Another Defence Order for Bharat Forge | Jio Financial Services Block Deal | Top Buzzing Stocks Today

Wed, 30 Aug Pre-Open

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On Tuesday, Indian share market traded with tepid gains throughout the session and ended marginally higher.

Benchmark indices were cautious as investors keenly awaited crucial economic figures like India's GDP data for the June 2023 quarter.

At the closing bell on Tuesday, the BSE Sensex stood higher by 79 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 37 points (up 0.2%).

Hindalco and UPL were among the top gainers.

HUL and Bharti Airtel were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index ended higher by 0.5% and the BSE SmallCap index ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector and the realty sector witnessed most of the buying.

On the other hand, stocks from the telecom sector and FMCG sector witnessed selling.

Shares of NESCO and 3M India hit their 52-week highs on Tuesday.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 58,986 per 10 grams, at the time of Indian market closing hours.

Speaking of stock markets, is it possible to make a reasonably good judgement about a stock's future potential without understanding its business model?

It may sound surprising, but Co-head of research, Rahul Shah thinks it is certainly possible.

He uses the same method to try and understand Cochin Shipyard's multibagger journey and what is in store for the stock's investors.

Top Buzzing Stocks Today

Som Distilleries share price will be in focus today.

After gaining 5% yesterday, the stock could witness some action even today after the company's big announcement saying that it has obtained permission to supply in the state of Chhattisgarh.

The Som Group, which owns Som Distilleries and Breweries also operates a bottling unit in Bilaspur, Chhattisgarh under the name Legend Distilleries.

Gokaldas Exports share price will also be in focus.

The smallcap company yesterday informed exchanges that it has entered into a deal to acquire Dubai-based Atraco Group.

The equity value of the deal being done through Gokaldas Exports' subsidiaries is US$55 million and will be funded by a mix of debt and internal accruals. The transaction is expected to be closed by Q3FY24.

Market participants will also track shares of RCF.

Rashtriya Chemicals and Fertilizers (RCF) yesterday was accorded the 'Navratna' status by the government.

The company recently received an environmental clearance for its nano urea fertilizer plant from the Ministry of Environment, Forest and Climate Change.

Jio Financial Making Big Moves, Already

Yesterday, shares of Jio Financial were up 5% after promoter entity Jamnagar Utilities and Power, a step-down unit of Reliance Industries bought about 50 million shares in the company at Rs 208-211 apiece.

Last week, Motilal Oswal MF had bought 37.2 million shares in the NBFC via bulk deals. The transaction was done at Rs 202.8 apiece, taking the deal value to about Rs 7.5 bn.

Jio Financial was added to key indices on 20 July 2023 for a temporary period, to give passive and active funds holding Reliance stock, an opportunity to trade in the demerged entity.

Given that Jio Financial cannot be part of the index and will eventually move out, passive funds have been selling it to adjust their index portfolio.

In another development, Mukesh Ambani announced earlier this week that Jio Financial Services may also start offering blockchain-related products as well as digital rupee.

The RBI has devised the central bank digital currency (CBDC) known as e-rupee as a digital alternative to physical cash - using blockchain distributed-ledger technology. As of June 2023, there were 1.3 million customers and 0.3 million merchants using CBDC.

It remains to be seen how Jio Financial leverages the crypto opportunity.

Textile Startups Get a Boost

In a big relief to textile based startups, the Indian government yesterday said it will provide a grant-in-aid of up to Rs 5 million for startups and individuals to promote innovation in the niche technical textiles segment.

With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation.

The textile ministry will additionally provide 10% of total grant-in-aid to incubators, according to an official release.

The textiles ministry has also given a nod to 26 institutes for upgrading their laboratory infrastructure and training of trainers in the application areas of technical textiles.

Another order for Bharat Forge

Bharat Forge yesterday announced that Kalyani Rafael Advanced Systems has secured contract worth Rs 2.9 bn from the Ministry of Defence for the supply of Missile Systems.

Kalyani Rafael Advanced Systems is a joint venture between Kalyani Strategic Systems Limited (a wholly owned Defence subsidiary of Bharat Forge Limited) and Rafael Advanced Systems Limited.

The order is expected to be executed over the next 12 months.

Last week, Kalyani Strategic Systems bagged two export orders aggregating to EURO 93.87 million (around Rs 8.5 bn) from friendly countries for supply of components and armoured vehicle chassis to be executed over 18 months' timeframe.

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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