Gift Nifty Up 93 Points | Sona BLW Mulls Escorts Kubota Deal | Why OMC Stocks are Falling | Top Buzzing Stocks Today

Thu, 5 Sep Pre-Open

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Indian benchmark indices continued the downward trend as the session progressed and ended the day lower.

The domestic equity market faced a tough day. The decline in global markets, coupled with concerns about a potential slowdown in the US economy, has understandably affected investor sentiment.

At the closing bell on Wednesday, the BSE Sensex stood lower by 203 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 81 points (down 0.3%).

Asian Paints and HUL were among the top gainers.

ONGC, Wipro 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 0.1% lower and BSE SmallCap index ended 0.3% higher.

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

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 71,086 per at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 93 points higher at 25,359 levels.

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

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Top buzzing stocks today

BEML share price will be in focus today.

BEML is among the defence stocks that surged around 7% on September 4 after the Defence Acquisition Council (DAC) approved major procurements worth Rs 1.4 trillion (tn) for the Armed Forces.

The stock surged amid heavy volumes as 17 lakh shares of the defence PSU changed hands on BSE and NSE combined compared to the one-month average trading volume for 5 lakh shares.

Minda corporation will also be a top buzzing stock.

Shares of Minda Corporation gained over 2% after the flagship company of Spark Minda announced the signing of a technology licensing agreement with China's Sanco Connecting Technology, a leader in Electric Vehicle (EV) connection systems.

This agreement will enhance the product portfolio offering of Minda Corporation in the growing EV industry in the areas of Electrical Distribution Systems (EDS).

Sona BLW Mulls Escorts Kubota Deal

Auto components maker Sona BLW Precision Forgings is in talks to acquire the rail engineering business of Escorts Kubota in a deal valued at Rs 20 billion (bn).

To fund the acquisition, Sona BLW is soon looking to launch a Rs 20 bn Qualified Institutional placement.

For FY24, Escorts Kubota's railways business reported revenue of Rs 9.5 bn, contributing 11% to the company's overall topline as of the June quarter.

Reports were also making the rounds last year about talks between Escorts and Knorr-Bremse, which are likely to have fallen through due to valuation concerns.

DAM Capital Advisors Files For IPO

Investment bank DAM Capital Advisors has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO). The IPO is solely an offer-for-sale (OFS) of 32 million (m) equity shares, with no fresh issue component, according to the draft red herring prospectus (DRHP) filed on Tuesday.

Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services and Narotam Satyanarayan Sekhsaria.

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.

Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

DAM Capital Advisors provides a wide range of financial solutions in areas of investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and institutional equities comprising broking and research.

It is one of the leading investment banks in India with a market share of 12.1% based on the number of IPOs and qualified institutional placements undertaken by it as the book-running lead manager in fiscal 2024.

Why OMC Stocks are Falling

Shares of oil marketing companies (OMCs) such as ONGC, Oil India, Chennai Petroleum Corporation, and GAIL dropped up to 5% on the BSE on Wednesday as crude oil prices continued to decline, reaching their lowest close since December and erasing all gains for the year.

This is as a continued decline in Brent crude prices has come as a blessing for oil marketing companies and paint manufacturers, while at the same time, dented sentiment for oil refiners.

A decline in crude prices benefits oil marketing companies (OMCs) and paint manufacturers as that reduces their input costs and gives them more leeway to generate higher margins.

In addition to that, OMCs can also capitalise on inventory gains by restocking at reduced prices. Also, lower fuel prices may boost consumer demand, driving higher sales volumes and lifting revenues for these players.

Paint stocks also glimmered in the green, with Asian Paints, Indigo Paints, Shalimar Paints and Berger Paints India gaining 1.5-5%.

However, on the flipside the fall in crude prices will have a negative bearing on oil drilling stocks like ONGC and Oil India as it squeezes their profit margins.

This is because the price of refined products may not drop as quickly or proportionately and hence, refineries holding inventories bought at higher prices may face inventory losses as the value of their stock decreases.

Brent crude prices fell to their lowest levels in almost nine months, slipping closer to US$ 73 per barrel, marking a sharp fall from a high of over US$ 81 per barrel last week.

Pressure on Brent prices is stemming from concerns of a demand slowdown in China, the world's largest importer of the commodity, due to an increased adoption of electric vehicles.

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

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