Gift Nifty Down 190 Points | JSW Cement IPO in Abeyance | Kross IPO to Hit Dalal Street | Top Buzzing Stocks Today

Wed, 4 Sep Pre-Open

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Indian benchmark indices turned muted as the session progressed and ended the day flat.

At the closing bell on Tuesday, the BSE Sensex stood lower by 4 points.

Meanwhile, the NSE Nifty closed lower by 1 points.

ICICI Bank, Hero MotoCorp and Bajaj Finserv were among the top gainers.

ONGC, HCL Tech and Infosys 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 0.2% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices were trading positive with socks in capital goods sector, finance sector and telecom sector witnessing buying speer. Meanwhile stocks in IT sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 71,693 per at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the Gift Nifty was trading 190 points lower at 25,173 levels.

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

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Top buzzing stocks today

Gensol Engineering share price will be in focus today.

Shares of Gensol Engineering surged 3% to Rs 971 apiece on 3 September after the company emerged as the lowest bidder for developing India's first bio-hydrogen project for a leading power generation company, in collaboration with Matrix Gas & Renewables.

The landmark project, to be established by the Gensol - Matrix consortium, will convert 25 tonnes of bio-waste into 1 tonne of hydrogen per day.

Adani Green Energy will also be a top buzzing stock.

Shares of Adani Green Energy fell over 1.5% on September 2 amid weak markets.

This is despite the company announcing that it has signed a binding agreement for a JV with TotalEnergies Renewables Singapore, involving an investment of US$ 444 million (m) into a new entity.

JSW Cement IPO in Abeyance

JSW Cement Ltd's Rs 4,000-crore initial public offering has hit a roadblock, as the Securities and market regulator has put the approval process on hold due to an old case involving Sajjan Jindal, who controls the cement maker and his siblings, people familiar with the development said.

The market regulator is examining an alleged regulatory violation involving the inter-se transfer of investments held by Hexa Securities and Finance Co., in which several Jindal family members, including JSW Group chairman Sajjan Jindal, were holding director positions, the people said, requesting anonymity.

The IPO approval process of the cement-making arm of the JSW Group may remain on hold till a settlement application, filed by Sajjan Jindal and other members of the Jindal family in response to the show cause notice, is resolved by the regulator.

JSW Cement could have waited for a resolution and then filed the share sale documents with Sebi or do both in parallel, adding that the company chose to go ahead with the second option.

Kross IPO to Hit Dalal Street

Kross, the trailer axle and suspension assembly manufacturing company, will hit Dalal Street with Rs 5 bn initial public offering on September 9. This would be the third IPO opening for subscription on the same day on Bajaj Housing Finance, and Tolins Tyres. The price band details will be released soon.

The IPO comprises a fresh issue and an offer-for-sale (OFS) of Rs 2.5 bn each.

Promoters Sudhir Rai, and Anita Rai will be offloading shares worth Rs 1.7 bn and Rs 820 m, respectively via IPO.

The subscription for the issue will close on 11 September, while the anchor book will be launched for a day on 6 September. Equirus Capital is the sole merchant banker to the issue, while KFin Technologies is acting as the registrar to the issue.

Half of the public issue will be reserved for qualified institutional buyers, 15% for non-institutional investors, and the remainder 35% for retail investors.

The Jharkhand-based company which also manufactures forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles (M&HCV) and farm equipment segments, will spend Rs 700 m out of the net fresh issue proceeds for the purchase of machinery and equipment, and Rs 300 m working capital requirements going ahead.

Why Oil Prices are Falling

Brent oil prices declined 2% on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya.

West Texas Intermediate crude futures, which did not settle on Monday because of the U.S. Labour Day holiday, were down US$ 1.1, or 1.4%, at US$ 72.5.

On Monday China reported new export orders fell for the first time in eight months in July and that prices of new homes rose in August at their weakest pace this year.

In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.

So far there is limited upside support from large production disruptions in Libya, owing to the uncertainty over how long those outages might last.

Some supply is set to return to the market as eight members of OPEC and affiliates, together known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries.

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

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