Gift Nifty Down 35 Points | Vedanta Demerger for 6 Listed Entities | L&T Finance Partners Ather Energy | Top Buzzing Stocks Today

Tue, 3 Oct Pre-Open

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

Easing bond yields in India, coupled with decline in oil prices globally, lifted benchmark indices on Friday.

At the closing bell on Friday, the BSE Sensex stood higher by 320 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 115 points (up 0.6%).

Hindalco, Divis Laboratories and NTPC were among the top gainers.

Tech Mahindra and Adani Enterprises on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index is trading 1.3% higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector and metal sector witnessed heavy buying. Meanwhile, stocks in IT sector and media sector witnessed selling pressure.

Shares of L&T, Lupin and Sunteck hit their 52-week high on Friday.

The rupee was trading at 83.05 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 58,060 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading down by 35 points or 0.2% at 19,579 levels.

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

Speaking of stock markets, recently, something interesting has happened in the aviation space.

The country flew its first commercial flight from Pune to New Delhi. It was powered by Sustainable Aviation Fuel, or SAF blended Aviation turbine jet fuel.

You see, as India becomes signatory to CORSIA - or Carbon Offsetting and Reduction Scheme for International Aviation. It calls for compulsory blending of SAF from 2027.

Even at just 1% blending of SAF, the requirement for SAF will be 14 crores litres.

Now SAF is a second stage fuel, and it is produced from ethanol. This itself would create an additional requirement of 28 crore liters per annum of ethanol.

In the below video, Hidden Treasure, Richa Agarwal talks about a specific company in the biofuel economy that has enabled these feat and could be a big beneficiary of this mandate.

Top buzzing stocks today

Ashok Leyland share price will be in focus today.

Shares of Ashok Leyland jumped nearly 2% intraday on 29 September after bagging orders for 1,282 buses from Gujarat State Road Transport Corporation (GSRTC).

This order, one of the largest from a State Transport Undertaking for a single OEM, will contribute to strengthening Ashok Leyland's dominant position in the Indian bus market.

Lupin will also be a top buzzing stock.

Mumbai-based global pharmaceutical company Lupin announced on Friday that it has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (FDA) for its Nagpur Unit-I manufacturing facility.

Vedanta's Sixfold Split

Billionaire Anil Agarwal-owned Vedanta Limited on 29 September announced the creation of independent verticals through the demerger of underlying companies, mainly its metals, power, aluminium, and oil and gas businesses to unlock potential value.

The company plans to establish six separate listed entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited.

Vedanta added that the demerger is planned as a vertical split for every 1 share of Vedanta Limited the shareholders will additionally receive 1 share of each of the five newly listed companies.

Once demerged, each independent entity will have greater freedom to grow to its potential and true value via independent management, capital allocation and niche strategies for growth.

The board of Hindustan Zinc has declared its intention to evaluate its corporate structure to unlock potential value. Furthermore, they plan to establish separate legal entities to handle the Zinc, lead, Silver, and Recycling businesses of HZL.

The new companies will remain committed to achieving net-zero carbon emissions by 2050 and net water positivity by 2030, to spend $5 billion over the next ten years to accelerate this transition.

Vedanta shares are down 25% in 2023 so far. The stock is currently trading at its 52-week low, leaving investors worried.

To know why, check out Why Vedanta Share Price is Falling.

L&T Finance Partners Ather Energy

L&T Finance, a non-banking financial company (NBFC), on 29 September, announced its partnership with Ather Energy India's first intelligent electric vehicle manufacturer.

It will provide up to 100% financing of the Loan-to-Value of the electric vehicles (EV) offered by Ather Energy to its customers.

The partnership reinforces our focus on the fourth pillar within L&T Finance's Lakshya 2026 strategy, where under ESG and CSR, whatever the company does has to be environmentally responsible and sustainable.

The amount of loan being financed will be on an on-road price basis i.e., inclusive of ex-showroom, Regional Transport Office (RTO), insurance on the vehicle, and will be determined based on the credit profile of the customer.

L&T Finance has announced a two-wheeler finance business book size of Rs 91.9 bn as of the quarter ending June 2023.

In the case of Express Loan, a product for all, customers are not required to submit any credit profile or income proof, but the annual rate of interest is slightly higher at 7.9% per annum.

L&T Finance is among Top 5 Cash-Rich Midcap Stocks to Add to Your Watchlist.

Hero Motocorp To Hike Prices

Two-wheeler major Hero MotoCorp on 29 September informed the stock exchanges that it will make a marginal increase in the ex-showroom prices of select motorcycles and scooters, effective 3 October.

The price increase will be around one per cent, and the exact quantum of the increase will vary by specific models and markets.

The price revision is part of our regular review of product competitiveness and positioning, factoring inflation, margins and market share.

Earlier, as the promotional offer of its newly-launched flagship Karizma XMR ended, the automaker announced a price increase of Rs 7,000 to Rs 1,79,900 onwards (ex-showroom, Delhi), effective 1 October.

Hero MotoCorp had earlier this month reported a 6% increase in total sales at 4,88,717 units in August.

The stock of Hero MotoCorp could see a re-rating, for more check out Is it Time for Hero MotoCorp's Underperformance to End?

It is among the Top 5 Stocks to Benefit from this Upcoming Festive Season.

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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