Gift Nifty Down 15 Points | Mphasis Partners CoreStack | KPI Green Energy's New Order Win | Top Buzzing Stocks Today

Wed, 4 Oct Pre-Open

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On Tuesday, Indian share markets continued the downtrend as the session progressed and ended the day higher.

Equity benchmark indices declined on Tuesday amid unabated foreign fund outflows and sluggish Asian market cues. The fall in the index majors Reliance Industries and HDFC Bank also dragged the benchmark indices lower.

At the closing bell on Tuesday, the BSE Sensex stood lower by 316 points (down 0.5%).

Meanwhile, the NSE Nifty closed down by 110 points (down 0.6%).

L&T, Adani Ports and Titan were among the top gainers.

ONGC, Eicher Motors and Hindalco on the other hand, were among the top losers.

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

Sectoral indices ended on a mixed note with stocks in the capital goods sector and realty sector witnessed heavy buying. Meanwhile, stocks in auto sector and energy sector witnessed selling pressure.

Shares of L&T and Torrent Power hit their 52-week high on Tuesday.

The rupee was trading at 83.19 against the US$.

Gold prices for the latest contract on MCX were trading up by 1.2% at Rs 56,930 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:,50 AM today, the Gift Nifty was trading down by 15 points or 0.1% at 19,435 level.

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

Speaking of stock markets, the sentiment towards PSUs has shifted from pessimism to extreme optimism.

Railway stocks are the latest beneficiaries of the euphoria.

The managements of the railway companies and their investors seem to be more keen on EBIDTA, completely ignoring the risk of capex.

Is there a case to switch from Defence to Railway Stocks?

Research analyst, Tanushree Banerjee answers this in the below video.

Top buzzing stocks today

Ashok Leyland share price will be in focus today.

Ashok Leyland reported a 9% year-on-year (Y-o-Y) increase in its total sales as the company sold a total of 19,202 units in September 2023. The number stood at 17,549 vehicles for September 2022.

Jindal Steel & Power will also be a top buzzing stock.

Jindal Steel & Power (JSP), on 3 October 2023, announced the commencement of production at the Gare Palma IV/6 coal mine in Chhattisgarh.

The mine will aid in the planned expansion of the Raigarh integrated steel plant, boosting its capacity from 3.6 million tons per annum to 9.6 million tons per annum.

Mphasis Partners CoreStack

Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, on Tuesday announced a partnership with CoreStack, a global multi-cloud governance provider.

The alliance aims to deliver unparalleled financial management and observability to customers, driving operational efficiency and actionable insights.

CoreStack will play a vital role in Mphasis' Cloud Business Solutions (CBS) and Agile IT Operations portfolio. One of the core missions of CBS and Agile IT Operations is to provide complete transparency, empowering enterprises to further optimize their CloudOps, FinOps, and SecOps operations.

By leveraging CoreStack's platform, Mphasis will onboard its operational framework strategy of reliable foundation and associated best practices, ensuring consistent implementation of well-architected approaches for hybrid multi-cloud environments.

CoreStack offers a suite of multi-cloud, NextGen Cloud Governance modules that leverage AI to provide continuous and autonomous governance for FinOps, SecOps, and CloudOps through a unified dashboard.

NextGen Cloud Governance helps enterprises mitigate risk, accelerate delivery, optimize performance, and innovate faster.

To know if is it the right time to add Mphaisi to the watchlist, check out 5 Beaten Down Growth Stocks that Have Fallen Out of Favor. How Long Before They Bounce Back?

KPI Green Energy secures wind-solar order

The company yesterday announced the acquisition of a project for a Wind-Solar Hybrid Power Plant with a total capacity of 6.90 MW.

This project, comprising 4.90 MW of wind and 2 MW of solar capacity, has been awarded by General Polytex Pvt. Ltd. of Surat, falling under the 'Captive Power Producer (CPP)' Segment.

The project is scheduled for completion in various tranches throughout the financial year 2023-24, under the terms of the order. The aggregate order size amounts to 6.90 MW.

KPI Green Energy Ltd builds and manages solar power projects as an independent power producer and captive power producer under the Solarism brand.

Following a lot of developments in the solar industry, many stocks are on the cusp of a breakout, and KPI Green Energy is one of them. For more check out, Solar Stocks on the Rise: 5 Lesser-Known Companies to Watch Out for.

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

Escorts Kubota Sales Decline

Escorts Kubota Limited reported an 11.2% decline in its tractor sales for September 2023 compared with the same period last year. The company sold 10,114 units of tractors in September 2023, whereas the number stood at 11,384 in September 2022.

Exports of tractors also took a hit, declining 11.9% as the export volume dropped from 848 units in September 2022 to 747 units in September 2023.

For the ongoing financial year, the April-September sales so far totalled 45,699 units, which was 0.7% below the sales during the same period last year. Year-to-date exports, on the other hand, declined 35.3%, as the company exported 2,907 units of tractors compared with 4,496 tractors exported during the same period last year.

The construction equipment division of the company registered an impressive growth of 51.8 per cent, as Escorts Kubota sold 592 units in September 2023, compared with 390 units in September 2022.

Escorts Kubota, formerly known as Escorts Limited, is one of India's largest tractor manufacturers.

Escorts Kubota shares surge 11% in a month to hit a new 52-week high. To know What's next, check out Why Escorts Kubota Share Price is Rising.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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