Gift Nifty Up 58 Points | NELCO Q1 Results | HPL Electric's New Order Win | Top Buzzing Stocks Today

Fri, 12 Jul Pre-Open

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Benchmark indices reversed the momentum as the session progressed on and ended the day lower.

Indian benchmarks, Sensex, and Nifty50 indices extended weakness into second day on Thursday amid selling in L&T, HDFC Bank, Bajaj Finance, ICICI Bank, Sun Pharma, and Bharti Airtel.

At the closing bell on Thursday, the BSE Sensex stood lower by 27 points.

Meanwhile, the NSE Nifty closed lower by 9 points.

ONGC, Coal India and ITC were among the top gainers.

Tata Consumer Products, Sun Pharma and M&M 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 0.4% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices are trading mixed, with socks in energy sector, oil and gas 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 0.2% higher at Rs 72,840 at the time of Indian market closing hours on Thursday.

At 7:30 AM today, the Gift Nifty was trading up 58 points at 24,464 levels.

Indian share markets are headed for a positive 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

Oriental Rail Infra share price will be in focus today.

Oriental Rail Infrastructure's share price touched a 52-week high of Rs 378.6 and locked at a 5% upper circuit in the early trade on July 11 after the company received an order from Indian Railways.

95% of the contract value will be paid upon receipt of an inspection certificate from the nominated agency and proof of dispatch or delivery of the material. The remaining 5% will be paid after the goods are received, inspected, and accepted.

IRCTC will also be a top buzzing stock.

Indian Railways has partnered with the Delhi Metro Rail Corporation (DMRC) and the Centre for Railway Information Systems (CRIS) to promote 'One India - One Ticket', a government plan for integrated public transport.

The collaboration aims to improve the travel experience for railway and Metro passengers in Delhi/NCR.

HPL Electric's New Order Win

HPL Electric on 11 July 2024 announced it won a Letter of Award for smart meters.

According to a filing with the exchanges, the order is valued at Rs 20 bn. It has been received from HPL Electric's regular leading customers. The company has not shared further details about the order, such as the timeline or location.

The order amount exceeds the previous year's total order book for HPL Electric. Additionally, it represents about 64% of the company's market capitalization, which is slightly above Rs 33 bn.

Further, on 8 July HPL Electric announced a memorandum of understanding (MOU) with China-based Guangxi Ramway Technology Co. Ltd for local manufacturing for assembly of relay/latching relays in India. The agreement could involve technical partnership and equipment procurement.

HPL Electric & Power is an electrical and power distribution equipment manufacturer. It has a product portfolio that includes cables, energy-saving meters, industrial and domestic circuit protection switchgear, and CFL & LED lamps.

Shipping Stocks Skyrocket 20%

Shares of shipping companies rallied up to 20% in yesterday's trading session on BSE ahead of the expectations of positive developments by the government in the upcoming Union Budget.

Shares of Shipping Corporation of India witnessed the highest surge of nearly 20% to rise to its new all-time high of Rs 328.9 on BSE today and was followed by Great Eastern Shipping Company, whose shares also made a new 52-week high of Rs 1,542.8 after jumping over 13%.

Essar Shipping shares also witnessed a jump of 10% in today's session, while the shares of Garden Reach Shipbuilders and Cochin Shipyard gained 5% each on BSE.

The rally in the sector is attributed to various reasons, the primary reason being an anticipation of the government's proposal for the creation of a Maritime Development Fund, namely the Harit Nauka scheme, in the Union Budget.

As per reports, the Maritime Development Fund is likely to get an allocation of Rs 150 bn to Rs 200 bn. Shipbuilders are reacting to these developments as reports suggest that through the Maritime Development Fund, they can avail of long-term loans at a lower cost.

NELCO Q1 Results

The company reported a year-on-year decline in its consolidated net profit and revenue for the June 2024 quarter.

NELCO's net profit for Q1 FY25 fell 20.4% on year to Rs 46 million (m) and revenue from operations fell 6% to Rs 741 m. In the year-ago period, NELCO's net profit was Rs 57 m and revenue was at Rs 788 m.

On a sequential basis, NELCO's net profit declined 25% and 9%, respectively.

NELCO, a subsidiary of Tata Power Company, offers comprehensive networking solutions. The company specialises in the sale and rental of VSATs, maintenance of private hubs, and hybrid networks.

NELCO, formerly known as National Radio & Electronics Company was promoted in 1940 by the Investment Corporation of India inter alia to manufacture broadcasting equipment.

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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