Gift Nifty Up 39 Points | Armee Infotech Files for IPO | Bharti Airtel to Buy Additional Stake in Indus Towers | Top Buzzing Stocks Today

Tue, 25 Jun Pre-Open

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

After starting lower amid subdued global cues and Quant Mutual Fund fiasco, benchmark indices recouped losses in the second half of the session to end slightly higher.

At the closing bell on Monday, the BSE Sensex stood higher by 131 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 44 points (up 0.2%).

M&M, Grasim and Sun Pharma were among the top gainers.

Cipla, Adani Ports and Coal India 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 0.4% lower.

Sectoral indices are trading mixed, with socks in power sector, auto sector and capital goods sector witnessing most buying. Meanwhile stocks in energy sector, metal sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 71,650 at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading up 39 points at 23,575 levels.

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

Speaking of the stock market, two experienced fund managers, James Chanos (US) and Sankaran Naren (India), are concerned about high speculation and low margins of safety in their respective stock markets. This means there's a greater risk of losses if the market crashes.

The advice? Invest cautiously. Consider "stock market insurance".

Rahul Shah, Co-head of research at Equitymaster, talks about what exactly is this insurance and how does it work?

Tune into below video for more details.

Top buzzing stocks today

Raymond share price will be in focus today.

Shares of Raymond surged 6% on Monday to its day's high of Rs 2,675 on BSE as the National Company Law Tribunal (NCLT) approved the demerger of the company's lifestyle business and the amalgamation of its consumer trading arm.

As part of this restructuring process, Raymond will demerge its lifestyle business into Raymond Lifestyle.

Vedanta will also be a top buzzing stock.

The Indian mining company controlled by billionaire Anil Agarwal is considering tapping bond markets for at least US$ 500 m in a debut overseas issuance, according to two people familiar with the proposal.

Vedanta Ltd. is discussing the plan with lenders and seeking legal opinions about the potential sale, according to the people, who asked not to be identified discussing non-public issues.

Armee Infotech Files for IPO

Armee Infotech, an Ahmedabad-based IT Infrastructure solutions company, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 2.5 bn via an initial public offering.

The IPO comprises solely a fresh issue with no offer-for-sale component.

The issue proceeds (excluding IPO expenses) will be utilised mainly for its working capital requirements amounting to Rs 1.6 bn and repaying debts worth Rs 106.3 m. The remaining amount will be used for general corporate purposes.

Armee Infotech's outstanding borrowings at the end of April this year stood at Rs 798 m.

The Patel family owns 92.7% shareholding in the Gujarat-based company and the rest is owned by publishing shareholders.

Armee Infotech, which provides IT managed services too, has already surpassed bottom line and topline numbers of fiscal 2023 in the nine months ended December FY24.

Profit stood at Rs 249.6 m on revenue of Rs 5.6 bn for the said period.

Profit in the financial year 2023 grew 393% to Rs 166 m compared to Rs 34 m in the previous year. Revenue from operations during the same period increased by 301.6% to Rs 5 bn.

Why Mazagon Dock Share Price is Rising

Mazagon Dock shares surged by 4% following advanced talks on acquiring additional Kalvari-class (Scorpene) submarines for the Navy, potentially sealing a Rs 350 bn deal that promises to bolster India's submarine fleet.

The three new submarines under negotiation will be larger and equipped with state-of-the-art electronics, enhancing their strength and endurance compared to their predecessors.

Being a government-owned PSU and working under the Ministry of Defence, Mazagon Dock Shipbuilders is the designated shipyard for building naval vessels and submarines for the Indian Navy.

It makes everything from cargo vessels to offshore platforms and destroyers, frigates, corvettes and submarines.

Mazagon Dock is the country's largest shipbuilder, both in terms of revenue and order book and is tasked with manufacturing some of the Indian Navy's most ambitious programmes, including its Scorpene class of submarines and the Visakhapatnam and Kolkata class destroyers.

As of March 2024, the company has an order book of around Rs 390 bn that includes backlogs for the P-15 Bravo destroyers, P-17 Alpha frigates and P-75 submarines.

The company has been awaiting approval from the Indian government for the submarine project worth Rs 350 bn for manufacturing three more submarines, the first of which was inducted in 2017. These submarines, commonly referred to as the Scorpene class submarines, were developed by the French government-owned Naval Group of France.

Bharti Airtel to Buy Additional Stake in Indus Towers

Bharti Airtel is in discussions with Vodafone Plc to acquire an additional 3% stake in telecom towers company Indus Towers.

This move follows Vodafone's recent sale of an 18% equity stake in Indus Towers in block deals worth approximately Rs 153 bn.

If the proposed acquisition of the additional 3 per cent stake is successful, Bharti Airtel will become the majority stakeholder in Indus Towers with a 52% shareholding.

Meanwhile, after this sale, Vodafone will retain a 3.1% shareholding in Indus Towers.

Last week, Bharti Airtel increased its stake in Indus Towers by 1%, bringing its total holding to nearly 49%.

The cash generated from Indus Towers would be utilised for the expansion of Nxtra.

This merger aims to make Airtel's telecom business more asset-light and unlock significant value while also providing an exit for Carlyle from its investment. Carlyle, a private equity firm, acquired a 24% stake in Nxtra in 2020.

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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