SGX Nifty Down 134 Points, Bharti Airtel's Dream Run Amid 5G Launch, Tighter IPO Disclosure Norms, and Top Buzzing Stocks Today

Mon, 3 Oct Pre-Open

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On Friday last week, Indian share markets extended gains as the session progressed and ended near day's high.

After seven consecutive sessions of losses, domestic equities witnessed a relief rally, helped by the Reserve Bank of India's assurance to take necessary steps to shield the domestic economy from the global shocks.

This sharp rally in the market added Rs 4 tn to investors wealth.

At the closing bell on Friday, the BSE Sensex stood higher by 1,016 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 276 points (up 1.6%).

Hindalco, Bharti Airtel, and IndusInd Bank were among the top gainers.

Asian Paints, Shree Cements, and Coal India on the other hand, were among the top losers.

The broader markets ended on a positive note. The BSE Mid Cap index ended higher by 1.7%, while the BSE Small Cap index ended up by 2.1%.

Barring oil & gas sector, all sectoral indices ended on a firm note. Stocks in telecom sector, finance sector, realty sector, and power sector witnessed most of the buying.

Shares of Solar Industries, Gujarat Fluorochemicals, and Mazagon Dock Shipyard hit their 52-week high on Friday.

The rupee was trading at 81.4 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 50,187 per 10 grams, at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading down by 134 points, or 0.8% lower at 16,950 levels.

Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Heritage Foods Rights Issue

Heritage Foods share price will be in focus today after the company announced that its board has approved the raising of funds on a rights issue basis.

The firm stated that it will issue equity shares in a 1:1 ratio through a rights issue at a face value of Rs 5 per equity share to the company's existing shareholders as of the record date.

The record date for the same will be announced later, the business said in an exchange filing. The company's promoter and promoter group may subscribe to all unsubscribed shares in the issuance, it added.

The company plans to issue 4,63,98,000 equity shares with a face value of Rs 5 apiece, totalling about Rs 232 m.

Post the rights issue, the company's outstanding equity shares capital will double to 9,27,96,000 equity shares from the existing 4,63,98,000 equity shares.

To know about more such companies, check out the list of companies which have announced rights issue.

CNG Gas Prices Hiked

Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were hiked by a steep 40% on Friday last week. This was done as global rates of energy have firmed.

The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to US$ 8.57 per million British thermal units from the current US$ 6.1, according to an order.

Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries and its partner BP Plc operated deep sea D6 block in KG basin, was hiked to US$ 12.6 per mmBtu from US$ 9.92.

These are the highest rates for administered/regulated fields (like ONGC's Bassein field off the Mumbai coast) and free-market areas (such as the KG basin).

IPO Disclosures

The capital market regulator approved several proposals last week on Friday, including tighter disclosure requirements for initial public offerings (IPOs), allowing companies to make confidential pre-filing of offer documents, and easing open offer pricing norms for the disinvestment of public sector undertakings (PSUs).

The regulator's board also approved a proposal on the introduction of a new option for the appointment and removal of independent directors and bringing buying and selling by mutual funds under insider trading rules.

For IPOs, the regulator mandated companies to disclose details related to the pricing of shares based on past fundraising from private equity investors prior to the IPO.

Companies will have to disclose the price per share based on the new issue of shares and on secondary sales or acquisitions during the 18 months prior to the IPO.

In case there have been no transactions in the 18 months before the IPO, information should be disclosed on price per share based on the last five primary or secondary transactions.

This comes after a sharp correction in the prices of several new-age tech companies that listed last year.

On divestment, the regulator eased certain provisions of the takeover code for the disinvestment of PSUs.

It scrapped the need to take into account the 60-day, volume-weighted average market price for calculating the open offer price for the disinvestment of PSUs and for the indirect acquisition of any other company in which the PSU has a stake.

Bharti Airtel's 5G Launch

Bharti Airtel launched 5G services in India on Saturday last week, 1 October 2022. Owing to this, shares of the company hit a record high last week.

Two months ago, Bharti Airtel share price was falling owing to Adani group's foray into the sector and two other reasons.

But the scenario has changed now and share price is continuously rising for the past couple of weeks.

On the financial end, the company has a highly leveraged balance sheet. But while the debt levels are high, the company has renewed its focus on deleveraging the balance sheet.

And with the change in the competitive landscape and stronger growth prospects, there is a good chance they might repay their debt sooner than expected. Bharti Airtel seems well-poised to grow briskly in the near term.

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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