Gift Nifty Up 13 Points | Shriram Finance Raises Multi-Currency Loan | Ashoka Buildcon's New Project Win | Top Buzzing Stocks Today

Tue, 4 Jun Pre-Open

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

Indian benchmark equity indices Nifty 50 surged past 23,000 and BSE Sensex crossed the 76,000 mark as they opened at a record high on Monday, buoyed by exit polls predicting a third term with a sizable mandate for Prime Minister Narendra Modi.

At the closing bell on Monday, the BSE Sensex stood higher by 2,500 points (up 3.6%).

Meanwhile, the NSE Nifty closed higher by 777 points (up 3.5%).

SBI, ONGC and Adani Ports were among the top gainers.

Eicher Motors, HCL Tech and Sun Pharma, 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 3.7% higher and BSE SmallCap index ended 2% higher.

Sectoral indices are trading positive with socks in energy sector, power sector and oil & gas sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 71,670 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading up by 13 points at 23,481 levels.

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

Speaking of stock market, have you ever heard of Occam's Razor? It basically says the simplest explanation is usually the right one. Simplicity over complexity.

Can we apply this to investing, especially penny stocks that are trading below Rs 100?

Yes, we can.

Rahul Shah, Co-head of research at Equitymaster, talks about 3 penny stocks for your watchlist, chosen using Occam's Razor principles.

Tune in for more.

Top buzzing stocks today

REC share price will be in focus today.

REC Ltd gained as much as 12% on June 3 to hit a fresh record high REC of Rs 602.75 on the National Stock Exchange (NSE) after the company's board approved fundraising by way of non-convertible debentures (NCDs) on a private placement basis up to an aggregate amount of Rs 1.4 tn.

Bajaj Auto will also be a top buzzing stock.

Bajaj Auto shares traded 4% higher at Rs 9,444 to hit a new 52-week high on 3 May, extending gains for the second session in a row, buoyed by exit polls predicting a resounding victory for the Bhartiya Janata Party (BJP).

This comes despite the two-wheeler and three-wheeler major reporting muted sales in May after selling 3,55,323 units, as compared to 3,55,148 vehicles sold during the same month last year.

Shriram Finance Raises Multi-Currency Loan

Shriram Finance, on 3 June 2024, raised a multi-currency social loan worth US$ 425 million (m) through a syndicated term loan transaction to fund its business growth.

The fundraising comprised US$ 425 m and Euro 40 m through a syndicated term loan transaction.

Initially structured as a US$ 200 million social loan facility with a green-shoe option, this multi-currency deal witnessed significant interest from the syndication market. The final lender group expanded to include 16 lenders from Europe, the US, Asia, and Africa.

Shriram Finance also revealed that the deal also attracted new lenders who invested in an Indian corporation for the first time. This also marks the largest syndicated multi-currency transaction by a private sector non-banking finance lender.

The lender also clarified that it intends to use the funds raised to empower small entrepreneurs and vulnerable groups across India, furthering its aim of providing accessibility of financial services to the unbanked and underbanked sectors.

Ashoka Buildcon's New Project Win

Ashoka Buildcon emerged as the the lowest (L-1) bidder for the two projects awarded by Maharashtra State Road Development Corporation (MSRDC) aggregating up to Rs 21.5 bn.

The first project includes the construction of a Major Bridge across Jaigad Creek between Tawsal and Jaigad on Revas Reddi Coastal Highway No. 5 in Ratnagiri district on engineering, procurement and construction (EPC) mode in Maharashtra. The cost of the project is Rs 794.85 crore.

The subsequent project includes the construction of a major bridge across Kundalika Creek between Revdanda to Salav on Revas Reddi Coastal Highway in Ratnagiri district in Maharashtra. The cost of the project is Rs 13.6 bn.

Both projects are to be executed in 36 months including Monsoon.

Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support-operation of toll roads.

Ashoka Buildcon was incorporated in the year 1993.

The company is engaged in the business of construction of infrastructure facilities on engineering procurement and construction basis (EPC) and built operate and transfer (BOT) basis and sale of ready mix concrete.

IRB Infra's Toll Tax Buzz

Shares of IRB Infrastructure Developers leapt over 13% on 3 May on reports that the centre is likely to increase road toll charges between 3% and 5% after putting the annual increase on hold in April due to the country's general elections.

The stock has been on a remarkable run, rocketing a massive 75% since the start of the year.

Last week, a block deal involving 328.5 m shares or a 5.4% equity stake in IRB Infrastructure Developers took place on the bourses. Following the block deal, shares of IRB Infra nosedived nearly 10% on the National Stock Exchange (NSE).

IRB Infrastructure Developers has extensive experience in road and highway construction.

The company, which operates projects like Mumbai Pune Expressway and Ahmedabad Vadodara Expressway, is a leader in India's road sector, managing more than 15,000 lane km of build-operate-transfer (BOT), toll-operate-transfer (TOT) and hybrid-annuity-model road assets across 12 states.

In 2024 so far, IRB Infra is up 72%. For more, check out Why IRB Infra Share Price is Rising.

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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