Gift Nifty Down 55 Points | Adani Enterprises Launches NCD Issues | GRM Overseas Acquires Stake in Rage Coffee | Top Buzzing Stocks Today

Thu, 29 Aug Pre-Open

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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 on Wednesday, the BSE Sensex stood higher by 74.

Meanwhile, the NSE Nifty closed higher by 34 points (up 0.1%).

Wipro, Infosys and Bharti Airtel were among the top gainers.

Maruti Suzuki, Britannia and Adani ports 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 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.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 71,912 at the time of Indian market closing hours on Wednesday.

At 8:00 AM today, the Gift Nifty was trading 55 points Lower at 25,005 levels.

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

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

Top buzzing stocks today

NBCC share price will be in focus today.

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.

Agro Tech Foods will also be a top buzzing stock.

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.

Orient Technologies Hits the Upper circuit

Shares of IT solutions provider Orient Technologies hit a 5% upper circuit at Rs 304.5 on BSE following their robust debut on the exchanges on Wednesday. The stock debuted at Rs 290 on BSE, reflecting a premium of Rs 84 or 40.8% over the IPO price of Rs 206.

On the NSE, it was listed at Rs 288, reflecting a 39.8% premium.

The listing fell slightly below expectations, as the shares were trading at a grey market premium (GMP) of 46% over the issue price prior to the debut.

Orient Technologies' IPO received a robust response, with a subscription rate of 152 times, largely driven by heavy bidding from non-institutional investors on the final day.

The proceeds from the fresh issue will be used to fund capital expenditure requirements, acquire office premises in Navi Mumbai, and cover general corporate purposes.

Over the years, Orient Tech has developed deep expertise in creating products and solutions for specialized disciplines across IT infrastructure, IT-enabled services (IteS) and cloud and data management services.

It collaborates with top technology companies like Dell, Fortinet, and Nutanix to offer advanced solutions tailored to meet the specific needs of their customers.

Adani Enterprises Launches NCD Issues

Adani Enterprises announced a public issue of secured, rated, listed, redeemable, non-non-cvertible debentures (NCDs), with the aim of raising Rs 8 bn.

The flagship Adani Enterprises firm will launch 80,00,000 NCDs with a value of Rs 1,000 each. Initially, the firm will seek to raise Rs 4 bn but has also included a green-shoe option, which, if exercised, will allow the firm to raise a further Rs 4 bn.

This takes the total issue size to Rs 800. The NCDs will be listed on the BSE and NSE.

The issue will open for subscription on 4 September, and end on 17 September.

Investors can select debentures with terms between 24 and 60 months. Interest will be paid annually, quarterly, or cumulatively, depending on the NCD series selected.

In the case of a default or delay, the firm will pay an interest fee which is over and above the coupon rate as Adani Enterprises said will pay the NCD Holder an additional 2% per annum on top of the agreed coupon rate. However, if applicable laws prescribe a different rate, the firm will pay the lower of the two rates.

The principal and interest of the NCDs will be secured by a first-ranking, pari passu charge on the company's current and future non-current loans and advances.

GRM Overseas Acquires Stake in Rage Coffee

GRM Overseas has acquired a 44% stake in Swmabhan Commerce, the parent company of Rage Coffee.

GRM Overseas acquired the stake in the cricketer Virat Kohli-backed firm through a combination of primary infusion and secondary buyouts, marking a major step forward in its expansion into the fast-growing Indian coffee market. The company didn't share the financial details of the deal.

Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, Kohli and actor Rannvijay Singha among others.

The acquisition aligns with GRM Overseas' broader strategy under its newly launched platform, 10X Ventures, which aims to invest Rs 2 bn in digital-first, new-age D2C brands.

GRM Overseas sees enormous potential in expanding Rage Coffee's presence in the domestic market and leveraging synergies with its established export markets, GRM Overseas managing director of Atul Garg said.

The acquisition will strengthen GRM Overseas' position in India's packaged food market, catering to the evolving preferences of new-age consumers.

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

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