SGX Nifty Up 43 Points | Why Tata Motors Share Price is Rising | Synoptics Technologies IPO Opens Today | Top Buzzing Stocks Today

Fri, 30 Jun Pre-Open

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On Thursday, Indian market remained closed on account of Bakri Eid. On Wednesday, Indian share markets continued the momentum throughout the session and ended on a firm footing.

Benchmark indices hit all-time highs on Wednesday, lifted by gains in some Adani group stocks and advances in heavyweight financial stocks.

At the closing bell on Wednesday, the BSE Sensex stood higher by 499 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 280 points (up 0.5%).

Tech Mahindra and Sun Pharma were among the top gainers.

Tata Motors and M&M on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended high. The BSE Midcap index ended 0.7% higher and the BSE SmallCap ended up marginally.

All sectoral indices ended the day on a positive note with stocks in the capital goods sector, healthcare sector, and power sector witnessing most of the selling.

Shares of Abbott India & Dr Reddy's Laboratories of India hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.04 against the US$.

Gold prices for the latest contract on MCX were trading lower by Rs 93 at Rs 58,014 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the SGX Nifty was trading higher by 43 points or 0.2% at 19,193 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

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Top Buzzing Stocks Today

SBI will be among the top buzzing stocks today.

SBI received approval of the Executive Committee of the Central Board (ECCB) to acquire the entire 20% stake held by SBI Capital Markets in SBI Pension Funds.

SBI Pension Fund is the largest pension fund manager out of 10 managing about Rs 3,590.4 billion (bn) of assets under management (AUM) with around 37% market share as of 31 May 2023.

The pension fund manages over 48% market share of AUM in the private sector.

Titagarh Rail Systems will also be in focus today

Titagarh Rail Systems received the letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for design, manufacture, supply, testing, commissioning and training of 72 standard-gauge cars for Surat Metro Rail Phase-I project I. The order value is about Rs 8.9 bn.

The execution would start 76 weeks after signing the contract and is scheduled to be completed in 132 weeks thereafter.

Why Tata Motors Share Price Hit 52-Weeks High

Tata Motors share price was soaring on the bourses on Wedesday after Tata Technologies, a subsidiary of automobile major Tata Motors, received an approval from the market regulator to raise funds through an initial public offering (IPO).

On Wednesday, the Tata group company hit its 52-week high price.

The Tata Motors stock has been buzzing lately as investors anticipate a blockbuster issue in Tata Tech IPO.

As per the Draft Red Herring Prospectus (DRHP), which was filed in March, Tata Technologies IPO is fully an offer for sale (OFS) issue where Tata Motors will sell up to 95.7 million (m) equity shares, approximately 23.6% of the company's paid-up share capital.

The size of the IPO and the price band have not been disclosed yet.

Stock market experts said that Tata Technologies IPO contains shareholding of Tata Motors and the auto major is offering its shares for sale in this public issue, which is 100% offer for sale (OFS).

This means, net proceeds of Tata Technologies IPO will strengthen the balance sheet of the auto company instead of Tata Technologies.

They said that Tata Motors had acquired Tata Technologies shares at a price of Rs 7.4 per share. So, market is expecting huge monetary benefit for Tata Motors from this upcoming IPO of Tata Technologies.

SME IPO opening today

The IPO of Synoptics Technologies is going to hit primary market today, on 30 June 2023. The public issue proposed for listing on NSE SME exchange will remain open for bidding till 5 July 2023.

The IT services and solution company has fixed Synoptics Technologies IPO price band at Rs 237 per share level. According to market observers, Synoptics Technologies shares have made debut in unlisted stock market and it is available at a premium of Rs 25 per share.

Synoptics Technologies has demonstrated consistent growth in its profitability over the years. According to the restated consolidated financial information, the company's revenue has witnessed a significant upswing, with a growth rate of 57.25% from FY20 to FY22.

Net profit has also experienced remarkable growth, increasing by 137.3% during the same period. This demonstrates the company's ability to deliver strong financial performance and generate consistent returns for its investors.

Fundamental analysis of Synoptics Technologies reinforces its investment potential. The company's solid business model, diverse & prestigious client base, and proven track record position it for long-term success.

With a focus on digital transformation, Synoptics Technologies is well-positioned to capitalize on the growing IT services market.

Furthermore, the company's strategic initiatives, such as the recent agreement with BSNL & Airtel along with a massive order book of Rs 280 m highlight its ability to secure promising business opportunities and expand its market reach in the future.

Since you are interested in SME IPOs, you might be interested in reading: the IPO markets are buzzing once again. Here are 4 companies to track now.

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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