Gift Nifty Up 49 Points | L&T Wins Project from ONGC | Niva Bupa Files for IPO | Top Buzzing Stocks Today

Tue, 2 Jul Pre-Open

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Benchmark indices gained ground on Monday and ended the day Higher.

Indian equities edged higher on Monday, supported by gains in the auto sector ahead of June's monthly sales data and in information technology stocks amid renewed expectations of a U.S. interest rate cut in September.

At the closing bell on Monday, the BSE Sensex stood higher by 443 points (u 0.6%).

Meanwhile, the NSE Nifty closed higher by 131 points (up 0.6%).

Tech Mahindra, Wipro and Bajaj Finance were among the top gainers.

NTPC, SBI and Eicher 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 1.1% higher and BSE SmallCap index ended 1.6% higher.

Sectoral indices are trading mixed, with socks in metal sector, telecom sector and IT sector witnessing most buying. Meanwhile stocks in power sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,573 at the time of Indian market closing hours on Monday.

At 7:55 AM today, the Gift Nifty was trading up 49 points at 24,254 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

IREDA share price will be in focus today.

Shares of the Indian Renewable Energy Development Agency (IREDA) rose 6% to the day's high of Rs 202 on the BSE after the company reported significant growth of 382.6% and 67.6% on a year-on-year (YoY) basis in its sanctioned loans and loan disbursements, respectively.

Alembic Pharma will also be a top buzzing stock.

Shares of Alembic Pharmaceuticals gained around 5% on 1 July after the company announced that has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Bosutinib Tablets, 100 mg and 500 mg.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Bosulif Tablets, 100 mg and 500 mg, of PF Prism C.V. (PF Prism).

L&T Wins Project From ONGC

The Energy hydrocarbon vertical of engineering and infrastructure conglomerate Larsen & Toubro Ltd. has won an order from ONGC for the eighth phase of the Pipeline Replacement Project off India's west coast.

L&T has classified the order as significant, which means that the order value is in the range of Rs 10 to Rs 25 bn.

This order involves engineering, procurement, construction, installation and commissioning of 129-km subsea pipelines and associated modification work across India's west coast offshore fields of ONGC.

This order reflects ONGC's continued confidence in L&T, and this emanates from our track record of successfully delivering complex offshore projects.

For the financial year 2025, L&T expects to win 10% more orders than it did in the financial year 2024. It also expects its topline to grow by 15% from the year gone by. However, the company guided for margins to be at 8.25% for the financial year 2025. The guidance estimate among analysts ranged from 9% to 9.5% for the year.

Semiconductors, 5G telecom, renewable energy, SpaceTech, metro rail, and defence.

How many Indian companies have won orders in each of these segments recently? The only company is L&T.

The company is the most respected multinational conglomerate that operates in over 50 countries with unmatched capabilities in all its businesses, including construction, engineering, technology, and manufacturing.

For more about L&T, check out Top Green Hydrogen Shares in India 2024: Green Hydrogen Companies to Add to Your Watchlist.

REC's Loan Disbursements Jump

State-owned REC on Monday said it sanctioned Rs 1,127.5 bn worth of loans during April-June FY25, posting a year-on-year growth of 24.2%. It had sanctioned Rs 907.9 bn as a loan during the year-ago period.

Loan disbursements rose 27.9% to Rs 436.5 bn in the period under review.

During the June quarter of FY25, Rs 396.6 bn was sanctioned for renewable energy projects, up 58.7% from the year-ago period. Loan disbursements more than doubled to Rs 53.5 bn from Rs 15.3 bn.

REC, under the Ministry of Power, is a non-banking financial company (NBFC) focusing on power sector financing in India.

Niva Bupa Files for IPO

Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise to Rs 30 bn (nearly US$ 360 m), draft papers showed on Monday.

The company, majority-owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to eight billion rupees as part of the offering.

It aims to use the proceeds from that sale to strengthen its balance sheet and for operating expenses.

Existing shareholders Bupa Singapore Holdings and Fettle Tone, will sell shares up to Rs 22 bn, Niva Bupa added.

As of the end of fiscal 2024, the company's borrowings stood at Rs 2.5 bn, unchanged for the third straight fiscal. Its total income, which comprises net premium income, investment income and other income, rose 44% year-on-year.

The insurer is set to go public in India's booming IPO market.

ICICI Securities, Morgan Stanley, Kotak Mahindra Capital and Axis Capital were among the book-running managers for Niva Bupa's IPO.

More than 100 companies have raised around US$ 4 bn in IPOs so far this year, more than double the amount raised by this time last year.

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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