Gift Nifty Up 85 Points | Adani Group's Fundraising Plan | EaseMyTrip Forays into Ebus Manufacturing | Top Buzzing Stocks Today

Fri, 6 Sep Pre-Open

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Indian benchmark indices gave up the gains as the session progressed and ended the day lower.

Benchmark equity indices ended in red weighed by negative global sentiments.

At the closing bell on Thursday, the BSE Sensex stood lower by 151 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 54 points (down 0.2%).

ITC, BPCL and Wipro were among the top gainers.

Cipla, Coal India and Reliance Industries 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 0.3% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices were trading positive with socks in telecom sector and IT sector witnessing buying speer. Meanwhile stocks in realty sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.7% higher at Rs 71,947 per at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the Gift Nifty was trading 85 points lower at 25,170 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

Linde India share price will be in focus today.

Linde India shares jumped 6.1% to Rs 7641.6 on Thursday after the company announced that it had entered into a plant sale agreement with Tata Steel to acquire their industrial gas supply assets.

The deal includes the acquisition of two 1800 TPD Air Separation Units (ASUs) at Tata Steel's Kalinganagar Phase 2 expansion project.

Premier Energies will also be a top buzzing stock.

Shares of newly listed Premier Energies surged 17% to Rs 985, hovering close to its all-time high in the afternoon on 5 September, after bagging an order worth Rs 2.2 bn from the Uttar Pradesh Department of Agriculture.

The development gains significance as it comes just two days from its stellar IPO, where shares doubled in value on 3 September. The company's shares were listed at Rs 991, a massive premium of 120% over the IPO issue price of Rs 450 per share.

Raymond Bets on Wedding Boom

Raymond Lifestyle is anticipating high demand during an extended wedding season this year, which should result in strong sales in the second half of this fiscal.

The wedding season is strong, and the coming 6-9 months should drive strong growth, Chairman Gautam Singhania told media persons on the sidelines of the listing event.

The company said this year there were 'negligible' weddings during the April-May season, a factor that may have dampened the quarterly footfalls. An intense spell of heatwave starting in April and continuing all through June, as well as election-related restrictions too played a role.

Keeping these in mind, Raymond Lifestyle is now betting on a strong rebound during the second quarter of the fiscal.

Kataria added that around 45 days or so before the wedding season, the business starts to see traction, so signs of demand may be visible from the second quarter itself.

Adani Group's Fundraising Plan

Adani Group plans to raise between Rs 300 and Rs 400 bn from retail investors over the next 3-4 years to diversify sources of funds and mitigate risk.

On Wednesday, group flagship Adani Enterprises Ltd launched its maiden public issue of secured non-convertible debentures (NCDs) worth Rs 4 bn. The NCDs, with tenors ranging from two to five years, offered an effective annual yield of 9.3% to 9.9% and were fully subscribed on the first day.

According to the group's latest corporate filings, domestic lenders, including banks and financial institutions, had an exposure of Rs 88.1 bn to various Adani Group entities through long-term and working capital loans as of 31 March 2024.

Adani Enterprises, which acts as an incubator for many of the group's new businesses, has seen its debt increase in FY24.

Raising money from retail investors augurs well from a diversification perspective and will boost overall goodwill and public awareness of the group. This may also have a spillover effect on the group's equity base by attracting more retail investors.

In recent investor presentations, group founder Gautam Adani's conglomerate emphasised its strong liquidity position, stating that it has sufficient cash reserves to cover over 30 months of debt payments. The group's businesses continue to perform robustly across sectors. By the end of June, the group's cash balance accounted for 24.8% of its gross debt of Rs 2.41 lakh crore, up from 17.7% a year earlier.

The conglomerate also reported a 33% surge in pre-tax profit for the June quarter, driven by strong performance from its core infrastructure businesses and growth in emerging sectors like solar and wind manufacturing, as well as airports.

EaseMyTrip Forays into Ebus Manufacturing

The company on 5 September 2024 announced plans to foray into EV manufacturing.

The company said that the board has approved the proposal to incorporate a wholly-owned subsidiary to manufacture Electric Buses.

The proposal is subject to necessary approvals from the Ministry of Corporate Affairs.

Easy Trip Planners offers ticket booking, transport arrangement, tour planning and accommodation services. It has no prior manufacturing experience.

No further details on the timeline of the incorporation or the cost to be incurred for the same were disclosed.

Easy Trip Planners is India's second-largest online travel tech platform that offers travel-related products and services through its flagship brand, 'Ease My Trip'.

The company provides end-to-end travel solutions such as airline tickets, train tickets, bus tickets, hotels, holiday packages, and other value-added services.

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

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