Gift Nifty Trades Flat | Century Textiles' Arm Forms JV | Why HAL Share Price is Rising | Top Buzzing Stocks Today

Fri, 7 Jun Pre-Open

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

Benchmark equity indices Nifty50 and Sensex were ruling higher on Thursday as investors eyed Modi 3.0.

At the closing bell on Thursday, the BSE Sensex stood higher by 693 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 231 points (up 1%).

HCL Tech, Tech Mahindra and SBI were among the top gainers.

Hindalco, HUL and M&M, 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 2.3% higher and BSE SmallCap index ended 3% higher.

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

Gold prices for the latest contract on MCX were 0.4% higher at Rs 72,771 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading down by 4 points at 22,914 levels.

Indian share markets are headed for a muted 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

Amara Raja share price will be in focus today.

Amara Raja Energy and Mobility shares surged another 10% to hit a fresh all-time high of Rs 1,333 as investors turned bullish on the counter following Telugu Desam Party's massive victory in the local assembly elections, consequently becoming a major player in national politics.

Kalpataru Projects will also be a top buzzing stock.

Shares of Kalpataru Projects International Limited (KPIL) rallied as much as 6.5% to hit an intraday high of Rs 1,177.5 per share on Thursday.

The surge came after the company announced that its board will meet on 10 June to approve the raising of funds by way of issuance of Non-Convertible Debentures (NCDs) on a private placement basis.

Why HAL Share Price is Rising

Shares of Hindustan Aeronautics Limited (HAL) soared as much as 8.9% on Thursday.

The shares climbed following the inauguration by S Somanath, chairman of the Indian Space Research Organisation (ISRO), of cutting-edge Propellant Tank Production and CNC Machining facilities at HAL's Aerospace Division. These facilities are strategically designed to bolster the LVM3 programme.

The Propellant Tank Production Facility specialises in crafting high-performance fuel and oxidizer tanks, crucial elements for the LVM3 launch vehicle, boasting dimensions of 4 metres in diameter and up to 15 metres in length.

Meanwhile, the CNC Machining Facility hosts state-of-the-art Computer Numerical Control (CNC) machines adept at precise fabrication of Rings and Propellant Tank Domes for the 4.5-meter class LVM3.

Presently, the existing capacity permits only two LVM3 launches annually, falling short of ISRO's requirement of six launches per year. With these new facilities, HAL will bridge this gap by manufacturing critical components to support the production of six LVM3 rockets annually.

HAL stressed that its continued partnership with ISRO will expedite human spaceflight missions and the advancement of Next-Generation Launch Vehicles (NGLV).

Additionally, during the inauguration ceremony, HAL handed over the first Gaganyaan Service Module and LVM3 YzU Isogrid Version Hardware to ISRO.

Century Textiles' Arm Forms JV

Century Textiles' share price surged 12.8 per cent to Rs 2,076.7 apiece on the BSE on Thursday after the company's wholly-owned subsidiary formed a joint venture with Barmalt India Private Ltd for a luxury residential group housing development in Sector 31, Gurugram.

On Wednesday, Birla Estates Private Ltd, the real estate venture of Aditya Birla Group, and a 100 per cent wholly-owned subsidiary of Century Textiles and Industries, entered into a JV with Barmalt India Pvt Ltd for a luxury residential project in Gurugram.

The land parcel is spread across 13.27 acres with a development potential of approximately 2.4 million square feet offering a revenue potential of approximately Rs 50 bn.

The project, according to the company, has connectivity to Cyber City, Golf Course Road, and Sohna Road. It will also be located close to commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue, and Crowne Plaza with easy connectivity via NH-48 as well as the metro line.

Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its land parcels.

The Century Textiles arm is focused on developing world-class residential, commercial, and mixed-use properties and aims to be amongst the top real estate companies in India.

Birla Estates is headquartered in Mumbai and currently has regional offices in NCR, Bengaluru, and Pun. It also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with ~6 lakh square feet of leasable area.

NBCC's New Order Win

Shares of Navratna PSU NBCC were trading higher after the construction company confirmed a set of government as well as private sector orders worth close to Rs 5 billion (bn).

It has received 13 separate orders, amounting to Rs 4.9 bn. Among these orders, the largest one is from the Ministry of External Affairs - at Rs 1.3 bn- for the construction of residences at a government plot in New Delhi. NBCC has also been contracted to build a multi-facility healthcare complex in Mumbai's Antopm Hill area for a sum of Rs 1.1 bn.

The shares snapped a two-day fall to trade higher by 8% bearing Rs 140 level.

Earlier in April, Reuters reported that NBCC plans to set up its own non-banking finance company (NBFC) later this year to lower its borrowing costs for key infrastructure projects, according to two sources directly involved in the matter.

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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