Gift Nifty Down 55 Points | Ola Electric IPO Approved | Transformers and Rectifiers Launches QIP | Top Buzzing Stocks Today

Wed, 12 Jun Pre-Open

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Indian share remained volatile as the session progressed and ended the day flat.

Indian benchmark indices erased gains amid the late selling and ended the day marginally lower.

At the closing bell on Tuesday, the BSE Sensex stood lower by 33 points.

Meanwhile, the NSE Nifty closed higher by 5 points.

ONGC, L&T and Tata Motors were among the top gainers.

Asian Paints, ITC and reliance Industries, 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 0.7% 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 0.2% lower at Rs 71,270 at the time of Indian market closing hours on Tuesday.

At 8:15 AM today, the Gift Nifty was trading down by 55 points at 23,293 levels.

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

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Top buzzing stocks today

Wardwizard Innovations share price will be in focus today.

According to the Bulk/Block deal data available on the stock exchange, Wardwizard Solutions India Private Limited, the promoter of Wardwizard Innovations & Mobility Limited, sold 2.5 million (m) equity shares of the company on 10 June 2024, at an average price of Rs 62.7 per share. This transaction amounted to a total value of Rs 156.7 m.

Following the update, the stock soared by an impressive 19% on Tuesday (11 June 2024), reaching a 5-month high of Rs 75.3 per share.

Tata Motors will also be a top buzzing stock.

Tata Motors jumped 2% after management gave a positive outlook for the coming quarters.

The country's largest EV player is confident of achieving financial stability by becoming net debt-free by fiscal year 2025. Additionally, the Nexon maker has set a target of achieving a market share of over 25% across various segments.

Ola Electric IPO Approved

Electric vehicle maker Ola Electric has received market regulator Sebi's nod for its initial public offering wherein the firm is looking to raise Rs 72.5 bn.

Ola Electric filed its draft red herring prospectus (DRHP) with the market regulator on 22 December 2024.

The IPO comprises a fresh issue of Rs 55 bn and an offer for sale (OFS) of Rs 17.5 bn, totalling Rs 72.5 bn. Existing shareholders were said to sell 951.9 million shares in the OFS.

Ola Electric's founder Bhavish Aggarwal will be selling 47.3 million shares. The firm's initial investors - AlphaWave, Alpine, DIG Investment, Matrix, and others will also be selling 47.89 million shares via the OFS.

For more details, check out EV Race is About Heat Up. Ola Electric IPO To Hit the Street Soon.

Transformers and Rectifiers Launches QIP

Shares of Transformers and Rectifiers (India) were firmly locked in the upper circuit of 5% on 11 June as the firm launched a qualified institutional placement (QIP).

The firm set a floor price of Rs 699.9 apiece for the issue, which comes at a discount of 4.5% to the closing price on 10 June.

According to the sources, the share sale might see 5.2% equity diluted, which indicates the price of the issue might be around Rs 665, coming in at a 9.4% discount.

The firm will use the proceeds to fund its capex plans, repay its borrowings, and for working capital, inorganic growth and general corporate purposes.

Following the QIP, the selling shareholder will have a lock-in period of 60 days before they can offload more shares.

The book-running manager for the QIP is Nuvama Wealth Management, earlier known as Edelweiss Securities.

According to the shareholding pattern from the March quarter, the promoter of the company holds a 69.6% stake in the firm.

Over the past year, Transformers and Rectifiers (India) shares have jumped over 800%, giving investors nine-fold returns. In comparison, the Nifty 50 index has risen around 25% during the same period.

Forbes Precision Tools' Market debut

Forbes Precision Tools and Machine Parts made a decent stock market debut on 11 June as it got listed over 11% higher on the BSE at Rs 209.

Post-listing, the stock extended its gains and was caught in its upper circuit at Rs 219.45 on the BSE.

The demerger of Forbes & Co's precision tools business was announced back in September 2022, and the NCLT's approval for the same came in March earlier this year.

Following the demerger, Forbes Precision Tools and Machine Parts was carved out to focus on the precision tools business, which includes manufacturing and trading cutting tools, HSS taps, drills, threading tools, and other precision tools.

The precision tools business had a turnover of Rs 1.8 bn in FY22, making up 76.3% of Forbes & Co's total turnover for the same fiscal.

Given that the precision tools business accounted for a major chunk of Forbes & Co's revenue, the listing of the hived-off entity happened at a market capitalisation of over Rs 11 bn.

The already listed legacy business, Forbes and Co, which operates in real estate and laser printing, commands a lower market cap of around Rs 8 bn.

The demerger is poised to unlock shareholder value by listing the precision tools business separately, facilitating focused investment in distinct business segments and enabling improved capital allocations.

In addition, the Shapoorji Pallonji group company also rationalised the move by stating that it would provide greater independence to the hived entity to pursue tailored growth strategies.

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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