Gift Nifty Up 17 Points | TCS Q2 Results | Vedanta Incorporates New Subsidiaries | Top Buzzing Stocks Today

Thu, 12 Oct Pre-Open

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On Wednesday, Indian share markets continued the momentum as the session progressed and ended the day on firm footing.

Equity benchmark indices ended with strong gains for a second session on Wednesday as traders continued to set aside fears related to the Israel-Palestine conflict. Frontline heavyweights HDFC Bank, Reliance Industries, ITC and HUL led most gains to the indices.

At the closing bell on Wednesday, the BSE Sensex stood higher 380 points (up 0.6%).

Meanwhile, the NSE Nifty closed up by 119 points (up 0.6%).

Wipro and Hero MotoCorp were among the top gainers.

HCL Tech and SBI on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.6% higher and the BSE SmallCap index rose 0.8%.

Sectoral indices ended on a positive note with stocks in the telecom sector, FMCG sector, auto sector and realty sector witnessing buying.

Shares of Angel Broking and TVS Motors hit their 52-week high on Wednesday.

The rupee was trading at 83.17 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 57,886 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the Gift Nifty was trading up by 17 points or 0.1% at 19,847 level.

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

Speaking of stock markets, the festival season is already here.

And so is the season of sales and discounts. Everything from branded clothes to accessories to electronics, smartphones and even motorbikes are available on easy EMIs.

There are only a few companies that make money no matter how many customers buy which products of which brands.

Guess who they are. Bajaj Finance is certainly one of them.

So, should the NBFC stock be on your watchlist?

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

Top buzzing stocks today

L&T share price will be in focus today.

Larsen & Toubro (L&T) on Wednesday, 11 October, said its Hydrocarbon business (L&T Energy Hydrocarbon) has recently secured a Letter of Intent (LoI) for a 'mega onshore project' from a prestigious client in the Middle East.

Ashok Leyland will also be a top buzzing stock.

Ashok Leyland, the flagship of the Hinduja Group, has introduced a new truck, the comet Star 1915, with a Gross Vehicle Weight (GVW) of 18.49 tonnes in the Intermediate Commercial Vehicle (ICV) segment.

The ecomet Star 1915 is the first ICV truck model in the industry to feature an 18.49-tonne GVW. It boasts industry-leading fluid efficiency at 450 Nm of torque and offers the best payload capacity of 12.91 tonnes within the ICV category.

Vedanta Incorporates New Subsidiaries

Vedanta Ltd on Wednesday announced that it has incorporated its wholly-owned base metal subsidiary Vedanta Base Metals Ltd. The incorporation has been done to implement the demerger scheme of the company, notified last month.

Vedanta Base Metals Ltd has been incorporated to carry out the metal business.

Last month, Vedanta announced its board had approved a pure-play, asset-owner business model that would ultimately result in six separate listed firms. The restructuring is expected to be completed in 12-15 months.

Its parent, Vedanta Resources, saw a slate of rating downgrades triggered by worries over its $6.4 billion outstanding debt.

The proposed plan entails five new listed firms - Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, and Vedanta Base Metals - in addition to Vedanta.

Vedanta has total pending payments of around US$ 4 billion (bn) until FY25.

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.

TCS Q2 result

Tata Consultancy Services (TCS) on 11 October 2023 reported a net profit of Rs 113.4 bn for the September quarter of the current financial year, driven by a strong order book, especially in the BFSI segment, despite a tough business environment.

India's biggest IT services player's consolidated revenue for the quarter came in at Rs 596.9 bn.

Its EBIT margin for the quarter increased to 24.3% compared to 23.2% (QoQ). The dollar revenue for the IT major stood at US$ 7,210 million.

The company also announced an interim dividend of Rs 9 per share.

The record date for the same has been fixed on 7 November 2023.

The company also announced a Rs 170 bn buyback plan at Rs 4150/share.

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.

Why Paytm's share price is rising

Paytm's shares continued their upward trajectory into a new session, hitting a fresh 52-week high on 11 October. The surge is attributed to the optimistic outlook of brokerages on One97 Communications, which operates Paytm. Positive sentiment among investors, driven by the overall bullishness in the stock market contributed to the rising share price.

Paytm shares have risen 83% so far in 2023, outperforming benchmark Nifty 50, which has risen 8% during this period.

To know what is the right course of action in these new-age tech stocks, check out Zomato, Paytm, and Nykaa: Buy, Avoid, Hold, or Sell?

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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