Gift Nifty Up 52 Points | BigBloc's Cement Foray | Godawari Power to Consider Buyback | Top Buzzing Stocks Today

Tue, 11 Jun Pre-Open

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Indian share gave up the gains as the session progressed and ended the day lower.

After a range-bound session for the large part of the day, Indian benchmark indices ended lower on Monday weighed by IT and select heavyweight shares like HDFC Bank, Maruti Suzuki.

At the closing bell on Monday, the BSE Sensex stood lower by 203 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 31 points (down 0.1%).

Grasim Industries, Cipla and Hero Motocorp were among the top gainers.

Tech Mahindra, Wipro and Infosys, 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 1% higher.

Sectoral indices are trading mixed with socks in realty sector, telecom sector and healthcare sector witnessing most buying. Meanwhile stocks in metal sector and IT sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 71,002 at the time of Indian market closing hours on Monday.

At 7:35 AM today, the Gift Nifty was trading up by 52 points at 23,285 levels.

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

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Top buzzing stocks today

Suzlon Energy share price will be in focus today.

Shares of Suzlon Energy dipped 5% in Monday's early session to the day's low of Rs 47 after the company's independent director Marc Desaedeleer resigned from his directorship on 8 June 2024.

Desaedeleer expressed in a letter to the chairman of the Board of Directors that the corporate governance standards did not meet his expectations, particularly in situations where communication lacked the openness and transparency he anticipated.

Heritage Foods will also be a top buzzing stock.

Shares of Heritage Foods skyrocketed 10% to hit a 52-week high on 10 June after a large deal worth Rs 3.2 bn took place on the exchanges.

Around 44 lakh shares, making up a 4.8% stake in the company changed hands on the exchanges in a large deal. The transaction was executed at an average price of Rs 725 apiece, a premium of around 10% from the previous close.

BigBloc's Cement Foray

BigBloc Construction gained almost 6% on June 10 after the Shankar Sharma-backed firm started commercial production at its Rs 65-crore plant in Gujarat, marking the beginning of its operations in India.

Ace small-cap investor Sharma bought a 0.5% stake, or 365,000 shares, in the firm at an average price of Rs 235 in May. The total value of the deal is Rs 85.7 m.

The building block manufacturer, which has set up a plant in Kheda, makes AAC wall products for the Indian market. It is a joint venture between Thailand's SCG International Corporation Co Ltd and Gujarat-based BigBloc Construction.

BigBloc Construction holds a 52% stake in the JV, while 48% is with SCG International. This is SCG Groupa's first investment in India.

So far, an investment of Rs 65 crore has been made in the Kheda plant, which has an annual capacity of up to 2.5 cubic meters per annum. It will introduce large format AAC wall products of 8-12 feet in India and manufacture AAC blocks.

Why Wardwizard Innovations Share Price is rising

Shares of Wardwizard Innovations & Mobility Limited surged 20% to hit the upper circuit after the company's recent announcement about securing a substantial order worth US$ 1.29 bn (Rs 107.7 bn) from Beulah International Development Corporation, a Philippines-based firm.

Wardwizard Innovations is an electric vehicle (EV) manufacturing company with a market capitalisation of Rs 13.6 bn.

The EV maker is listed on BSE. As part of the recent deal, Wardwizard will supply electric two-wheelers and three-wheelers in both commercial and passenger segments. Additionally, the company will also develop four-wheeler commercial vehicles for the Philippine market.

Beulah International Development Corporation is a leading full-service business integrator specializing in sustainability and renewable energy.

This partnership supports the Philippine government's Public Utility Vehicle Modernisation Programme (PUVMP), led by the Department of Transportation.

The initiative aims to enhance the daily transportation service by replacing outdated petrol and diesel vehicles with modern electric alternatives.

The collaboration with Wardwizard Innovations is expected to significantly contribute to the advancement of electric mobility and sustainable transportation in the Philippines.

Godawari Power to Consider Buyback

Shares of Godawari Power and Ispat climbed nearly 12% to scale a record high of Rs 1,088.65 on 10 June after the company announced plans to consider a share buyback at its upcoming board meeting on 15 June.

If approved, this will turn out to be the company's second share buyback in a period of merely two years. In the previous buyback that it carried out, Godawari Power and Ispat had bought shares worth up to Rs 2.5 bn through the tender offer route.

In a share buyback, the company purchases its shares from shareholders. It's considered a tax-efficient method to give cash back to investors. By buying back shares, the company decreases the number of shares in the market, which can increase the stock's value.

Volumes in the counter also surged as 16 lakh shares changed hands on the bourses so far, manifolding the one-month daily traded average of 5 lakh shares.

The stock has also been on an upward trajectory for the past year as it delivered over 175% returns during the tenure.

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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