Gift Nifty Down 49 Points | Mastek Partners Nvidia AI Enterprises | Borosil Renewables' Fund Raising Plan | Top Buzzing Stocks Today

Mon, 10 Jun Pre-Open

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

Sensex rallied nearly 1,700 points to hit life-time high. The domestic benchmark equity indices, Nifty50 and Sensex, traded with gains on Friday, as RBI raised its forecast for FY25 GDP growth to 7.2% from 7% earlier while keeping the rates unchanged for the 8th consecutive term.

At the closing bell on Friday, the BSE Sensex stood higher by 1,619 points (up 2.2%).

Meanwhile, the NSE Nifty closed higher by 446 points (up 1.9%).

Wipro, Tech Mahindra and M&M were among the top gainers.

SBI Life Insurance and Tata Consumer Products, 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 1.2% higher and BSE SmallCap index ended 2.1% higher.

Sectoral indices are trading positive with socks in metal 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 Friday.

At 7:35 AM today, the Gift Nifty was trading down by 49 points at 23,281 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.

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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.

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Top buzzing stocks today

Wipro share price will be in focus today.

shares of IT major Wipro surged 3.5% on BSE on Friday as the company announced a US$ 500 million deal win with a leading US communication service provider.

Wipro has been awarded a US$ 500 million (m) deal by a leading US communication service provider. The company shall provide managed services for some products and industry-specific solutions.

Paytm will also be a top buzzing stock.

shares of Paytm parent company One97 Communications Ltd. were trading with gains of more than 9% on Friday, 7 June. The circuit filter for the Paytm stock has been revised to 10% from 5% earlier.

The price band has been revised from the existing levels with effect from 7 June 2024.

Mastek Partners Nvidia AI Enterprises

Shares of Mastek skyrocketed nearly 16% on 7 June, a day after the Sunil Singhania-backed company announced a deal with Nvidia AI Enterprise to boost the customer experience.

Mastek's cloud-native platform icxPro platform has partnered with NVIDIA AI Enterprise to boost CX (Customer Experience) management for different sectors.

Offering CX solutions powered by artificial intelligence (AI), icxPro has demonstrated a 20% return on capital employed (ROCE) in the manufacturing sector, with massive potential in the BFSI and healthcare sectors.

The icxPro, a cloud-native platform designed for building scalable AI applications, will help streamline the development of domain-specific AI applications using the full-stack NVIDIA accelerated computing platform, which includes NVIDIA NIM microservices, part of the NVIDIA AI Enterprise software platform.

Running on NVIDIA A100 Tensor Core GPUs, Mastek's icxPro will enable businesses to achieve faster time to market and unlock significant business value.

The key solutions this platform will bring to the Manufacturing, Healthcare, and BFSI sectors include superior CX management, faster time to market, and enhanced customer engagement. Mastek is an India-based digital engineering and cloud transformation player.

Borosil Renewables' Fund Raising Plan

Borosil Renewables will be raising Rs 4.5 bn through a rights issue, the company informed stock exchanges on 7 June, adding that it has approved the Draft Letter of Offer (DLOF) to be filed with the market regulator.

The DLOF will now need SEBI's go-ahead, and the entire process could take up to 3-4 months from here on.

Borosil Renewables has taken a consolidated term debt of Rs 5.4 bn from banks as of 31 March 2024, including Rs 2.2 bn borrowed in the step-down subsidiary.

India's largest solar glass manufacturer, Borosil Renewables has a market capitalisation of over Rs 65 bn. The company posted revenue of Rs 986 crore for FY24 with a net loss of Rs 170 m on a standalone basis. The company has proposed the addition of a fourth furnace with a capacity of 1,100 tonnes per day in CY25. The company said it expects the outlook for solar glass demand to be positive, given the expected growth in solar module manufacturing.

Shares of Borosil Renewables are higher by 12% for the year, lower than the highs seen in February 2024.

Ixigo Raises Fund Ahead of IPO

Le Travenues Technology, which operates the travel platform Ixigo, on Friday, raised around Rs 3.3 bn from anchor investors ahead of its IPO launch. The issue opens for subscription on 10 June and closes on 12 June.

Some of the marquee investors who subscribed to Ixigo's anchor book include Nomura, Morgan Stanley, 3P India Equity Fund, HDFC MF, Motilal Oswal MF, Government of Singapore, and Tata Investment Corp.

Ixigo had already announced pre-IPO secondary placements of around Rs 1.8 bn at the top end of the price band, completed a day before the anchor book opening.

The IPO comprises a fresh equity sale of Rs 1.2 bn and an offer for sale (OFS) of up to 66.6 m shares. Under the OFS, SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics and Placid Holdings will offload part of their stakes.

The company has fixed a price band of Rs 88-93 per share and investors can bid for 161 shares in one lot and in multiples thereafter.

About 75% of the offering is reserved for qualified institutional bidders (QIBs), while 15% is for non-institutional investors and the remaining 10% for retail investors.

Net proceeds from the public offer are proposed to be utilised for funding working capital requirements, investments in tech, funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.

For more, check out Ixigo IPO: 5 Things to Know.

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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