Gift Nifty Up 60 Points | Waaree Energies to Launch IPO Soon | HEG Sets Record Date for Stock Split | Top Buzzing Stocks Today

Thu, 26 Sep Pre-Open

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Indian benchmark indices reversed the trend as the session progressed and ended the day on firm footing.

Benchmark indices BSE Sensex, and NSE Nifty50 equity markets reversed early losses, and scaled new highs before ending Wednesday's trading session at record high closing levels.

At the closing bell on Tuesday, the BSE Sensex stood higher by 256 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 63 points (up 0.3%).

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

Tech Mahindra, Tata Motors and Titan 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% lower and BSE SmallCap index ended 0.3% lower.

Sectoral indices were trading positive with socks in power sector and realty sector witnessing buying. Meanwhile stocks in auto and FMCG sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 75,820 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 60 points higher at 26,047 levels.

Indian share markets are headed for a positive 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

JB Chemicals share price will be in focus today.

Shares of JB Chemicals and Pharmaceuticals fell 4.5% on 25 September on news that the much-anticipated deal for KKR's 54% equity stake in JB Chemicals is on the brink of collapse due to disagreements over the valuation.

What was expected to be one of India's largest pharma sector deals in 2024, valued at around US$ 2 bn, is now facing major obstacles as prospective buyers-Torrent Pharma, EQT, and Alkem Laboratories-reconsider their bids.

SpiceJet will also be a top buzzing stock.

Shares of low-cost carrier SpiceJet tanked another 7% to Rs 61.5 in the afternoon on 25 September despite its CMD Ajay Singh suggesting that the airline is taking strong steps to revive operations, settle outstanding dues and position itself as a key player in the Indian Aviation Industry.

SpiceJet aims to expand its fleet from 28 aircraft to 100 within the next two years.

Waaree Energies to Launch IPO Soon

Waaree Energies, a leading manufacturer of solar photovoltaic (PV) modules in India, is set to launch its initial public offering (IPO) in October. The company received final regulatory approval from the market regulator on 20 September 2024, allowing it to proceed with its ambitious fundraising plans.

The upcoming IPO aims to raise Rs 30 bn through a combination of a fresh issue of shares and an offer for sale (OFS).

The OFS includes up to 32 lakh equity shares, 27 lakh shares from Waaree Sustainable Finance Private Limited, 4.5 lakh from Chandurkar Investments Private Limited, and 50,000 from Samir Surendra Shah.

The funds raised from the IPO are earmarked for key initiatives, including establishing a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as for supporting general corporate purposes.

As of 30 June 2023, Waaree Energies has an aggregate installed capacity of 12 GW, positioning itself as a market leader in the solar energy sector.

The company's ability to grow its retail sales, particularly in the commercial, industrial, and residential sectors, depends on maintaining and expanding relationships with franchisees. A failure to do so could negatively impact its business, cash flows, and operations. Retail sales contributed 9.96% to total revenue in FY23.

Waaree Energies has positioned itself as the largest manufacturer of solar PV modules in India. The company aims to deliver high-quality, cost-effective, and sustainable energy solutions globally, contributing to the reduction of carbon footprints.

HEG Stock Split

HEG announced that it has fixed October 18 as the record date for the purpose of a 1:5 stock split.

This means that October 18 will be the date for determining the entitlement of the eligible equity shareholders who will qualify for the share split.

A 1:5 stock split gives shareholders five shares for every one they currently own. For instance, in this case, the original share had a face value of Rs 10, after the split, each new share will have a face value of Rs 2.

Prior to this, the company has never carried out a stock split and this will be the first instance of the company doing so.

HEG was incorporated in 1972 as Hindustan Electro-Graphites. The company is among the leading graphite electrode manufacturers in India.

The company owns one of the largest integrated graphite electrode plants in Southeast Asia that processes sophisticated ultra-high-power electrodes.

For more, check out our editorial HEG Demerger: Breaking Up a Cash Cow? Understanding the Stock Split.

Wow Momo IPO

Indian fast-food chain Wow Momo Foods plans to go public within two years, its CEO said, as the popular dumpling brand aims to replicate the rapid expansion of Domino's Pizza in the world's most populous country.

India's US$ 5 bn fast-food sector has seen significant growth, driven by rising demand among low- and middle-income families.

Valued at Rs 25 bn with a network of 650 stores, Wow Momo plans to become the first major local fast-food chain to go public, riding on this shift in consumer behaviour.

Tiger Global-backed Wow Momo, which reported revenue of nearly Rs 4.8 bn for the FY24, is aiming to double its revenue to 10 billion rupees over the next 30 months,

India's booming stock market has hit record highs over 50 times this year, with nearly 200 companies, including e-scooter maker Ola Electric and telecom operator Bharti Hexacom, raising billions.

In the restaurant sector, franchisees of Western brands like KFC, McDonald's, Burger King, and Domino's have gone public in the past decade. One of the most recent local listing was Barbeque-Nation Hospitality, which went public three years ago.

While the company experienced a dip in same-store sales from October to May, mirroring a broader slowdown in the Indian fast-food space, sales have recovered, turning positive from June to September.

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

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