Gift Nifty Down 12 Points | PB Fintech Tops Global Fintech Index | Adani Group Plans Stake Sale | Top Buzzing Stocks Today

Fri, 23 Aug Pre-Open

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   10:30 am   

   Closing   

Indian benchmark indices remained the same as the session progressed but ended the day higher.

Sensex and Nifty traded on a flat note on Wednesday as investors paused after a four-session rally.

At the closing bell on Thursday, the BSE Sensex stood higher by 102 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 41 point (up 0.2%).

Bharti Airtel, Tata Steel and Apollo Hospital were among the top gainers.

Wipro, NTPC 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 0.7% higher and BSE SmallCap index ended 0.5% higher.

Sectoral indices were trading mixed with socks in metal sector and telecom sector witnessed buying speer. Meanwhile stocks in power sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.1% higher at Rs 71,770 at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 12 points lower at 24,847 levels.

Indian share markets are headed for a muted 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

Nucleus Software share price will be in focus today.

Nucleus Software Export's share price declined over 7% after the company board approved a share buyback plan on 22 August. This will be the third buyback for Nucleus after 2017 and 2021.

The company informed the exchanges of the buyback plan for up to Rs 723.5 m.

BEML will also be a top buzzing stock.

Shares of BEML gained over 3.5% on 22 August after the firm said it has inked a Memorandum of Understanding (MoU) with the Directorate of Marine Engineering, Indian Navy.

Aligned with the Government of India's Aatmanirbhar Bharat initiative, the partnership aims to strengthen self-reliance in defence production and minimize reliance on foreign imports.

PB Fintech Tops Global Fintech Index

A surge in PB Fintech Ltd. has turned the Indian stock into the world's best-performer this year among major financial technology firms as green shoots emerge in unsecured lending after a central bank crackdown.

The shares have risen about 110% in 2024, the most among companies with a minimum US$ 1 bn market value in the 52-member Solactive FinTech Index. The gauge, whose largest constituents are Intuit Inc. and Fiserv Inc., is up 15%.

PB Fintech, which operates insurance marketplace Policybazaar and credit provider Paisabazaar, listed in 2021 and swung to a profit in the 12 months through March after a spell of losses over a number of fiscal years.

Ongoing challenges for the company include regulatory efforts to commoditize protection products and rivals seeking to build their direct-to-consumer online channels.

PB Fintech, the parent company of PolicyBazaar, offers a consumer-centric platform by partnering with financial services companies such as insurance companies to enhance their platforms from a consumer e-commerce perspective.

Fedbank Financial Services to Raise Fund

Fedbank Financial shares were trading with sharp gains on 22 August after the firm's board of directors approved a plan to raise funds through the issuance of additional debt securities.

The company plans to raise up to Rs 25 bn by issuing non-convertible debentures (NCDs) in one or more tranches on a private placement basis.

The NCDs are proposed to be listed on the Bombay Stock Exchange (BSE).

Adani Group Plans Stake Sale

The Adani Group is looking to trim debt by paring down promoter holdings in group companies such as Adani Power and Ambuja Cements, according to media reports.

According to reports, the promoters of Adani Group are looking to sell a 5% stake in Adani Power and Ambuja Cements each.

Promoters, at the end of the June 2024 quarter, held a 72.7% stake in Adani Power and a 70.3% stake in Ambuja Cements. The Adani Group has yet to comment on this development.

Promoters may offload shares through Offer for Sale or Block Deals, aiming to sell shares worth Rs 150-200 bn across Adani Group companies., the report added. The proceeds are expected to be used to pay down debt and reduce leverage through these stake sales.

Year-to-date, Ambuja Cements has seen an 18% rise in its stock, while Adani Power has surged by 30% in 2024.

On August 5, Adani Energy Solutions announced that it successfully raised Rs 83.7 bn ($1 billion) through a Qualified Institutional Placement (QIP). The QIP, launched after market hours on July 30, initially had a base deal size of Rs 58.6 bn (US$ 700 m) and included a green shoe option, allowing it to scale up to Rs 83.7 bn (US$ 1 billion).

In July, Adani Group promoters increased their stakes in five group companies-Adani Energy Solutions Ltd, Adani Enterprises Ltd, Ambuja Cements Ltd, Adani Power Ltd, and Adani Green Energy Ltd-by investing over Rs 230 bn during the June quarter.

Specifically, promoter holdings in Ambuja Cements rose by 3.5% points to 70.33 percent from 66.7%. In April, the company reported that the Gautam Adani family had injected an additional Rs 83.4 bn for capacity expansion.

Prior to this, the Adani family had invested Rs 500 bn in October 2022 and another Rs 66.6 bn in March this year.

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

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