Gift Nifty Up 200 Points | Ola Electric & Mazagon Dock Shipbuilders Q1 Results | Orient Technologies IPO to Hit Street | Top Buzzing Stocks Today

Fri, 16 Aug Pre-Open

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Indian benchmark indices turned positive as the session progressed but ended the day higher.

Equity benchmark indices, BSE Sensex and NSE Nifty50, ended in the green on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood higher by 150 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 4 point.

TCS, Infosys and Wipro were among the top gainers.

Coal India, Hero MotoCorp and Divis Laboratories 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% lower and BSE SmallCap index ended 0.5% lower.

Sectoral indices were trading mixed, with socks in IT sector and media sector witnessed buying speer. Meanwhile stocks in power sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were 0.3% higher at Rs 70,880 at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 200 points higher at 24,345 levels.

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

Speaking of the stock market, Rahul Shah the co-head of research at Equitymaster in his latest video talks about delves into a fascinating debate sparked by a recent reunion with friends.

Amidst the nostalgia and cozy vibes of the gathering, an unexpected topic emerged-investing based on astrology.

While some were convinced of its profitability, Rahul remained steadfast in his belief that fundamental analysis is the key to successful investing.

Tune into below video dive into the world of stocks and uncover whether it's more art or science.

Top buzzing stocks today

Adani Enterprises share price will be in focus today.

Billionaire Gautam Adani's flagship Adani Enterprises Ltd could launch its maiden public offer of non-convertible debentures (NCD) this month, maybe as early as next week, to raise Rs 6 bn from the public.

Adani Enterprises' plan to raise equity capital of US$ 1.5-2 bn is also at an advanced stage, and a qualified institutional placement (QIP) offering is likely to be launched in the first half of September.

HEG will also be a top buzzing stock.

Shares of HEG fell over 7% on 14 August after the graphite electrode maker reported weak Q1 earnings. The company's net profit fell 84.4% on-year to Rs 230.4 m and revenue slipped 15% YoY to Rs 5.7 bn in the April-June quarter.

Ola Electric Q1 Results

Ola Electric Mobility, which made its stock market debut last week, announced that its net loss for the quarter ended 30 June 2024 was Rs 3.5 bn, which widened by around 30% year-on-year.

The firm's consolidated revenue from operations rose 32% to Rs 16.4 bn against Rs 12.4 bn in Q1FY24.

On a quarterly basis, the company's net losses have come down by 16%. In the March quarter, the firm reported a net loss of Rs 4.2 bn.

The quarter witnessed the highest-ever deliveries of vehicles by the Company at 1,25,198 units as against 70,575 units delivered in the same period last year.

The Bhavish Aggarwal-led company's EBITDA loss was at Rs 2.1 bn in Q1FY25 compared to Rs 2.2 bn in Q1FY24.

Ola Electric posted an adjusted gross margin of Rs 3.8 bn for the quarter ended 30 June 2024.

Adjusted Gross Margin stood at 21.9% of Revenue, up 8.7% YoY from 13.2% for the same quarter last year.

Ola Electric's total expenses went up by 26.5% to Rs 18.5 bn. Out of the total expenses, the cost of materials consumed amounted to Rs 13.1 bn. The firm's employee benefits expense, which includes salaries and ESOP costs amounted to Rs 1.2 bn.

During the June quarter, the company has also reported an exception item of Rs 230 m which is part of the reversal of PLI to the government.

Mazagon Dock Q1 Profit Jumps 121%

Navratna PSU defence company Mazagon Dock Shipbuilders reported a consolidated net profit of Rs 6.9 bn for the quarter ended June on higher income, an increase of 121% on-year. The company had posted a net profit of Rs 3.1 bn in the year-ago period.

Total income jumped nearly 10% to Rs 26.3 bn during the April-June period of the current fiscal from Rs 24.1 bn in the corresponding period of the previous year, according to a regulatory filing.

The revenue from operations for the period under review was reported at Rs 23.6 bn against Rs 21.7 bn in the first quarter of the previous financial year.

The counter jumped on account of higher profit in the earnings report, settling over 3% higher at Rs 4,984 apiece on the National Stock Exchange (NSE) on 14 August 2024.

Orient Technologies IPO to Hit Street

Mumbai-based IT solutions provider Orient Technologies has decided to open its initial public offering for subscription on 21 August. The price band for the offer will be announced on 16 August.

The issue will close on 23 August, while the anchor book of the offer will be opened for a day on 20 August.

The maiden public issue is a combination of equity shares worth Rs 1.2 bn and an offer-for-sale of 4.6 m equity shares by promoters.

Promoters Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah will be selling 11.55 lakh equity shares each in the offer-for-sale.

Half of the issue will be reserved for qualified institutional buyers, while the non-institutional investors will get up to 15% shares and the remaining 35% shares will be reserved for retail investors.

Orient, which provides IT infrastructure, IT-enabled services, and cloud and data management services, will spend Rs 10.35 crore equity shares out of the net fresh issue proceeds for the acquisition of office premises at Navi Mumbai.

Another Rs 796.5 m will be spent on capital expenditure requirements, and the remaining fresh issue money will be used for general corporate purposes.

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

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