Gift Nifty Trades Flat | Hindustan Composite to Acquire Stake in Swiggy | Brains Studios Files DRHP | Top Buzzing Stocks Today

Tue, 3 Sep Pre-Open

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   10:30 am   

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Indian benchmark indices continued the momentum as the session progressed and ended the day firm.

Benchmark equity indices ended the week's first trading session at record high closing levels.

At the closing bell on Monday, the BSE Sensex stood higher by 194 points (0.2%).

Meanwhile, the NSE Nifty closed higher by 43 points (up 0.2%).

Bajaj Auto, Bajaj Finance and Bajaj Finserv were among the top gainers.

Nestle, Kotak Mahindra and Coal India 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 0.5% lower.

Sectoral indices were trading positive with socks in banking sector, FMCG sector and IT sector witnessing buying speer. Meanwhile stocks in telecom sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,620 per at the time of Indian market closing hours on Monday.

At 8:10 AM today, the Gift Nifty was trading flat at 25,366 levels.

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

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Top buzzing stocks today

L&T share price will be in focus today.

Infrastructure and capital goods major Larsen and Toubro announced it was carving out a separate business vertical for its renewable EPC segment out of its power, transmission & distribution business, which is within its infrastructure projects segment.

The transition towards clean energy has increased significantly over the recent years, with decarbonized electricity being central to the fight against climate change.

Oriana Power will also be a top buzzing stock.

Shares of Oriana Power hit a 5% upper circuit at Rs 2,193.2 on NSE SME on 2 September platform after the company announced that it received a Rs 247.9 bn order for a 52 MW solar power plant.

The new project will be developed in Prayagraj, Uttar Pradesh. It falls under the company's Engineering, Procurement, and Construction (EPC) segment.

Hindustan Composite to Acquire Stake in Swiggy

Hindustan Composites has announced to buy a stake in the online food delivery company Swiggy at about Rs 50 million (m).

The auto ancillary company informed the shareholders through an exchange filing that the company has entered into a share purchase agreement with Swiggy to acquire 1,50,000 Equity Shares of Re 1 each by making an investment of Rs 51.8 m.

Brains Studios Files DRHP

Mumbai-headquartered Identical Brains Studios (IBS or The Company), a leading VFX company renowned for its innovative and high-quality work in the film and entertainment industry, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge.

The company's initial public offering comprises a fresh issuance of up to 36,94,000 Equity Shares with a face value of Rs 10, through the book-building route.

The company shared in a press release that the IPO (Initial Public Offering) will be conducted through a book-building process, with Socradamus Capital Private Limited serving as the sole book-running lead manager. Bigshare Services Private Limited will act as the registrar of the offer.

According to the DRHP, Identical Brains Studios Limited intends to utilise the net proceeds from the IPO to fund capital expenditure towards the renovation of the existing office and studio in Andheri; to fund capital expenditure to establish Colour Grading Digital Intermediate (DI) and Sound Studio set up at new branch office in Andheri.

The IBS has carved out a reputation for delivering cutting-edge VFX solutions, collaborating with top-tier streaming giants and leading film and content producers, including major Bollywood Studios.

Founded in 2019 by Raghvendra Rai, a first-generation entrepreneur from Lucknow, the Mumbai-based company offers a comprehensive suite of VFX services in a diverse range of projects such as films, web series, TV series, documentaries, and commercials.

Maruti Suzuki plans Arena Satellites for Smaller Towns

Maruti Suzuki India (MSIL) is planning a new channel called Arena Satellites, targeting smaller towns and newer markets.

The company wishes to penetrate deeper into markets and reach closer to its customers.

He further explained that they would be working on each state separately for this, and it would not work as a pan-India strategy.

So, MSIL would now have Arena and Nexa showrooms, and, on top of that, Nexa Studio and Arena Satellite showrooms for relatively smaller towns or more remote pin codes. Nexa is for more premium offerings from MSIL, while Arena is for all other models.

Banerjee said that in the digital era, there is no real divide between urban and rural. However, in Tier-II and Tier-III cities, there is an affinity for hatchbacks.

Last month, MSIL said that it is planning a new showroom line called "Nexa Studio" that will cater to Tier-II and Tier-III cities of the country.

Nexa Studio will be smaller in size than usual Nexa showrooms and will also have service workshops and spare parts areas. One hundred Nexa Studio dealerships will be opened by 31 March next year.

Nexa Studios will have two cars on display, one delivery area, one workshop bay, and a customer lounge. The idea is to extend the Nexa experience to customers in smaller cities like Kolar in Karnataka, Gohana in Haryana, Hathras in Uttar Pradesh, and Paonta Sahib in Himachal Pradesh, etc.

MSIL has been in expansion mode with its dealership presence-it added 119 Nexa outlets between 1 April and 23 August this year, taking its overall Nexa outlet count to 500.

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

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