Gift Nifty Up 55 Points | Dixon Technologies to Make ASUS Notebook in India | M&M Financial Services Mortgage Business Expansion | Top Buzzing Stocks Today

Mon, 16 Sep Pre-Open

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Indian benchmark indices remained volatile as the session progressed but ended the day lower.

Sensex, Nifty swing between gains and losses following a strong rally to all-time highs in the previous session.

At the closing bell on Friday, the BSE Sensex stood lower by 72 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 32 points (down 0.1%).

Bajaj Finserv, Axis Bank and Wipro were among the top gainers.

Adani Ports, ITC 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 0.5% higher and BSE SmallCap index ended 0.9% higher.

Sectoral indices were trading mixed with socks in consumer durables sector and realty sector witnessing buying speer. Meanwhile stocks in oil & gas sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 73,140 per at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading 55 points higher at 25,440 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

HPL Electric share price will be in focus today.

shares of HPL Electric surged over 2% to Rs 613 per share on September 13 after it secured a new order worth Rs 144 crore for the supply of smart meters and conventional meters. The company has yet to share further details about the order, such as the timeline or location.

So far this year, the stock of this electrical equipment maker more than doubled or zoomed over 140%, beating benchmark Nifty 50's 15% surge. Earlier, it had hit a 52-week high of Rs 694 apiece on 22 August 2024.

SpiceJet will also be a top buzzing stock.

Shares of low-cost airline SpiceJet hit a seven-month high on 13 September on strong trading volumes, rising by over 10% as news flow in the company continues to remain active.

The airline moved the Supreme Court on September 12, challenging a Delhi High Court order by a single-judge bench, dated August 14, that had grounded three aircraft engines for defaulting on payment to lessors.

Dixon Technologies to Make ASUS Notebook in India

Padget Electronics - a subsidiary of Dixon Technologies - has signed an MoU with ASUS to manufacture notebooks in India, the company said in a statement on 13 September.

ASUS is a multi-national company known for motherboards and high-quality personal computers as well as a leading consumer notebook vendor.

The company regards laptops and IT hardware products as a significant growth engine.

Dixon already has contracts with Lenovo and Acer to manufacture notebooks and is already manufacturing for Acer.

It has also started the New Product Introduction (NPI) process for Lenovo notebooks and its mass production will commence in Q3FY25.

Dixon is also planning a new campus in Chennai, for which a site has been identified. The company is targeting to start with the facility by Q4FY25 or Q1FY26.

The capacity of the new Chennai plant is going to be almost 1.5 million (m) units per year with a capex in the range of around Rs 1.5 bn.

Dixon Technologies, a key player in India's electronics manufacturing landscape, has strategically positioned itself to benefit from the global shift under the China+ strategy.

As geopolitical tensions drive companies to diversify their manufacturing away from China, Dixon has capitalised on this trend, emerging as India's largest electronics contract manufacturer.

M&M Financial Services Mortgage Business Expansion

Mahindra & Mahindra Financial Services board has approved the company's expansion into the mortgage business which will include housing finance, top-up loans, lease rental discounting, home improvement and home extension loans among others.

The non-banking finance company plans to leverage its strong geographical presence in the retail lending space to exploit the mortgage lending opportunity for its existing customers as well as new customers.

A meeting of the board of directors was held today to approve the company expansion plans. The company will invest about Rs 200-300 m over the next 12 months.

MMFS, which focuses on the rural and semi-urban markets, serves over 10 million customers. The company is a leading financier for vehicles and tractors, offers loans to small and medium enterprises (SMEs), and provides fixed deposit services.

In May, the company announced that it had received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to sell life and general insurance products from various insurers.

FIIs Turn Net Buyers

Domestic institutional investors (DIIs) and Foreign investors (FII) turned net buyers on Friday, a day after FIIs bought almost Rs 70 bn in equities and both indices reached record highs.

DIIs net bought shares worth Rs 25.3 bn while Foreign investors (FII) were net buyers worth Rs 23.7 bn on 13 September.

DIIs bought Rs 111.6 bn worth of shares and sold shares worth Rs 86.2 bn. Meanwhile, FIIs purchased Rs 159.8 bn in shares and offloaded equities worth Rs 136.2 bn during the trading session.

In the year so far, FIIs have net sold shares worth Rs 1.3 trillion (tn), while DIIs have bought shares worth Rs 3.3 tn.

Among sectoral indices, the Nifty Realty index was the biggest gainer, followed by Nifty Media, Nifty PSU Bank,Nifty Metal and Consumer Durables. On the other hand, the Nifty FMCG index was the biggest loser, followed by Nifty Healthcare.

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

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