Gift Nifty Down 30 Points | Hindustan Zinc Announces Second Interim Dividend | Tech Mahindra to Sell Hyderabad Land | Top Buzzing Stocks Today

Wed, 21 Aug Pre-Open

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   10:30 am   

   Closing   

Indian benchmark indices continued the trend as the session progressed but ended the day higher.

Benchmark indices maintained their winning ways on Tuesday aided by a strong rally in financial and information technology (IT) shares.

At the closing bell on Tuesday, the BSE Sensex stood higher by 378 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 100 point up (0.4%).

HDFC Life, Bajaj Finserv and Shriram Finance were among the top gainers.

ONGC, Bharti Airtel and Cipla 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 0.9% higher and BSE SmallCap index ended 0.5% higher.

Sectoral indices were trading positive with socks in metal sector and power sector witnessed buying speer.

Gold prices for the latest contract on MCX were trading 0.7% higher at Rs 72,063 at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the Gift Nifty was trading 30 points lower at 24,687 levels.

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

Speaking of the stock market, taking some profits off the table to prepare for a market correction is never a bad idea.

Rather, at Equitymaster, we always recommend readers to ensure they have funds to buy more stocks when valuations correct.

That is precisely why Research Analyst, Tanushree Banerjee have been recommending Equitymaster subscribers to sell partial exposures in stocks that have met target prices.

Tune into below video for what should you not sell.

Top buzzing stocks today

Allcargo Logistics share price will be in focus today.

Shares of Allcargo Logistics zoomed nearly 12% as investors cheered the company's healthy business update for July.

On 20 August, the stock was trading around 9% higher at Rs 66.98 on the National Stock Exchange (NSE).

Nucleus Software will also be a top buzzing stock.

Shares of Nucleus Software Exports were locked in 20% upper circuit at Rs 1,411 apiece on August 20 as the company plans to mull the buyback of its equity shares two days later. This will be the third buyback, if approved, for Nucleus after 2017 and 2021.

The buyback offer could either be done via the tender offer route or open market value

Hindustan Zinc Announces Second Interim Dividend

The board of Vedanta-owned Hindustan Zinc approved a second interim dividend of Rs 19 per share for eligible shareholders on Tuesday, with 28 August 2024 set as the record date.

The parent company, Vedanta, will receive nearly Rs 51 bn from the dividend announced by Hindustan Zinc.

Earlier last week, Hindustan Zinc was in the spotlight as Vedanta's offer for sale (OFS) opened for subscription. Vedanta offloaded a 1.5% stake in the zinc company, raising Rs 31 bn.

At the end of the June quarter, Vedanta held a 64.9% stake in Hindustan Zinc Ltd. (HZL), while the government-owned 29.5%

Vedanta plans to demerge its aluminium, oil and gas, power, base metals, and iron and steel businesses into separate listed entities. This demerger aims to reduce refinancing risks and reliance on dividends from Vedanta Resources Ltd.

As of 30 June 2024, Vedanta's net debt was Rs 613.2 bn. Last month, the mining conglomerate raised Rs 85 bn (over US$ 1 bn) through a Qualified Institutions Placement (QIP) of 19.3 bn equity shares at an issue price of Rs 440 per share.

Nifty IT Extends Rally

The Nifty IT index traded positive in Tuesday's trading session amid an upbeat broader market rally over the US Fed's rate-cut optimism and Wall Street seeing a bull run.

The Nifty IT index was one of the top sectoral gainers on 20 August by rising 1.2% to a 52-week high of 41,746.6 points.

The index has gained 8.2% in 7 sessions in a row. It gained 1.6% on 9 August and traded in the green in seven sessions until today.

L&T Technology Services Limited was the top gainer in the pack, leading with a gain of 1.7%, closely followed by Mphasis Limited (1.49 %), Persistent Systems (1.24 %), and Tech Mahindra (1.1%) among others.

On August 20, India's top IT services exporter Tata Consultancy Services (TCS) was up 0.8% to quote at Rs 4,524.8 on the NSE. The second largest IT company Infosys advanced 0.9% to Rs 1,880.65 per share, Wipro, higher by 0.8%.

The index's consistent uptrend was witnessed amid hopes that the US Federal Reserve will cut interest rates in the upcoming Federal Open Market Committee (FOMC) meetings this year.

Economists polled by Reuters predict a 25 basis points cut at each of the remaining three meetings of 2024.

Wall Street benchmark indices kept rising ahead of this week's Federal Reserve Symposium at Jackson Hole.

For the eighth day in a row, the S&P 500 and the Nasdaq saw gains, marking the beginning of their best winning streaks of the year.

Tech Mahindra to Sell Hyderabad Land

Tech Mahindra shares gained over 2% in trade on 20 August after its management approved the sale of 103-acre land in Hyderabad for a cash consideration of Rs 5.4 bn.

The IT giant will sell the land and buildings, which have an approximate built-up area of 1.26 million square feet spanning over 17 buildings, to Mahindra University. The land is situated at Bahadurpally village, in Hyderabad.

The total consideration for the land parcel is Rs 5.4 bn plus taxes, stamp duty, registration fees, conversion charges and such other charges wherever applicable.

This will be received in

tranches, over a period of four years along with interest at 8.2% per annum, receivable during the said period.

According to an exchange filing, the objective of the sale is to set up Mahindra University as an autonomous institution that focuses on the betterment of society, one which can continue to grow independently.

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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