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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News August 28, 2024
Sensex Today Ends 74 Points Higher | Nifty Above 25,000 | NBCC Jumps 10% Wed, 28 Aug Closing
Image source: ThinkNeo/www.istockphoto.comAfter opening the day on the flat, Indian benchmark indices turned positive as the session progressed but ended the day higher.
Benchmark equity indices, S&P BSE Sensex and NSE Nifty50, ended Wednesday's choppy session on a flat note.
At the closing bell, the BSE Sensex stood higher by 74 points (0.1%).
Meanwhile, the NSE Nifty closed higher by 34 points (up 0.1%).
Wipro, Infosys and Bharti Airtel among the top gainers today.
Maruti Suzuki, Britannia and Adani ports on the other hand, were among the top losers today.
The GIFT Nifty was trading at 25,052 down 49 points at the time of writing.
For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.
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 flat and BSE SmallCap index ended marginally lower.
Sectoral indices were trading mixed with socks in metal sector and power sector witnessed selling pressure. Meanwhile the stocks in IT sector and telecom sector witnessing buying speer.
Shares of Bajaj Auto, Info Edge and Trent hit their respective 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
The rupee is trading at 83.96 against the US$.
Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 71,912 per 10 grams.
Meanwhile, silver prices were trading 1.2% lower at Rs 87,305 per 1 kg.
Speaking of the stock market, technical analysts are buzzing about this real estate stock, but is the fundamental analysis strong enough to justify a 10x return?
Co-head of Research at Equitymaster, Rahul Shah dives deep into the company's financials, growth prospects, and industry trends to find out.
Tune into below video for more
NBCC Jumps 8%
In news from the real estate sector, shares of state-owned Navratna company NBCC (India) sprinted as much as 8.3% during intra-day deals on Wednesday to Rs 192.4, merely Rs 6 shy of its 52-week high of Rs 198.2, touched on 9 July 2024.
The northward rally in NBCC's stock is attributed to the company's announcement that the board is scheduled to meet on Saturday, 31 August 2024, to consider a proposal for issuing bonus shares to equity shareholders.
NBCC (India) is a wholly-owned Government of India public sector undertaking under the Ministry of Housing and Urban Affairs (MoHUA). It operates in three major segments: project management consultancy, real estate, and engineering procurement & construction.
NBCC's market capitalisation stands at Rs 339.3 bn on the BSE as of 28 August 2024. The civil construction company is a constituent of the BSE 500 index.
Historically, NBCC shares have exhibited remarkable performances over the years.
Agro Tech Foods Retains ACT II license
Moving on to news from the food and tobacco business, packaged snack foods player Agro Tech Foods saw its shares jump over 6% in trade on 28 August after the firm announced Conagra Brands, one of North America's leading branded food companies, has ceased to be part of the promoter entity.
Conagra Brands has fully exited its stake in the company, leaving funds managed by Convergent Finance and private equity firm Samara Capital as the sole shareholders of Agro Tech Foods' promoter entity.
Conagra became a controlling shareholder of Agro Tech Foods in 2011, after which Agro Tech Foods accelerated the growth of its food portfolio, including ACT II popcorn and Sundrop Foods.
These two iconic brands are leaders in their respective categories and offer a basket of products for both in-home and out-of-home consumption.
However, Agro Tech Foods will continue to use Conagra Foods' ACT II branding.
On 29 February, it was announced that Convergent Finance and Samara Capital would acquire a 51.8% stake in the firm. Conagra Brands said that this transaction is the latest step in Conagra's strategy to continuously reshape its portfolio to maximize shareholder value.
Agro Tech Foods, which is listed on Indian stock exchanges, has marquee investors as its shareholders, including the Rakesh Jhunjunwala family. The firm sells consumer products including ready-to-cook, ready-to-eat, spreads, breakfast cereals, chocolate confectionery and staples such as edible oils.
Their popular brands include Act II popcorn, Sundrop, Popz and Duo.
Why Shoppers Stop Rallied 6% Today
Moving on to news from the retailing sector, Shoppers Stop share price gained nearly 5% on 28 August trade after it announced a strategic collaboration with Hollywood makeup brand Max Factor.
The uptrend was seen in the share price after the makeup brand Max Factor announced its entry into brick-and-mortar retail sector in India through a strategic collaboration between House of Beauty and Shoppers Stop.
A collaboration between House of Beauty & Shoppers Stop marks a significant milestone in leveraging Shoppers Stop's extensive retail infrastructure and customer base.
House of Beauty is a new age, speciality beauty company in India bringing international & cult beauty brands to the modern Indian consumer.
Max Factor will expand its presence in India to 70 Shoppers Stop outlets by the end of the year, ensuring broader reach and greater accessibility in key cities like Delhi, Mumbai, Bengaluru, and Chennai.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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