SGX Nifty Up 106 Points, Hero Electric Partners Jio-bp, HDFC Bank's Investment in Go Digit, and Top Buzzing Stocks Today

Fri, 26 Aug Pre-Open

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On Thursday, Indian share markets turned volatile in the last hour of trade ended on a negative note.

Benchmark indices fell as investors awaited Powell's speech on the Jackson Hole symposium, where he will provide clues about the pace of future rate hikes and whether the central bank can achieve a soft landing for the economy.

Another factor behind yesterday's fall was the monthly expiry. Investors adjusted their positions amid the F&O expiry for the August derivatives series.

At the closing bell on Thursday, the BSE Sensex stood lower by 311 points (down 0.5%).

Meanwhile, the NSE Nifty closed higher by 87 points (down 0.5%).

Maruti Suzuki, SBI, and Dr Reddy's Labs were among the top gainers.

Bajaj Finance, Axis Bank, and IndusInd Bank on the other hand, were among the top losers.

Broader markets ended on a positive note. Both, the BSE Midcap index and the BSE Smallcap index ended higher by 0.2%.

Sectoral indices ended on a mixed note with stocks in the realty sector and consumer durables sector witnessing maximum buying.

On the other hand, stocks in the IT and FMCG sector witnessed selling pressure.

Shares of Thermax, Grindwell Norton, and Bank of Baroda hit their 52-week high.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

The rupee was trading at 79.9 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 51,785 per 10 grams, at the time of Indian market closing hours yesterday.

Gold prices edged higher yesterday as the dollar slipped, while investors looked forward to a speech by Powell at the Jackson Hole symposium.

At 8:10 AM today, the SGX Nifty was trading up by 106 points or 0.6% higher at 17,700 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Top Buzzing Stocks Today

Uno Minda share price will be among the top buzzing stocks today.

Auto ancillary company Uno Minda said it will be investing nearly Rs 3 bn to expand its manufacturing capacity of four-wheeler alloy wheels and 4W automotive switches in order to meet the rising demand.

The company has also announced plans to set up a subsidiary and office in Dubai to enhance its aftermarket division's reach in the MEA region.

Minda Kosei Aluminum Wheel Private, one of the key subsidiary of Uno Minda, will be expanding its 4W Alloy wheel capacity by 60,000 wheels/month to 240,000 wheel/month at its plant in Bawal, Haryana at an additional investment of Rs 1.9 bn, the company said in a press release.

Khadim share price will also be in focus today.

Footwear company Khadim said it is focusing on premiumisation, product innovation and demand traction that will help it grow by over 30% during the current fiscal to touch Rs 8 bn revenue mark.

The company will continue with expansion of stores, and it will add 70-80 stores to deepen its reach beyond tier II & III cities during this fiscal, company CEO Namrata Chotrani said.

Asked about cost pressure and margin, Chotrani said the company was able to pass on the cost including that of additional GST impact of 7% to consumers.

Market participants will also track share price of NDTV.

NDTV on Thursday informed stock exchanges that the Adani group requires market regulator's approval to secure 99.5% interests in the promoter vehicle, as its founders are barred from trading in securities markets.

With the latest saga between NDTV and Adani, check out whether NDTV is still a good buy at current levels.

Disclosures for AMCs

Yesterday, the markets regulator came out with the disclosure framework for asset management companies (AMCs).

It mandated a scheme-wise disclosure of investments in securities of entities that are excluded from the definition of "associate".

This comes after the market regulator, earlier this month, amended mutual fund rules to remove the applicability of the definition of "associate" to sponsors that invest in various companies on behalf of the beneficiaries of insurance policies or such other schemes.

As part of the new framework, AMCs will have to make scheme-wise disclosure of investments, as on the last day of each quarter, in securities of such entities that are excluded from the definition of "associate", the circular read.

Hero Electric Partners Jio-bp

Yesterday, Hero Electric said it will partner with Jio-bp wherein customers of Hero Electric can get access to the charging and swapping network of Jio-bp.

Jio-bp is operating its EV charging and swapping stations under the brand Jio-bp pulse.

In a statement, Jio-bp said,

• In addition to creating solutions for seamless customer journey on Hero Electric and Jio-bp apps, both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience that delights the consumer.

With growing interest in the EV segment, check out why we think that Indian EV battery stocks are set for a massive rally.

HDFC Bank Invests in Go Digit Life Insurance

In a stock exchange filing, HDFC Bank on Thursday said it will invest in IPO-bound Go Digit Life Insurance.

The lender said it entered into an indicative and non-binding term sheet with the Fairfax Holdings-backed insurer.

HDFC Bank will invest between Rs 499 m to Rs 699 m in two tranches to acquire up to 9.94% equity stake in the company.

Recently, Go Digit filed its draft red herring prospectus (DRHP) to raise around Rs 50 bn through an initial public offering (IPO).

The IPO will include fresh issuance of equity shares and an offer for sale (OFS).

The company is looking to issue fresh equity of Rs 12.5 bn while the OFS will consist of 109.4 million equity shares by promoters and selling shareholders.

Note that this will be the first general insurer to be listed on the bourses in five years.

ICICI Lombard and New India Assurance went public in 2017.

We will keep you updated on the latest developments from this space. Stay tuned.

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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