Gift Nifty Down 60 Points | SpiceJet Finalises Settlement with ELFC | Ashish Kacholia Trims Stake in Sky Gold | Top Buzzing Stocks Today

Wed, 25 Sep Pre-Open

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Indian equity benchmark indices, after surging to fresh all-time highs late on Tuesday afternoon, pared their gains to close in the red.

At the closing bell on Tuesday, the BSE Sensex stood lower by 15 points.

Meanwhile, the NSE Nifty closed higher by 1 point.

Tata Steel, Hindalco and Tech Mahindra were among the top gainers.

HUL, Grasim Industries and Shriram Finance 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 is trading 0.2% higher and BSE SmallCap index ended flat.

Sectoral indices were trading mixed with socks in power sector and metal sector witnessing buying. Meanwhile stocks in realty sector and telecom sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 74,519 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:15 AM today, the Gift Nifty was trading 60 points higher at 25,925 levels.

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

Speaking of the stock market, even though the China+1 megatrend was relatively short lived in terms of stock market gains, India's logistics boom is here to stay.

Such a boom could play out for several decades as India's manufacturing, exports and domestic consumption continue to grow.

Tanushree Banerjee, Research Analyst talks about some niche players are the hidden and indirect beneficiaries of India's logistics boom.

Tune in for more

Top buzzing stocks today

Power Grid share price will be in focus today.

Power Grid shares rose 2.3%.

The stock saw northward movement after Power Grid was declared as the successful bidder to establish an inter-state transmission system.

Sapphire Foods will also be a top buzzing stock.

Shares of Sapphire Foods surged over 12% on 24 September to hit a fresh record high of Rs 401 on NSE, driven by heavy volumes.

A large trade occurred in the counter with 8.5 lakh shares or 1.3% equity changing hands for Rs 305 m for Rs 355 per share.

SpiceJet Finalises Settlement with ELFC

SpiceJet has successfully resolved its long-standing legal dispute with Engine Lease Finance Corporation (ELFC) in continued efforts to address financial challenges and stabilise operations.

ELFC had originally claimed US$ 16.7 million (m) from the airline, but both parties reached an amicable settlement for an undisclosed, lower amount.

The Qualified Institutional Placement (QIP) was significantly oversubscribed by institutional investors and mutual funds. International investors like Societe Generale, Goldman Sachs, and Discovery Global Opportunity participated in the QIP.

The airline plans to utilise the funds raised to settle liabilities, expand operations, and enhance its fleet.

With the QIP, SpiceJet aims to unground 28 aircraft and revive its fleet, which was reduced to 28 operational aircraft due to financial dues and grounded planes.

SpiceJet also plans to leverage its exclusive access to regional and international destinations, boosting its operational capacity.

The settlement comes amid SpiceJet's wider initiatives to streamline operations for future growth.

Ashish Kacholia Trims Take in Sky Gold

Sky Gold is in the business of designing, manufacturing, and marketing jewellery. The company specializes in 22 Karat gold jewellery and has recently expanded its product line to include lightweight, diamond-studded pieces.

As per the bulk deal data available with the stock exchanges, big whale Ashish Kacholia, on 23 September 2024 sold a total of 76,720 equity shares of Sky Gold or 0.6% stake in the company, at an average price of Rs 2,602.93 bringing the total deal value to nearly Rs 199.7 million (m).

At the end of the June 2024 quarter, the investor had held about 2.6% stake in the company.

While we don't know why he sold shares of Sky Gold, here's what we guess.

One possible reason behind Ashish Kacholia's stake sale could be profit booking, especially after the significant rally in the company's stock.

In 2024 alone, the stock has surged by 169.9%, with a notable 75% jump in just the past three months.

Sky Gold's management is focused on expanding its corporate business to 100% over the next three years.

A significant milestone on this path is the potential onboarding of Tanishq, one of India's largest jewellery retailers. In a recent conference call, management confirmed that all product meetings with Tanishq have been completed and they are now awaiting final confirmation.

Why Metal Stocks are Rising

Shares of metal companies surged as much as 5% on 24 September after China's central bank announced a slew of measures to boost its ailing economy.

The country has been long suffering from a property sector debt crisis, youth unemployment, and faltering demand.

Sharp gains in metal names lifted the Nifty Metal index 1.5% higher, with stocks like NALCO and NMDC leading the pack with a 5% up move.

The People's Bank of China (PBOC) introduced key initiatives, including plans to lower the reserve requirement ratio, reduce the policy interest rate, and drive down the market benchmark interest rate to stimulate growth.

On Tuesday, central bank that it would cut a slew of rates in a bid to boost growth.

In addition, the central bank also plans to reduce interest rates on existing mortgages and standardize down payment ratios to further bolster demand in the property sector, which has traditionally accounted for over a quarter of China's GDP.

However, the sector has faced immense pressure since 2020 when authorities restricted credit access to developers in an effort to control rising debt.

As a result, major players like China Evergrande and Country Garden have struggled, while falling property prices have discouraged consumer investments, leading to a drop in metal demand from the world's largest importer.

The announcement of these economic measures has sparked optimism for a recovery, especially benefiting metal stocks that depend on a demand rebound in the world's largest importer.

Other metal stocks like MOIL, SAIL, Tata Steel, Jindal Steel, Vedanta, Hindalco, JSW Steel, and Hind Zinc also gained 1-3%.

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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