Gift Nifty Up 12 Points | Vodafone Idea Sells Stake in Indus Tower | Axis Bank to Acquire Stake in Max Life | Top Buzzing Stocks Today

Thu, 20 Jun Pre-Open

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Indian share reversed the trend as the session progressed and ended the on negative note.

Benchmark indices extended their record-breaking streak on the BSE on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood lower by 36 points

Meanwhile, the NSE Nifty closed lower by 36 points (down 0.2%).

HDFC Bank, Axis Bank and ICICI Bank were among the top gainers.

Titan, Hindalco and L&T, 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 0.9% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices are trading mixed, with socks in IT sector, banking sector and finance sector witnessing most buying. Meanwhile stocks in power sector, oil & gas sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,730 at the time of Indian market closing hours on Wednesday.

At 8:00 AM today, the Gift Nifty was trading up 12 points at 23,527 levels.

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

Speaking of the stock market, in a recent video, Rahul Shah, Co-Head of Research at Equitymaster, discusses the essential quality for a successful investor aiming to outperform the market index by at least 5% annually.

Drawing inspiration from legendary investors like Warren Buffett, Shah emphasizes the importance of strategically adjusting one's investment style, shifting between aggressive and defensive approaches and selecting high-quality stocks at attractive valuation.

The author recommends using the Sensex PE ratio to determine when to be aggressive (PE < 20) or defensive (PE > 22) in the Indian stock market.

Tune into below video for more details.

Top buzzing stocks today

Sona BLW share price will be in focus today.

Sona BLW Precision shares jumped over 3% in the morning session on 19 June, after the firm received certification from the Ministry of Heavy Industries under a Production-Linked Incentive (PLI) scheme.

The specific PLI scheme is for the Automobile and Auto Component industry ("PLI-Auto") from the Ministry of Heavy Industries.

Delta Corporation will also be a top buzzing stock.

Shares of Delta Corporation, the only listed company engaged in the casino gaming industry in India, surged nearly 15% on BSE to the day's high of Rs 151 as the Goods and Services Tax (GST) Council is likely to consider a review of tax on online gaming in its next meeting on 22 June.

The council is expected to review the decision to levy 28% GST on the full value of bets for online gaming companies, which came into effect on 1 October 2023, they said. The council had agreed to review it after six months of implementation.

Vodafone Idea Sells Stake in Indus Tower

UK-based telecom operator Vodafone PLC sold an 18% stake in Indus Towers on Wednesday through block deals and raised Rs 153 bn to repay debt in Vodafone Idea.

Vodafone announced that it has sold 484.7 million shares in Indus Towers and raised Rs 15,300 crore (€ 1.7 billion) in gross proceeds which will be used to substantially repay Vodafone's existing lenders about the outstanding bank borrowings of €1.8 billion secured against Vodafone's Indian assets.

Following the deal, Vodafone PLC now holds 82.5 million shares in Indus, equivalent to a 3.1% shareholding. In early 2022 also, Vodafone PLC sold a 7.1% stake.

One of the buyers in the deal was Bharti Airtel, which increased its stake by 1% in Indus Towers to 48.95%.

Following the large deals, shares of Indus Towers fell 6% to Rs 320.60, while Vodafone Idea stock was trading 2% higher at Rs 17.25.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It's among India's leading telecom service providers.

Axis Bank to Acquire Stake in Max Life

Axis Bank and its various subsidiaries' boards have approved raising their stake in Max Life Insurance to 19.99 per cent at Rs 336 crore in a cash deal, the private lender said in a stock exchange filing on Wednesday.

Axis Bank, its subsidiaries Axis Securities and Axis Capital, together previously held a 19% stake in the life insurance company.

The Acquisitions Divestments and Merger Committee of the Board of Directors of the Bank, at its meeting held on June 19, 2024, approved a proposal for the acquisition of additional equity shares of Max Life by the Bank for an amount of up to Rs 3.4 bn, thereby increasing the aggregate shareholding of the Axis Entities from 19% to 19.9%, the statement read.

Axis Bank in August 2023 received regulatory approval to infuse Rs 16.1 bn in Max Life Insurance by subscribing to shares on a preferential basis, raising Axis Entities' stake to 19% in Max Life Insurance.

Axis Bank is the third-largest private-sector bank in India (in terms of loan book) with a pan-India presence of 5,000+ branches.

The bank's net NPAs stand lowest among both public and private banks at 0.3% of total advances.

SBI Approves Fundraising

India's largest public sector lender, State Bank of India, on 19 June said that its board has approved raising long-term bonds to an amount of Rs 200 bn through a public issue or private placement during FY25.

In January, SBI raised Rs 50 bn through perpetual bonds at an 8.3% coupon. Last financial year, it raised an aggregate of Rs 200 bn through the sale of 15-year infrastructure bonds.

Earlier this month, SBI raised US$ 100 million through its London branch by selling three-year senior unsecured floating-rate bonds that were sold at a spread of 0.9% above the secured overnight financing rate (SOFR).

At the end of the last financial year, the Bank's capital adequacy ratio (CAR) stood at 14.3%.

State Bank of India (SBI) boasts an unmatched retail franchise in the Indian banking landscape.

The bank's strong corporate ties, especially with high-rated PSUs help it retain its market share in competitive segments.

For more details on SBI, check out Top PSU Shares in India 2024: PSU Companies to Add to Your Watchlist.

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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