Gift Nifty Up 39 Points | Ashish Kacholia Buys Stake in SME Firm | PSP Projects Bags New Order | Top Buzzing Stocks Today

Wed, 9 Oct Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Indian stock markets returned to their winning ways on Tuesday, snapping their 5-day losing run.

At the closing bell on Tuesday, the BSE Sensex stood higher by 584 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 217 points (up 0.9%).

Trent, M&M and Adani Ports were among the top gainers.

Tata Steel, Titan and JSW Steel on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 1.8% higher and BSE SmallCap index ended 2.5% higher.

Barring metal sector, all other sectoral indices were trading positive with socks in capital goods sector and power sector witnessing most buying speer.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 75,849 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:45 AM today, the Gift Nifty was trading 39 points higher at 25,161 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, the aggressive expansion plans of the retailing sector players are not without reason. The sector is witnessing strong growth driven by increased urbanization and demand for organised and high-quality retail spaces.

This is fuelled by the rising demand for big brands thanks to their reach on social media.

This highlights India's emergence as a key player in the global retail market.

Research Analyst, Tanushree Banerjee in her latest video talks about, can top retailing stocks like Trent continue to fetch steep valuations? Find out.

Tune in for more

Top buzzing stocks today

HAL share price will be in focus today.

HAL stocks was among the major gainers in the 8 October trade as the Nifty PSE index advanced over 2% on hopes of a strong government and policy continuity amid Bharatiya Janata Party's (BJP) likely historic third term in Haryana.

HEG will also be a top buzzing stock.

shares of HEG surged over 6% on 8 October after the company acquired an 8.2% stake in industry rival GrafTech International for Rs 2.5 bn GrafTech, with a market capitalisation of approximately US$ 416.6 million is listed on the New York Stock Exchange and specialises in the production of graphite electrodes, a segment closely aligned with HEG's core business.

Ashish Kacholia Buys Stake in SME Firm

Shares of Jyoti Structures surged 10% to a day's high of Rs 29.3 in Tuesday's trade on the BSE after ace investor Ashish Kacholia acquired a 2.52% stake in the small-cap firm.

Surprisingly, it's a company that was rescued from the insolvency process by Sharad Sanghi of Netmagic.

Jyoti Structures is a play on infra & power sectors as it has expertise in turnkey EPC solutions for electricity transmission, and distribution (T&D), among other things.

On Monday, 7 October 2024, it was revealed that Ashish Kacholia has picked a 2.52% stake in the company for some Rs 600 million.

Prior to this, Kacholia did not hold any stake in the firm.

Companies have to file the name of investors who hold 1% or more in the company every quarter.

Jyoti Structures is an Indian power transmission company. It undertakes power transmission, distribution, and substation turnkey projects on a global scale.

It is also among the very few companies that have the capabilities to execute turnkey projects in the power transmission business.

If you remember, the government recently announced a massive Rs 9.2 trillion power transmission plan. The centre is now planning to expand the transmission network to 6.48 lakh ckm by 2032 substantially while also enhancing transformation capacity to 2,342 GVA during the same period.

This strategy will introduce new High Voltage Direct Current (HVDC) lines, complementing the existing infrastructure and increasing inter-regional transfer capacity.

PSP Projects Bags New Order

PSP Projects on Tuesday, 8 October, said it has bagged an order to construct a high-rise residential tower 'SIBAN' at GIFT City, in Gandhinagar, Gujarat, worth 2.5 bn.

With this order, the company's total order flow for the ongoing financial year is now amounting to 17.1 bn.

Two weeks ago, the company said it had bagged new orders worth Rs 5.5 bn. The orders included the construction of the old Stone Hotel and Commercial Towers at Bengaluru worth Rs 3.9 bn in the institutional category and the construction of residential towers in Ahmedabad worth Rs 1.7 bn.

The first order, worth Rs 4.8 bn, was for the civil and structural work for the project 'Himalaya' at Sanand, Gujarat for International Refreshments (India) Pvt. Ltd.

The second order, worth Rs 1 bn, was for the construction of project 'Ninety' at Mumatpura, Ahmedabad.

Hyundai India IPO

Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 per share, sources said on Tuesday, valuing the automaker at up to Rs 1.6 tn in the country's biggest stock offering this year.

The Rs 250 bn IPO will open for subscriptions for big institutional investors on October 14, and invite bids from retail and other categories during 15-17 October.

At the upper end of the price band, the company will roughly be valued at US$ 19 bn (Rs 1.6 tn), the sources said, adding the stock is set to start trading in Mumbai on October 22.

The IPO will make it the country's first car maker to go public in two decades since Maruti Suzuki in 2003 and would come just after Indian stock markets touched record highs and saw many companies making debuts.

Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via a so-called "offer for sale" route.

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

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