Gift Nifty Up 22 Points | Why MTAR Technologies Share Price is Rising | the Sudden Revival in Metal Stocks | Top Buzzing Stocks Today

Mon, 4 Sep Pre-Open

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On Friday last week, Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark indices spiked in the afternoon session after economic growth of 7.8% in the three months ended June, the highest in the past four quarters, helped lift sentiment.

The growth marked a material lift from 6.1% in the preceding quarter. Reports suggested the momentum in capital expenditure seems to have continued in the second quarter.

At the closing bell on Friday, the BSE Sensex stood higher by 556 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 182 points (up 0.9%).

NTPC, JSW Steel and Maruti were among the top gainers.

UltraTech Cement, Nestle and L&T, on the other hand, were among the top losers.

The BSE MidCap index gained 0.8% while the BSE SmallCap index advanced 0.7%.

Barring healthcare stocks, all sectoral indices ended in green with stocks in the power sector, metal sector and telecom sector witnessing most of the buying.

Shares of Cera Sanitaryware, Lakshmi Machine and Linde India hit their respective 52-week high on Friday,

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...

At 8:00 AM today, the Gift Nifty was trading 22 points higher at 19,569 levels.

Indian share markets are headed for a positive opening today following the trend on trend on Gift Nifty.

Speaking of stock markets, a brutal combination of demand destruction, a highly leveraged balance sheet as well as regulatory flip-flops, had turned Suzlon into one of the biggest wealth destroyers in recent history.

But of late, the stock has been on a comeback trail. It has multiplied more than 14x since the lows of March 2020.

It has more than tripled in the last one year.

Are these gains sustainable or is there some danger lurking around the corner?

Rahul Shah, Co-head of Research, answers all these questions in the below video.

Top Buzzing Stocks Today

Railtel Corp of India share price will be in focus today.

The stock was the top smallcap gainer last week with over 40% gains, followed by India Pesticides, Optiemus Infracom, and HLV.

The 23rd Annual General Meeting (AGM) of RailTel Corporation of India Ltd (RCIL), a Mini Ratna CPSU under the Ministry of Railways, was held on 31 August 2023.

The company's management in the AGM said that despite challenging market conditions and disruptions in the global supply chain, it demonstrated remarkable performance in the financial year 2023.

Over the past five years, it has consistently achieved growth in total income, and in the fiscal year 2023, its income has surpassed Rs 20 bn, reaching a new pinnacle.

Meanwhile, the company recently received an order from Kerala State Information Technology Infrastructure for the supply, installation, testing, commissioning, and maintenance of ISP Hardware, Software and License for Kerala Fibre Optic Network (KFON), amounting to Rs 279 m.

To know more why shares are rising, check out: Why Railtel Share Price is Rising.

Maruti Suzuki share price will also be in focus.

Last week, the company announced that it recorded its highest ever monthly sales in August 2023.

The auto major's total sales grew by 14% in August 2023 and stood at 1,89,082 units as compared to 1,65,173 units in August 2022.

Total Domestic Passenger Vehicle Sales in August also witnessed an uptick of 16% and stood at 1,56,114 units in August 2023 as against 1,34,166 units for the same period last year.

Note that passenger vehicle sales in India rose to a new monthly record in August, fuelled by launches in the SUV segment and improved production ahead of the festive season that started with Onam last month.

Chartist Brijesh Bhatia did highlight in the piece that the company's smooth ride may continue if it breaks a certain level.

To know more, check out his entire piece: Maruti Suzuki Share Price at Rs 15,000: Realistic or Farfetched?

Market participants will also track metal stocks today.

An economic stimulus in China and better-than-anticipated growth in India in the June 2023 quarter drove metal stocks to new highs last week, with experts saying the sector would continue to be buoyant ahead of the state and general elections.

India cuts windfall tax

The Indian government will cut the windfall tax or special additional excise duty on petroleum crude to Rs 6,700 per metric ton from Rs 7,100, according to a government notification issued on Friday last week.

The new levies are effective from 2 September 2023. The government raised the windfall tax on export of diesel to Rs 6 per litre from Rs 5.50, the notification said.

The duty on jet fuel or ATF will be doubled to Rs 4 per litre effective Saturday, from Rs 2 per litre currently, according to a finance ministry notification.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes in July last year, joining a growing number of nations that tax supernormal profits of energy companies.

Why MTAR Technologies share price is rising

On Friday, 1 September 2023, the share price of MTAR Technologies spiked sharply and surpassed its previous all-time high touched in January 2022.

Ahead of the launch of India's first-ever solar mission Aditya L1, shares rose 10% and ended near their highest level since listing.

In 2023 so far, shares are up over 65%.

Ever since the success of Chandrayaan-3 last month, shares have been on a roll.

For Chandrayaan-3, MTAR made core parts of the rocket engines and core pumps of cryogenic engines required for the take-off.

The company offers high-tech products for PSLV and GSLV like liquid propulsion rocket engines, cryogenic engine sub systems, electro pneumatic modules, among other things.

These products were used for the upcoming Aditya L1 mission.

Apart from these, MTAR is also manufacturing critical structure like grid fin for the Gaganyaan mission.

The sharp rally in shares in recent months could also be due to MTAR recently receiving the 'Defence Industrial Licence' for production of various mechanical and electronic subsystems.

On 30 August 2023, MTAR Technologies received the much awaited defence industrial licence for production of various mechanical and electronic subsystems in the defence sector.

In a press release, the company's MD said,

• Defence licence will enable MTAR to partner with global MNCs to address various electronic and mechanical sub-systems. The company will not only be able to increase the revenues from defence but also be able to work on some of the complex sub system level projects by collaborating with MNC customers.

In an interview back in June 2023, the company's MD had highlighted that the defence segment could see strong momentum going forward as currently MTAR has just 5% market share. This could go up to 15-20% or even more.

To know more, check out MTAR's financial factsheet and its latest quarterly results.

And 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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