Gift Nifty Down 20 Points | Reliance Partners NVIDIA | Balaji Speciality Chemicals withdraws IPO | Top Buzzing Stocks Today

Mon, 11 Sep Pre-Open

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On Friday, Indian share markets continued the momentum as the session progressed and ended the 0.5% higher.

Indian benchmark indices inched up to their highest in more than one month on Friday, led by gains in energy stocks, to extend a five-session winning streak and largely ignoring the softness in global equities.The benchmarks were on track for their second straight week of gains and saw their best week since the week ending 30 June 2023.

At the closing bell on Friday, the BSE Sensex stood higher by 333 points (up 05%).

Meanwhile, the NSE Nifty closed higher by 92 points (up 0.5%).

Coal India and Tech NTPC were among the top gainers.

ITC and UPL on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.9% higher and the BSE Small Cap index is trading higher by 0.4%.

Sectoral indices ended on a mixed note with stocks in the FMCG sector and healthcare sector are witnessing buying. While stocks in the realty sector, power sector and oil & gas sector witnessing selling pressure.

Shares of P&G Hygiene and Oracle Finance hit their 52-week high on Friday.

The rupee was trading at 83.12 against the US$.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 59,040 per 10 grams at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading 20 points lower at 19,918 levels.

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

Speaking of stock markets, IRFC has to be one of the hottest stocks around. But why has it run up so fast, so soon?

What is the market seeing that we are not? Or is the market being too optimistic about the stock's future?

Tune to the video below by Rahul Shah to know more.

Top buzzing stocks today

Tata Steel share price will be in focus today.

Tata Steel was trading over a percent higher in the morning on 8 September after the company signed an agreement with AVAADA Group for a green hydrogen and ammonia manufacturing unit in Odisha.

The project is expected to generate around 1,600 direct and 4,000 indirect employment opportunities and aims to reduce nearly 2 million tonnes of carbon dioxide emissions annually.

LTIMindtree will also be a top buzzing stock.

LTIMindtree, the technology consulting and digital solutions company, has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the salesforce platform.

Reliance partners NVIDIA

Reliance Industries partnered with NVIDIA to build AI (artificial intelligence) infrastructure in India.

The collaboration aims to develop India's foundation large language model, trained on the nation's diverse languages and tailored for generative AI applications.

The AI infrastructure will be hosted in AI-ready computing data centres that will eventually expand to 2,000 MW. Execution and implementation will be managed by Jio, which has extensive offerings and experience across mobile telephony, 5G spectrum, fibre networks and more.

Ambani pledged the company's commitment to create up to 2,000 MW of AI-ready computing capacity across both cloud and edge locations, while adopting sustainable practices and a greener future.

Jio has broad expertise, infrastructure and engineering skills to roll out and manage the new AI computing infrastructure. The collaboration with NVIDIA also aligns with this strategy of serving as a large, comprehensive digital, cloud and networking platform for consumers and business customers.

Artificial intelligence or AI has become intertwined with every aspect of our lives. From personal digital assistants like Siri, google assistant, and Alexa, to self-driving cars, it's being used very widely.

What's more, the use is increasing on a daily basis. AI usage is expected to increase even more in fast growing sectors such as healthcare, finance, e-commerce, and manufacturing. For more, check out best  Artificial Intelligence stocks in India.

Balaji Speciality Chemicals withdraws IPO

Balaji Speciality Chemicals, a subsidiary of Balaji Amines, has withdrawn the draft papers filed to raise funds through an initial public offering.

The speciality chemicals maker told the parent company that its board of directors, through a resolution, decided to withdraw the draft red herring prospectus filed with the Securities and Exchange Board of India. The company didn't give a reason for the decision.

Accordingly, the DRHP has been withdrawn.

The company filed the DRHP with the capital markets regulator on 10 August 2022.

In November, it received the green signal from SEBI to go ahead with the IPO. A company has to launch an IPO within one year from issuance of the observation letter by SEBI.

The fresh issue money was to be used mainly for repaying debts and working capital requirements and the remaining for general corporate purposes.

For more details, check out the current IPOs and upcoming IPOs on our website.

Kahan Packaging receives the highest subscription

Kahan Packaging IPO turned out to be a blockbuster in the SME segment as it received the highest ever bids of 690 times the offer size among the IPOs announced on 8 September, the final day of bidding. The demand for the issue has been strong since day one.

Investors bought 496.7 m equity shares in three days starting from 6 September against the offer size of 7.2 lakh shares, resulting in a subscription of 689.92 times, as per the data available on the BSE.

The number of shares bid amounts to Rs 39.7 bn against the total IPO fundraising of Rs 57.6 m.

Retail investors lent the maximum support to the issue of the bulk packaging solutions provider and bought 1,044.8 times their allotted quota, while high networth individuals (HNIs) and other investors bought 141.5 crore shares up 416.2 times their reserved portion.

Of the total issue of 7.2 lakh shares, the Mumbai-based company has reserved 40,000 equity shares for the market maker and the remaining 6.8 lakh shares were divided among retail investors and HNIs with a 50:50 ratio, i.e. 3.4 lakh shares.

For the list of IPOs in India from the last 30 days with indepth analysis. Also find out the list of upcoming IPOs.

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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