 1.3%, to US$ 78.7.

The more active July contract lost $1.02, or 1.3%, to US$ 78.28.

Both benchmarks fell by nearly 1% on Monday after US Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts.

The market appeared largely unaffected by political uncertainty in two major oil-producing countries.

Vilas Transcore SME IPO

The SME initial public offering (IPO) of Vilas Transcore, a power distribution and transmission components manufacturer, will open for subscription on 27 May. The company aims to raise Rs 952.6 m. The IPO comprises only a fresh issue of 6.5 m equity shares with no offer-for-sale component.

The price band for the book-built issue, which concludes on 29 May, has been set at Rs 139-147 per share.

Retail investors can bid for a minimum and maximum of 1,000 equity shares, valued at Rs 1.47 lakh at the upper price band, ensuring they stay within their investment limit of Rs 2 lakh.

The company, which manufactures electrical lamination products used in power and distribution transformers, will spend Rs 50 m out of the fresh issue proceeds for strategic investment and acquisitions, Rs 201 m for construction of factory building, and Rs 452 m for acquiring and installing additional plant & machinery.

The remainder of the fresh issue funds will be utilised for general corporate purposes and IPO expenses.

Established in 2006, Vilas Transcore specialises in manufacturing electrical lamination products such as cold-rolled grain-oriented (CRGO) lamination core, CRGO slit coils, CRGO stacked (assembled cores), CRGO wound core, and CRGO toroidal core, primarily utilized in power transformer, distribution transformer, dry-type transformers, high voltage/medium voltage, and low voltage current transformers.

For more information on IPOs, check out the list of upcoming IPOs.

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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