Gift Nifty Trades Flat | BCL Industries Stock Split | TCS To Digitize GA Unemployment | Top Buzzing Stocks Today

Fri, 6 Oct Pre-Open

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

A relief rally in global equities lifted sentiment on Dalal Street as well with the benchmark indices settling around 0.6% higher each.

At the closing bell on Thursday, the BSE Sensex stood higher by 413 points (up 0.6%).

Meanwhile, the NSE Nifty closed up by 108 points (up 0.6%).

TCS and L&T were among the top gainers.

Hindalco and NTPC on the other hand, were among the top losers.

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

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

Shares of L&T and Zomato hit their 52-week high on Thursday.

The rupee was trading at 83.24 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 56,735 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading down by 2 points at 19,603 level.

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

Speaking of stock markets, 5% seems to be the inflection point at which most technologies get ready for mass adoption.

The time it takes to get to that level varies widely by country. But once the universal challenges of car costs, charger availability and driver skepticism are solved for the few, the masses soon follow.

According to a Bloomberg analysis, in 2022, 19 countries had passed what's become a critical EV tipping point. Since then, five more countries have made the leap.

India is the third largest auto market after China and the US. EVs made up 3% of new car sales in the country in the June quarter of 2023, after doubling in just six months.

So, according to Research analyst, Tanushree Banerjee, the country seems to be at a tipping point for EV adoption.

Top buzzing stocks today

L&T share price will be in focus today.

L&T on Thursday said its Buildings and factories business has bagged several 'large' projects under its various business units. One of the projects is for constructing a residential township in Bengaluru.

L&T Financial Holdings will also be a top buzzing stock.

L&T Financial Holdings reported Rs 134.9 bn in retail disbursements.

L&T Finance Holdings said that the retailisation of the portfolio is estimated at 88% at the end of Q2FY24, against 58% for the same period last year.

TCS to digitize GA unemployment

India's Tata Consultancy Services (TCS) said, on Thursday, it has been selected by the labour department of the US state of Georgia to replace its unemployment insurance system with a cloud-based platform that will streamline the claims process and ensure prompt financial assistance.

Georgia experienced a surge in unemployment claims during the pandemic, the third highest in the nation, that placed tremendous strain on its 40-year-old unemployment system and underscored the urgent need for change.

The human-centric design of the new web-based platform will allow Georgians to apply for unemployment insurance benefits, securely upload documents, check the status of their claims, and receive important updates, said a statement. Financial details of the agreement were not released.

TCS said in two decades it has worked to transform the legacy unemployment insurance systems of Connecticut, Florida, Kansas, Maine, Mississippi, Missouri, New York, and Wyoming.

During the pandemic, TCS helped several US states manage an exponential increase in unemployment claims, including the integration of the Federal Government's Pandemic Unemployment Assistance.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

BCL Industries Stock Split

BCL Industries, a prominent distilleries company, has recently announced a significant development in its equity shares structure - a stock split. In this corporate action, the company has chosen to divide the face value of each of its equity shares, effectively increasing the total number of shares available for trading in the secondary market.

According to BCL Industries' official filing with the stock exchange, the company's board has set a specific date, October 27, 2023, as the record date.

This record date serves the purpose of determining which shareholders are eligible to participate in the equity share sub-division.

The key change brought about by this stock split involves a reduction in the face value of each equity share.

In the case of BCL Industries, a small-cap company, the face value of each share will be divided from its previous value of Rs 10 to a new face value of Rs 1. This effectively means that each existing share will be subdivided into ten separate shares.

The primary objective behind implementing this stock split is to enhance the liquidity of BCL Industries' stock.

This is achieved by adjusting the market price of the shares by the specified split ratio on the record date. It's important to note that such a split does not have any impact on the overall market capitalization of the company.

For the companies with long history of issuing bonus shares, check out 5 Indian companies which have consistently declared bonus shares.

Macrotech Developers' Sales Booking Soars

Realty firm Macrotech Developers on Thursday reported a 12 per cent year-on-year growth in sales bookings to Rs 35.3 bn during the July-September period on strong housing demand.

The company had clocked sales bookings of Rs 31.5 bn in the corresponding period of the last financial year.

Macrotech Developers, which sells its projects under the Lodha brand, informed that the company achieved its best-ever quarterly pre-sales performance of Rs 35.3 bn in Q2 of FY24.

Macrotech Developers said it has achieved 48% of its FY24 pre-sales guidance fixed at Rs 145 bn.

In the entire 2022-23 financial year, Macrotech Developers had clocked sales bookings of Rs 120.6 bn.

Fund collections from customers stood at Rs 27.5 bn, up 16% year-on-year (YoY).

Macrotech Developers, erstwhile Lodha Developers, currently has a major presence in the Mumbai Metropolitan Region (MMR) and Pune market. It has forayed into the Bengaluru market recently.

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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