Gift Nifty Down 73 Points | Pine Labs Eyes US$1 Billion IPO in India | Prestige Estates Approves Fundraising | Top Buzzing Stocks Today

Mon, 24 Jun Pre-Open

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

Benchmark indices remained negative and settled lower on Friday.

At the closing bell on Friday, the BSE Sensex stood lower by 269 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 65 points (down 0.3%).

Hindalco, Infosys and Bharti Airtel were among the top gainers.

Nestle, Tata Motors 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 0.3% lower and BSE SmallCap index ended flat.

Sectoral indices are trading mixed, with socks in telecom sector, IT sector and media sector witnessing most buying. Meanwhile stocks in FMCG sector, auto sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 72,670 at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading down 73 points at 23,394 levels.

Indian share markets are headed for a negative 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

Vodafone Idea share price will be in focus today.

Shares of Vodafone Idea gained around 4% on Friday after a report said the telecom service provider had completed its 5G rollout obligation in all circles. The company has a 5G spectrum in 17 circles and has completed the rollout obligation in both spectrum bands.

Vodafone Idea got network testing done by the Department of Telecommunications in both spectrum bands.

Hindustan Zinc will also be a top buzzing stock.

Hindustan Zinc will be the preferred supplier of zinc for AEsir Technologies' next-generation batteries

Hindustan Zinc has signed a memorandum of understanding with AEsir Technologies, Inc., a US-based company specializing in next-generation zinc battery technologies.

Pine Labs Eyes US$1 Billion IPO in India

According to a media report, Pine Labs Pvt, an Asian digital payments provider backed by Peak XV Partners and Mastercard Inc., is considering raising about US$ 1 billion (bn) in an initial public offering in India, amid increasing investor appetite in the nation's stock market.

The company may seek a valuation of more than $6 billion in an IPO, the people said, asking not to be identified because the matter is private.

Pine Labs may issue both new and secondary shares. It could also opt to do a pre-IPO fundraising round ahead of any listing.

At about US$ 1 bn, an IPO of Pine Labs would be the biggest by an Indian fintech firm after One97 Communications, the operator of Paytm, raised about US$ 2.5 bn in 2021.

The company had previously filed confidentially with the US Securities and Exchange Commission for an IPO in 2022.

About US$ 7 bn has been raised via IPOs in India this year, more than triple the volume from the same period in 2023.

That's turned the country into one of the hottest markets for share sales globally.

Considerations are preliminary and no final decisions have been made.

Pine Labs serves over 500,000 merchants in more than 3,700 cities across India, the Middle East and Southeast Asia.

It provides merchants with solutions for payments and other financial services.

For more information on IPOs, check out the list of upcoming IPOs.

Prestige Estates Approves Fundraising

Prestige Estates Projects' board of directors on Friday approved a Rs 50 bn fundraising plan via the issuance of equity shares through the qualified institutional placement (QIP) or other permissible modes.

The funds will be raised in one or more tranches.

The company plans to monetise assets of the hospitality segment through Prestige Hospitality Ventures Limited, which is a wholly-owned subsidiary of the company, by way of issuing shares.

The board has also formed a sub-committee to oversee and structure the process. The committee has been tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements.

The announcement was made after market hours and the stock was on Friday.

The stock has had a robust rally over the last one year as Prestige Estates shares have delivered returns of 246% in the said period.

Aster DM Healthcare Sees Stake Divestment

Hong Kong-based Olympus Capital Asia on Friday divested a 9% stake in Hospital chain Aster DM Healthcare for Rs 15.3 bn through open market transactions. Investment firm Olympus Capital Asia, through its arm Olympus Capital Asia Investments, offloaded shares of Dubai-based Aster DM Healthcare on BSE.

According to the bulk deal data available with BSE, Olympus Capital Asia Investments sold 45 m shares or a 9% stake in Aster DM Healthcare in two tranches.

After the latest transaction, the shareholding of Olympus Capital Asia in Aster DM Healthcare has declined to 1.1% from 10.1%.

Meanwhile, Franklin Templeton Mutual Fund, the Singapore government and Morgan Stanley Asia Singapore picked up a total of 12.4 m shares of Aster DM Healthcare.

The shares were purchased at an average price of Rs 340, taking the combined size of the transaction to Rs 4.2 bn.

Details of the other buyers of Aster DM Healthcare shares could not be ascertained.

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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