Gift Nifty Down 6 Points | Reliance Industries to Consider Bonus | HUDCO Receives RBI Certification | Top Buzzing Stocks Today

Fri, 30 Aug Pre-Open

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Indian benchmark indices turned positive as the session progressed and ended the day higher.

The benchmark equity indices ended Thursday's trading session in the positive territory.

At the closing bell on Thursday, the BSE Sensex stood higher by 349 points (0.4%).

Meanwhile, the NSE Nifty closed higher by 99 points (up 0.4%).

Tata Motors, BPCL and Britannia were among the top gainers.

Grasim Industries, M&M and Hindalco 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 marginally lower and BSE SmallCap index ended 0.7% lower.

Sectoral indices were trading mixed with socks in metal sector and power sector witnessed selling pressure. Meanwhile the stocks in auto sector, FMCG sector and oil & gas sector witnessing buying speer.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 72,112at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 6 points Lower at 25,287 levels.

Indian share markets are headed for a muted 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

Vodafone Idea share price will be in focus today.

Vodafone Idea shares rose 3.6% to the day's high of Rs 16.6 on the BSE after the Supreme Court scheduled a hearing for the company's curative petition in the AGR case on 30 August.

The update comes after the Supreme Court acknowledged Vodafone Idea's submission on 15 July, challenging the 2019 ruling on payments owed to the government.

Genus Power will also be a top buzzing stock.

Shares of Genus Power surged to a new all-time high of Rs 466 each on 29 August, hitting the 5% upper circuit limit.

This remarkable gain came after the company announced its arm secured new orders worth Rs 44.7 bn. With these new contracts, the company's total order book now stands at a robust Rs 325 bn.

HUDCO Receives RBI Certification

Housing And Urban Development Corporation (HUDCO) on 29 August 2024 received RBI's nod for a certificate of registration as an Infrastructure Finance Non-Banking Finance Company (NBFC).

The IFC status allows higher exposure limits to the company for financing various infrastructure sectors in addition to housing.

The amount of additional exposure that the company will get was not disclosed.

HUDCO's shares ended higher for the third straight day on Thursday.

Housing and Urban Development Corporation provides financial assistance for housing and urban infrastructure projects.

The Housing and Urban Development Corporation, abbreviated as HUDCO, is an Indian public sector undertaking engaged in housing finance and infrastructure project finance.

Reliance Industries to Consider Bonus

In its 47th annual general meeting (AGM), Reliance Industries Chairman, Mukesh Ambani announced a bonus issue for the company's shareholders in a 1:1 criterion i.e., one bonus share each for one share held by its shareholders.

He said the company's board of directors will mull the decision on 5 September 2024.

At the Reliance AGM 2024, other key announcements included an investment of over Rs 36.4 bn in FY24 towards research and development (R&D), while cumulatively spending Rs 110 bn in research over the past four years.

Further Ambani announced that Jio is developing a comprehensive suite of tools and platforms, known as Jio Brain, which will cover the entire AI lifecycle. Jio Brian is aimed at accelerating AI adoption across Jio and other Reliance enterprises.

Additionally, Ambani said that its mobile network arm Jio will offer up to 100 GB of free cloud storage and introduce a Jio AI Cloud welcome offer around Diwali.

RIL first awarded its shareholders with a 1:1 bonus share issue in November 2009, while another bonus share issue of 1:1 was executed in September 2017.

Besides this, the company has continuously rewarded its shareholders with dividends, with the latest being Rs 10 per share for the financial year 2023-24 (FY24). The company has steadily raised its dividend by Rs 1 each year in the last five years.

RIL has the biggest market capitalisation in India to the tune of Rs 20.30 trillion (tn).

Zen Technologies Hits Lower Circuit

Shares of Zen Technologies hit a 5% lower circuit on 29 August as profit-booking persisted. The company's market cap dropped to Rs 145.3 bn. The stock had previously surged nearly 20% between 6 August and 26 August, prompting investors to lock in gains since.

The decline also follows the company's announcement that it plans to use funds raised through its first-ever Qualified Institutional Placement (QIP) for acquisitions.

Zen Technologies designs, develops, and manufactures defence training systems, based on sensors and simulator technology. The company's category of products, includes land-based military training simulators, driving simulators, live range equipment and anti-drone systems.

The company also has a training platform in Hyderabad, with an integration of its complete product range.

Recently, the defence firm raised Rs 10 bn via QIP, which was oversubscribed by over five times.

The issue was open from 21 August to 23 August and priced at Rs 1,601 per share.

The QIP saw participation from several key investors, including Kotak Mutual Fund, WhiteOak Offshore Fund, WhiteOak Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund.

Zen Tech also maintains its export target of Rs 3 bn and aims to grow at a compound annual growth rate (CAGR) of 50%.

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

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