Gift Nifty Down 75 Points | Why Shipping Stocks Are Rising | Cello World Announces QIP Offering | Top Buzzing Stocks Today

Thu, 30 May Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Indian stock markets saw intense selling on Wednesday ahead of Lok Sabha election result due on 4 June 2024.

At the closing bell on Wednesday, the BSE Sensex stood lower by 668 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 183 points (down 0.8%).

Hindalco, Nestle and Sun Pharma were among the top gainers.

Tech Mahindra, ICICI Bank and HDFC Life, 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.

Broader markets ended the day mixed. The BSE Mid Cap ended 0.4% lower and the BSE Small Cap index ended 0.2% higher.

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

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 72,273 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading down by 75 points at 22,645 levels.

Indian share markets are headed for a negative 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

Suzlon Energy share price will be in focus today.

Shares of Suzlon Energy climbed 4% buoyed by a 551.25-megawatt wind power project for the Aditya Birla Group in Gujarat and Rajasthan.

The renewable energy major will install 175 wind turbine generators and execute the project, including erection and commissioning, in Rajasthan, and supply, supervise, and commission the project in Gujarat.

MTAR Tech will also be a top buzzing stock.

MTAR Technologies shares declined 16% on 29 May 2024 after the defence player reported a sharp fall in net profit for the March 2024 quarter. On 28 May, the company announced a 53.4% decline in Q4 consolidated net profit at Rs 4.9 crore as against Rs 10.4 crore in the year-ago period.

In Q4FY24, the firm's revenue from operations clocked in at Rs 1.4 bn, up 20.8% from Rs 1.2 bn in the corresponding quarter in FY23. However, EBITDA dropped 23.6% to Rs 18.2 crore in Q4FY24 as against Rs 239 m in Q3FY24.

Why Shipping Stocks Are Rising?

Shares of several shipping companies jumped up to 10% on 29 May on high volumes with triggers including order wins and March quarter results.

Mazagon led the pack as its robust fourth-quarter results prompted investors to buy.

The company reported a revenue of Rs 31 bn, compared to the Rs 20.8 bn topline it reported during the same period last year. Its net profit for the period more than doubled to Rs 6.6 bn, compared to Rs 3.3 bn during the year-ago quarter.

Meanwhile, Cochin Shipyard stock was also trading over 5% higher as the PSU has bagged an international order from North Star Shipping, a UK-based offshore renewable operator, for constructing a hybrid service operation vessel (SOV).

The contract also has an option to construct two more such vessels. North Star Shipping had earlier in the year contracted another hybrid SOV with the Cochin Shipyard.

Cochin Shipyard is engaged in the shipbuilding and repair of ships/offshore rigs etc. The company is the largest public-sector shipyard in India and derives major revenue from the Navy. Its primary revenue streams include naval vessel construction, Coast Guard projects, commercial shipbuilding, and vessel repair services.

Power Mech's New Order Win

Power Mech Projects' stock price rose 2% in trade on 29 May after the firm announced it won an order from the state-run Bharat Heavy Electricals Ltd (BHEL).

BHEL awarded Power Mech Projects an order worth Rs 5.6 bn for the Kaiga Atomic Power Project.

Power Mech will complete the civil, structural and architectural works of the turbine island package of 2x700 MWe PHWR Kaiga Atomic Power Project, Units 5 and 6 in Karnataka. The duration of the contract is 32 months, as well as a 12-month guarantee period.

Power Mech Projects is a leading infrastructure and construction company based in Hyderabad, India. It has a global presence providing services in the power and infrastructure sectors.

For more details, check out Which Indian Companies Are Leading the Infrastructure Race?

Cello World Announces QIP Offering

Consumer player Cello World launched a share placement for qualified institutional buyers on 29 May.

Cello World is set to raise funds by issuing 8.6 m equity shares with a face value of Rs 5 per share.

The board of directors has sanctioned the raising of funds through the issuance of equity shares and/or other convertible securities, including fully convertible debentures, partly convertible debentures, nonconvertible debentures with or without warrants, convertible preference shares, or any security convertible into equity shares through permissible means.

The firm will seek the approval of shareholders at an extraordinary general meeting.

Cello World announced its plans to raise funds via an exchange filing on 25 May. The exact amount to be raised has not been specified.

This fundraising effort will help Cello's promoters comply with SEBI's requirement of a maximum 75% promoter shareholding, down from the current 78.1%.

Cello World is one of the famous consumer product companies in India, with 60 years of experience in this field that mainly deals in writing instruments and stationery, moulded furniture, consumer housewares and related products.

Cello World went public on 30 October 2023 and was listed on 9 November 2023. The IPO was an offer for sale of Rs 19 bn.

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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