Gift Nifty Down 72 Points | Why Shipping Stocks are Rising | Inox Wind Turns Debt Free | Top Buzzing Stocks Today

Fri, 5 Jul Pre-Open

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Benchmark indices remained muted on Thursday and ended the day higher.

Indian stock markets closed higher on Thursday, amid the weekly F&O expiry, and information technology (IT) stocks held the fort.

At the closing bell on Thursday, the BSE Sensex stood higher by 63 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 18 points (up 0.1%).

Tata Motors, Sun Pharma and Infosys were among the top gainers.

HDFC Bank, Wipro and Tech Mahindra 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 and BSE SmallCap index ended 0.6% higher.

Sectoral indices are trading mixed, with socks in realty sector, energy sector and IT sector witnessing most buying. Meanwhile stocks in consumer durable sector and finance sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.9% higher at Rs 72,373 at the time of Indian market closing hours on Thursday.

At 8:15 AM today, the Gift Nifty was trading down 72 points at 24,466 levels.

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

Speaking of the stock market, Shipping is a significant in the current world as 80% of world trade by volume and 70% by value happens via ships.

So, if India is to be a key player in the global supply chain, it must become a hub of shipbuilding and repair as well.

Currently, the country accounts for about 20% of the market demand for commercial vessels worldwide.

Tanushree Banerjee, Research Analyst, in her latest video talks about that should one be wary of shipping stocks or should we expect multibbager gains?

Tune into below video for more details.

Top buzzing stocks today

Persistent Systems share price will be in focus today.

Shares of Persistent Systems cruised 4% to scale a new all-time high of Rs 4,760 on 4 July, extending gains for a sixth trading session in a row, after acquiring US-based Starfish Associates for around US$ 20.7 m.

The acquisition bodes well for the company as it will build its engineering capabilities and expand its AI-driven business transformation.

Wockhardt will also be a top buzzing stock.

Wockhardt shares are on a roll, extending the uptrend for the 12th straight session on 4 July. With the sharp rally, the stock hit a fresh 52-week high of Rs 995, delivering exuberant gains of nearly 80% in the past month.

Optimism for the company stems from its research and development prowess as it nears the launch of two blockbuster antibiotics, poised to change the course of the drugmaker's earnings trajectory.

Why Shipping Stocks are Rising

Shares of shipping firms like Cochin Shipyard, and Mazagon Dock surged up to 17% on July 4. They were among the PSU stocks that have seen a sharp rally lately as investors expect Budget 2024 announcements to boost the stocks further.

Veteran investor Raamdeo Agrawal believes that despite the recent up move, PSUs are still trading in single-digit PE multiples.

The stocks also gained on account of strong Q1 earnings expectations.

Antique Stock Broking in its June quarter earnings preview note said the combined sales of eight defence companies including Mazagon Dock, Cochin Shipyard, Bharat Dynamics, BEML, Hindustan Aeronautics, Bharat Electronics, PTC Industries and Garden Reach Shipbuilders & Engineers Ltd may jump 27% YoY.

The rise is expected, given the improvement in the supply chain and swifter execution, supported by the all-time high order book of multiple companies.

The defence sector is currently enjoying a favourable environment, marked by government focus on defence indigenisation under the 'Make in India' initiative.

Inox Wind Turns Debt Free

Inox Wind on Thursday said its promoter Inox Wind Energy (IWEL) has infused Rs 9 bn into the company, following which the wind energy solutions provider will become a net debt-free company.

In a statement, Inox Wind Ltd (IWL) on Thursday announced the completion of an infusion of Rs 9 bn into the company by its promoter Inox Wind Energy Ltd (IWEL).

The funds were raised by the IWEL on 28 May 2024, through the sale of equity shares of IWL through block deals on the stock exchanges, witnessing the participation of several marquee investors, as per the company statement.

The funds will be utilised by Inox Wind to completely pare down its external term debt to achieve a net debt-free status, it added.

Net Debt is a metric that determines how well a company can repay all of its debt it was due immediately.

Zomato Suspends Hyperlocal Goods Delivery

Gurgaon-based Zomato has suspended its hyperlocal goods delivery service 'Xtreme' on account of poor demand, according to people aware of the matter. The food delivery platform launched the service in October last year.

Xtreme was rolled out in nearly all of the 750-800 cities where Zomato offers food delivery, and leveraged the existing fleet. It targeted both small and large merchants for delivering small packages intracity on the lines of services provided by Shadowfax, Porter and Loadshare.

The company has also removed the Xtreme app from Google Play Store.

Zomato's foray into hyperlocal deliveries had come at a time when one of the key players in the ecosystem - Reliance Retail-backed Dunzo--was undergoing severe stress. The deceleration of Dunzo's operations also led to SoftBank-backed Ola entering the hyperlocal deliveries segment.

Shortly before Zomato launched Xtreme, Ola Parcel pick-up and drop service was launched in Bengaluru, powered by the company's fleet of electric two-wheelers in the city.

Zomato has also reintroduced its Legends offering - through which it delivers food from renowned restaurants in select cities to other cities.

Under the new avatar, Zomato has reverted to delivering directly from restaurants instead of pre-stocked food items, but it has introduced a minimum order value of Rs 5,000 for the service.

It also now allows customers to curate orders from different restaurants across the country for a single order.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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