Gift Nifty Up 21 Points | Vedanta's Debt Restructuring Meet | L&T's Rs 240 Billion Order Win | Top Buzzing Stocks Today

Fri, 8 Sep Pre-Open

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On Thursday, Indian share markets reversed course as the session progressed and ended 0.6% higher.

Frontline indices the Sensex and the Nifty overcame the initial volatile phase in backdrop of weak global cues and finished on a strong note on Thursday led by gains in index heavyweight L&T, banks and power stocks.

At the closing bell on Thursday, the BSE Sensex stood higher by 385 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 116 points (up 0.6%).

Coal India and Tech Mahindra were among the top gainers.

Sun Pharma and M&M on the other hand, were among the top losers.

The BSE MidCap index ended 0.8% higher, while the BSE SmallCap index advanced 0.4%.

Barring the FMCG sector all other sectoral indices ended on a positive note with stocks in the capital goods sector, banking sector and realty sector witnessing most of the buying.

Shares of KSB and L&T hit their 52-week high on Thursday.

The rupee was trading at 83.22 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 59,8055 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading 21 points higher at 19,788 levels.

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

Speaking of stock markets, speaking of stock markets, Hidden Treasure, Richa Agarwal, talks about a market leader that seems to be doing well with regards to its relevance in a world marked by electric mobility.

In fact, it is an exclusive supplier to Ola's 2-wheeler factory in its product category.

Here's an interesting fact about it.

More than 90% of the vehicles running on Indian roads use this company's products.

Now India is the world's 5th largest vehicle market and is expected to become the 3rd largest in terms of volume by 2026. So needless to say, this company is well positioned to benefit as that opportunity unfolds.

The reasons she has chosen to talk of it are not just its decent fundamentals, but also the fact that the insiders have been on a buying spree for this stock for quite some time now.

Top buzzing stocks today

GAIL share price will be in focus today.

GAIL (India), the state-run natural gas distributor, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis.

Crompton Greaves will also be a top buzzing stock.

Crompton Greaves Consumer Electricals on Thursday secured a Rs 254.4 m order under PM Kusum Scheme from the Haryana government for solar pumps. The order will be executed within 120 days.

Vedanta's US$ 2 Billion Debt Repayment

Vedanta Resources Ltd. is planning to meet bondholders in Singapore and Hong Kong, people familiar with the matter said, as the junk-rated Indian miner faces repayment of about US$ 2 billion of notes next year.

The non-deal roadshow will take place as soon as next week.

The global increase in borrowing costs has raised the stakes for billionaire Anil Agarwal's firm, which must redeem a record amount of bonds next year. Several of the group's bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

The mining company has already started an exercise to identify investors in its dollar bonds that mature next January and August, as well as those due in March 2025.

The January 2024 note was indicated at 89 cents on the dollar on Thursday, while that due in August 2024 was quoted at 63 cents. That suggests investors are more concerned about repayment of the longer-dated debt.

Vedanta is one of the top semiconductor stocks in India. The Indian semiconductor industry stands at the cusp of transformation, poised for significant growth and influence on the global stage. For more check, India's Semiconductor Dream: Is It Becoming a Reality?

Aurobindo Pharma's inspection report

Aurobindo Pharma on Thursday received Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) Company's Unit III, a formulation manufacturing facility situated at Bachupally Village, Telangana.

The US drug regulator classified EIR as Voluntary Action Indicated. The report indicates the closure of the inspection.

Earlier on 21 July, US FDA had issued Form 483 with three observations for the unit and at that time the company had said that it would respond within stipulated timelines and work with it to close the observations.

On 14 February, it was reported that the USFDA had concluded an inspection of the Telangana Unit with voluntary action indicated in its EIR.

The unit is an Active Pharmaceutical Ingredients (API) and before this, it was inspected in November 2022 from 10-18.

After 'No Action Indicated,' VAI is the second-best classification that a plant can get from the USFDA.

Promoters of Aurobindo Pharma have consistently pledged their holdings as collateral. For more, check out Top 6 Stocks with Consistent Rise in Promoter Pledging.

L&T's new order win

The engineering and construction conglomerate Larsen and Toubro Ltd has bagged a mega Aramco order. Reports suggest that the company has bagged an order from Saudi Aramco's Jafurah unconventional gas development project.

The contract is worth US$ 2.9 billion or nearly Rs 240 bn.

According to reports, L&T will develop a gas processing plant and main process units for the project.

Another package of US$ 10 bn for the Safaniyah gas field is also underway, and bids were submitted recently for the same.

Earlier in May, L&T announced that the power transmission and distribution (PT&D) business of L&T Construction has recently secured large EPC (engineering, procurement and construction) orders in India and Saudi Arabia. The company classifies orders between Rs 25 bn and Rs 50 bn as large orders.

In June, Larsen & Toubro, reportedly, won a significant order from the National High Speed Rail Corporation for the Mumbai-Ahmedabad High Speed Bullet Train Project.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out L&T's next big leap in the green hydrogen space.

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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