Gift Nifty Down 54 Points | Inox Green Energy Fundraising Plan | Why Reliance Industries Share Price is Rising | Top Buzzing Stocks Today

Thu, 27 Jun Pre-Open

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   10:30 am   

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Amid sustained buying in heavyweights, Nifty today scaled fresh all-time high of 23,785 while Sensex also scaled a peak of 78,339.

At the closing bell on Wednesday, the BSE Sensex stood higher by 621 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 148 points (up 0.6%).

Reliance Industries, Bhart Airtel, Grasim Industries were among the top gainers.

Bajaj Auto, Hindalco and Tata Steel 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 0.2% Higher.

Sectoral indices are trading mixed with socks in FMCG sector, energy sector and oil & gas sector witnessing most buying. Meanwhile stocks in metal sector and realty sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,487 at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading down 54 points at 23,808 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

Zee Entertainment share price will be in focus today.

Zee Entertainment Enterprises Ltd (ZEEL) saw a notable uptick in its stock performance, surging close to 5% following legal manoeuvres and strategic decisions.

The catalyst for this surge came on the back of a pivotal decision by the National Company Law Tribunal (NCLT), granting ZEEL the green light to withdraw its implementation application, according to Reuters reports.

Meghna Infracon will also be a top buzzing stock.

shares of Meghna Infracon Infrastructure surged 19%, reaching a 52-week high of Rs 468 on the BSE following its acquisition of a prestigious residential project in Goregaon West, Mumbai.

Meghna Infracon, an emerging name in the real estate industry, informed the exchanges that it has launched its new residential project 'RIVAAN' in Goregaon (West), Mumbai.

Inox Green Energy Fundraising Plan

Inox Green Energy Services on Wednesday said its board of directors has approved a proposal to raise up to Rs 10.5 bn through the issuance of equities and convertible warrants. The board of directors at its meeting held today approved the fundraise aggregating up to Rs 10.5 bn by way of a preferential issue.

Under the fundraising plan, the company intends to issue over 28.9 m equity shares at an issue price of Rs 138 inclusive of a premium of Rs 128 per share, aggregating up to Rs 4 bn, to non-promoter entities.

The company also plans to issue over 4.48 crore convertible warrants each carrying a right to subscribe to one equity share of face value of Rs 10 each of the company for Rs 145 per warrant inclusive of a premium of Rs 135 in one or more tranches aggregating up to Rs 6.5 bn to both promoter/promoter group and non-promoter entities.

Inox Green Energy Services, an INOX GFL Group company, is engaged in the business of providing operation & maintenance (O&M) services and common infrastructure facilities for wind turbine generators.

Why Reliance Industries Share Price is Rising

The shares of Reliance Industries (Ltd) hit a new high in intra-day trade on Wednesday as the stock jumped over 4%. The shares were last trading at 3,029, up 4.1% over the previous close.

The sharp surge in the Mukesh Ambani-led conglomerate's shares pushed the benchmark Nifty up by 144 points.

RIL had a choppy run at the bourses this month as the company suffered heavy losses post the election outcome. However, since then, the shares made a smart recovery to erase all the losses and gain around 2.4%.

In the last year period, the stock has delivered 32% returns to investors, while it is up about 17% on a year-to-date (YTD) basis.

In the recent fourth quarter, RIL reported a 2% fall in its consolidated net profit at Rs 18,951 crore, while revenue from operations surged 11% year-on-year (YoY) to Rs 2.4 tn.

Allied Blenders and Distillers IPO Fully Subscribed

The initial public offering of Allied Blenders and Distillers was fully subscribed on 26 June, the second day of bidding. Investors have picked 55.2 m equity shares so far, which was 1.4 times the offer size of 3.93 crore shares, the subscription data of exchanges showed.

The Officer's Choice whisky maker intends to raise Rs 15 bn through its public issue which consists of a fresh issuance of shares worth Rs 10 bn, and an offer-for-sale (OFS) of shares worth Rs 5 bn by promoters.

Non-institutional investors were at the forefront of supporting the issue, buying 2.7 times their reserved portion, followed by retail investors who picked 1.57 times the allotted quota. Qualified institutional buyers are also gradually increasing their bids, subscribing to 10% of their portion.

Employees, who have Rs 30 m worth of shares reserved in the IPO, bought 5.1 times the portion set aside for them. They will get those shares at a discount of Rs 26 per share to the final issue price.

Allied Blenders has already mopped up Rs 499.1 crore through its anchor book on 24 June. Societe Generale, Goldman Sachs, Troo Capital, BNP Paribas, 360 One Special Opportunities Fund, LIC Mutual Fund, and Jupiter India were amongst the investors in the anchor book.

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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