Gift Nifty Trades Flat | Adani Energy Solutions' Fundraising | Vedanta Mulls Stock Sale | Top Buzzing Stocks Today

Tue, 28 May Pre-Open

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Indian share turned muted as the session progressed and ended the day flat.

Benchmark S&P BSE Sensex, and the Nifty50 hit fresh record highs for a third straight day on Monday.

At the closing bell on Monday, the BSE Sensex stood lower by 20 points.

Meanwhile, the NSE Nifty closed lower by 25 points (down 0.1%).

Axis Bank, Adani Ports and IndusInd Bank were among the top gainers.

Adani Enterprises, Wipro and ONGC, 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 flat.

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

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 71,674 per 10 grams at the time of Indian market closing hours on Monday.

At 8:20 AM today, the Gift Nifty was trading down by 10 points at 23,022 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 that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

Top buzzing stocks today

Paras Defence share price will be in focus today.

Shares of Paras Defence and Space Technologies witnessed a surprising uptick of over 8% on 27 May after the company's consolidated net profit jumped 63.8% to Rs 960 m in Q4FY24 as compared with Rs 586 m in the previous quarter.

Glenmark Pharma will also be a top buzzing stock.

Shares of Glenmark Pharma soared 8.5% to hit a 52-week high of Rs 1,123.9 on 27 May as the management's upbeat growth guidance offset the drugmaker's weak quarterly performance.

After reporting weak earnings for the January-March quarter of FY24, the company's management stated that it is targeting double-digit profit growth and revenue growth of 10-11% for FY25.

Adani Energy Solutions' Fundraising

Adani Energy Solutions said on Monday that its board has approved a fundraising of up to Rs 125 bn (US$ 1.5 bn).

Adani Energy Solutions, in a notice to BSE last week, said its board will meet on Monday to consider and approve the fundraising proposal.

The company noted that this raise could be by way of issuance of equity shares or any other eligible securities through permissible modes. The modes include private placement, qualified institutional placement, preferential issue, or any other method or combination of methods.

In a separate notice, Adani Enterprises last week also announced that the company's board of directors will meet on Tuesday to consider and approve the proposal of raising funds by way of equity shares or any other eligible securities.

For more, you could quickly refer to both fundamentals and valuations of Adani group stocks on Equitymaster's Indian stock screener.

Vedanta Mulls Stock Sale

Indian commodities tycoon Anil Agarwal's Vedanta Ltd. is considering a share sale as soon as the coming weeks that could raise as much as Rs 85 billion (bn).

Vedanta is working with advisers including Axis Bank Ltd. subsidiary Axis Capital and Citigroup Inc. on the offering. It has started gauging interest from potential investors, including Middle Eastern funds.

Shares of Vedanta have gained 78% this year, giving the company a market value of about US$ 20.6 bn.

Vedanta may raise the funds through a type of share sale known as a qualified institutional placement, once approved to do so by shareholders, the people said.

It is discussing whether to launch the deal soon to take advantage of the Indian equity rally, though the timeline could change, the people said. The BSE Sensex has climbed almost 20% over the past seven months.

Details of the potential fundraising could change and there's no certainty that Vedanta will proceed with a deal.

Vedanta is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan, and Odisha.

It's a well-diversified natural resource group engaged in exploring, extracting, and processing minerals and oil & gas.

For more, check out Top 3 Stocks to Watch Out as Nickel Prices Jump Above $21,000.

Hyundai Adds More Banks

Hyundai Motor Co. has brought in Kotak Mahindra Bank Ltd. and Morgan Stanley as advisers on a potential initial public offering of its India unit, according to people familiar with the matter, as the automaker considers what might be one of the biggest-ever listings in the South Asian country.

The banks join Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. as advisers on the IPO, which according to media reports could raise about US$ 2.5 bn for India's second-biggest carmaker.

Hyundai Motor India Ltd. plans to file for an IPO in June.

An IPO of US$ 2.5 bn to US$ 3 bn would rival that of Life Insurance Corp. of India in 2022 when it raised about Rs 206 bn.

The lineup of banks may still change, and no final decision has been made on the size and timing of a share sale, the people said, asking not to be identified discussing private information. If the South Korean company goes ahead with an IPO, it will used the proceeds to expand operations.

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

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