Gift Nifty Down 122 Points | JSW- MG Motor Deal | Kalyan Jewellers & Dabur Q2 Update | Top Buzzing Stocks Today

Mon, 9 Oct Pre-Open

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On Friday, Indian share markets continued the momentum as the session progressed and ended the 0.6% higher.

Indian benchmark indices inched up on Friday after the Reserve Bank of India stayed pat on key interest rates as expected.

The RBI's rate-setting committee kept the key lending rate steady at 6.5%. The central bank also maintained its policy stance of "withdrawal of accommodation" to bring inflation within its target band.

At the closing bell on Friday, the BSE Sensex stood higher by 364 points (up 0.6%).

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

Titan and IndusInd Bank were among the top gainers.

HUL and ONGC on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading higher by 0.6%.

Barring the telecom sector, sectoral indices ended on a positive note with stocks in the FMCG sector and realty sector were witnessing buying.

Shares of TCS and DLF hit their 52-week high on Friday.

The rupee was trading at 83.24 against the US$.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 56,630 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 122 points or 0.6% at 19,648 level.

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

Speaking of stock markets, Virender Sehwag or Rahul Dravid. Who do you prefer between the two?

It is difficult to decide, isn't it? Both have fantastic track record and both are legends of the game.

But what if I force you to choose one over the other? Who would you choose in that case?

Some of you would prefer Virender Sehwag for his sublime skills and his risk-taking ability.

The others may pick Rahul Dravid for his dogged determination, his resilience, and his textbook technique.

Well, a similar dilemma awaits you when it comes to choosing between Suzlon Energy and Delta Corp. How exactly should we deal with it and what should be our preferred strategy.

Co-head of research, Rahul Shah answers this in the below video.

Top buzzing stocks today

Ujjivan Small Finance Bank share price will be in focus today.

The lender's total deposits grew 43% on year to Rs 29,1.3 bn in the July-September quarter, while sequentially, they were up 9%. Advances also rose 27% on year and 5% on quarter to Rs 266 bn.

Disbursements were up 18% year on year (YoY) at Rs 57.5 bn in the quarter gone by. On a sequential basis, they rose 9%.

Dabur will also be a top buzzing stock.

Dabur India is likely to see mid to high single-digit revenue growth in the second quarter of the current fiscal year as international business improves and domestic consumption recovers.

Kalyan Jewellers Q2 Update

Kalyan Jewellers has reported a robust consolidated revenue growth of approximately 27% when compared to the same quarter last year. The first half of the current financial year witnessed an impressive growth of 29%.

The company said in their Q2 update that despite the once-in-three-years phenomenon of Adhik Maas, which usually sees a dip in wedding jewellery demand, the company showcased a remarkable revenue growth of 32% for its India operations during Q2 FY2024.

The decrease in the number of Shradh days this year helped cushion the anticipated Adhik Maas effect. Moreover, a surge in revenue from the non-south markets was noted, largely credited to the increased number of showrooms launched in that region over the past year.

At the showroom level, the company's gross margins remained stable. However, there was a sequential decline in the blended gross margin due to a higher revenue contribution from franchised showrooms.

Kalyan Jewellers ambitiously added 13 new showrooms in non-south markets during the last quarter. They're gearing up to launch another 26 showrooms within the next 40 days, targeting a total of 51 new showrooms by Diwali.

The company's Middle East operations continue to thrive, with the recent quarter witnessing a growth of over 4%. Notably, the region contributed 14% to the consolidated revenue for the quarter.

This growth comes despite the shift of Eid holiday-driven sales to Q1 this year. The Middle East also saw the launch of its first franchised showroom, with plans for five more on the horizon.

India has a rich tradition of jewellery making and is home to some of the most trusted jewellery brands in the world. Kalyan Jewellers stands tall amongst them.

For more, check out the top jewellery companies in India

JSW- MG Motor deal

JSW Group is actively pursuing a stake acquisition in MG Motor India to launch an electric car specifically tailored for the Indian market. MG Motor India is a wholly-owned subsidiary of the Shanghai-based SAIC Motor. An official announcement regarding this deal is likely to be made by Diwali, according to media reports.

More significantly, the move highlights the increasing interest and investments in the Indian electric vehicle sector, emphasising the shift towards sustainable and eco-friendly transportation solutions.

The US$ 23-billion industrial powerhouse led by Sajjan Jindal has shown strong interest in advancing the localisation of electric vehicles (EVs) within India.

The aim is to unveil EVs via the new corporate alliance by January 2024. This aligns with the broader trend of promoting local production and adoption of EVs, contributing to sustainability and reducing carbon emissions.

JSW Group is likely to have signed a Memorandum of Understanding (MoU) to buy approximately 35% stake in MG Motor India.

This acquisition is a crucial aspect of JSW's strategy to gain a strong foothold in the EV sector in India, emphasising robust localisation efforts.

The proposed deal, set to unfold in multiple stages, defines that in the early phase, a private entity linked with Sajjan Jindal will possess 32-35% of MG Motor India. Simultaneously, SAIC will retain a majority stake of 51%.

The?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.

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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