Gift Nifty Down 23 Points | Olectra Greentech Bags Rs 100 Billion EV Order | Tata Motors Q1 Sales Soars | Top Buzzing Stocks Today

Mon, 10 Jul Pre-Open

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On Friday, Indian share markets continued the downtrend throughout the session and ended 0.8% lower.

Benchmark indices ended lower as profit booking engulfed equity markets on Friday as rate hike fears by the US Federal Reserve, amid strong labour market data and hawkish FOMC minutes, dented investors' sentiment.

At the closing bell on Friday, the BSE Sensex stood lower by 505 points (down 0.8%).

Meanwhile, the NSE Nifty edged lower by 166 points (down 0.9%).

Tata Motors and Titan were among the top gainers.

Adani ports and Britannia, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index ended 0.7% lower and BSE SmallCap ended 0.3% lower.

Barring the auto sector, all other sectoral indices ended the day on a negative note, with stocks in the realty sector and FMCG sector witnessing most buying.

Shares of Bosch and M&M hit their 52-week high on Friday.

The rupee was trading at 82.75 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 58,520 per 10 grams at the time of Indian market closing hours on Friday.

At 7:45 AM today, the Gift Nifty was trading lower by 23 points or 0.1% at 19,435 levels.

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

Speaking of stock markets, PSU banking stocks have been in the news for a while now due to their impressive gains in the stock market.

Will they keep on rising or will we see a correction in these stocks?

Chartist Brijesh Bhatia answers the question in the below video.

Top Buzzing Stocks Today

Titan will be among the top buzzing stocks today.

The share price of Titan hit a new high of Rs 3,205 on Friday after the jewellery maker shared a strong operational performance update for June 2023 quarter.

The company registered a 20% year-on-year (YoY) revenue growth, with all key consumer businesses exhibiting double-digit growth in the June 2023 quarter.

Kalyan Jewellers will also be in focus today.

shares of Kalyan Jewellers gained 6% on Friday after the jewellery maker's revenue grew 34% in the June 2023 quarter.

The non-south markets for Kalyan Jewellers recorded higher revenue growth as a large number of showrooms were launched in the non-south markets in the last one year.

Olectra Green's mega EV order

Olectra Greentech on Friday secured a Letter of Intent (LoI) from the Maharashtra government for the supply of electric buses. The LoI was awarded to a consortium comprising Olectra Greentech and Evey Trans Private (Evey) for 5,150 electric buses.

The order, received from the Maharashtra State Road Transport Corporation (MSRTC), entails the supply, operation, and maintenance of the 5,150 electric buses. With an approximate value of Rs 100 billion (bn), this order surpasses Olectra Greentech's market capitalisation.

The deal follows a gross cost contract model based on an OPEX (Operating Expense) approach and spans 12 years, as stated by Olectra Greentech.

Under the contract, Olectra Greentech will supply the buses to Evey, who will then facilitate the delivery over 24 months. Additionally, Olectra Greentech will provide maintenance services throughout the entire duration of the contract.

Earlier this year, the company bagged an order from Telangana State Road Transport Corporation for 550 electric buses. The order is worth Rs 32 bn and is the largest electric bus order in Telangana's history.

The company has also inked a pact with Reliance Industries to develop hydrogen buses. The two companies will work together to develop and deploy hydrogen fuel cell buses in India.

With back-to-back order wins, Olectra Greentech stands among the top 5 EV companies in India by growth.

Since you are interested in EVs check out top EV battery makers and what to expect from EV stocks in 2023.

Tata Motors Q1 sales soars

Tata Motors on Friday reported a 5% increase in its group global wholesale, including Jaguar Land Rover, during the Q1 of the financial year 2023.

Global wholesales of Tata Motors passenger vehicles in the April-June quarter of FY2023-24 were at 1,40,450 units, up 8% compared to a year back.

For Jaguar Land Rover, global wholesales were at 93,253 units. Jaguar wholesales for the quarter were 10,324 vehicles, while Land Rover wholesales were 82,929 units.

The global wholesales of all Tata Motors commercial vehicles and the Tata Daewoo range in the first quarter were at 88,456 units, lower by 15% compared to the same quarter a year back.

Following the update, shares of Tata Motors extended their marginal gains and gained over 3% to hit a record high of Rs 621.50 at the close of the last trading session on Friday.

Tata Motors remains in the fast lane when it comes to electric vehicles (EVs). The Tata group is leading India's EV revolution, and Tata Motors has remained at the forefront.

Also, the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

The shares of the company are making back-to-back record highs. To know why, check out Why Tata Motors share price is rising.

Suzlon Energy's fundraising plan approved

Suzlon Energy on Friday approved a proposal to raise Rs 20 billion (bn). The company will explore various financial routes to raise the amount.

Earlier this week, the company said that, the raising of capital would be by way of one or more or a combination of permissible methods.

Suzlon Energy is the market leader in wind energy and manufacturing wind turbine generators.

To know whether the turnaround in Suzlon is for real this time, check out Suzlon: A Trap or the best opportunity of the year.

And 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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