Gift Nifty Down 5 Points | Sudarshan Chemical Acquires Heubach Pigment Business | Hi-Tech Pipes Secures QIP Funding | Top Buzzing Stocks Today

Mon, 14 Oct Pre-Open

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Indian benchmark indices continued the downtrend as the session progressed and ended the day on negative note.

Sensex and Nifty traded slightly lower on Friday, pulled down by financials, while Tata Consultancy Services, the leading software company, recovered from early losses after reporting a quarterly profit miss.

At the closing bell on Friday, the BSE Sensex stood lower by 230 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 34 points (down 0.1%).

Hindalco, Trent and ONGC were among the top gainers.

Cipla, TCS and M&M 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 and BSE SmallCap index ended 0.4% higher.

Sectoral indices were trading mixed with socks in metal sector and IT sector witnessing buying. Meanwhile stocks in banking and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 75,770 per 10 grams at the time of Indian market closing hours on Friday.

At 8:05 AM today, the Gift Nifty was trading 5 points lower at 25,069 levels.

Indian share markets are headed for a muted 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

Aurionpro Solutions share price will be in focus today.

shares of Aurionpro Solutions Ltd jumped over 4% to reach an intraday high of Rs 1,764 in the afternoon on the BSE after the company announced it is launching its transaction banking platform in Saudi Arabia.

Bandhan Bank will also be a top buzzing stock.

Bandhan Bank shares surged over 7% in the morning session after the Reserve Bank of India (RBI) cleared Partha Pratim Sengupta, to become the new Managing Director and CEO of a private bank.

Partha Pratim Sengupta accepted the position on October 9, 2024, and confirmed on October 10 that he would step down from his other engagements in compliance with the RBI's terms and conditions.

Sudarshan Chemical Acquires Heubach Pigment Business

The company, on 11 October 2024, announced the acquisition of Heubach's global pigment business for Rs 11.8 billion (bn) by its unit.

The combined company will be led by Rajesh Rathi, Managing Director of SCIL, and a high-performing management team with quality execution skills and technical competency.

Heubach is a key player within the Speciality Chemicals Industry which consists of organic

pigments, inorganic pigments, dyes, dispersions and anti-corrosion pigments. It became the second-largest pigment player in the world after acquiring Clariant's BU Pigments in 2022.

Post-acquisition, the combined entity will have a comprehensive pigment portfolio of high-quality products and a strong presence in major markets including Europe and the Americas.

The acquisition, likely to close in 3-4 months, is expected to enhance Sudarshan Chemical's product portfolio, giving it deeper access to customers and a diversified asset footprint across 19 sites globally.

Hi-Tech Pipes Secures QIP Funding

Hi-Tech Pipes Ltd. raised over Rs 5 bn through qualified institutional placement (QIP).

The fundraising committee at its meeting held on 11 October approved the issue and allotment of 2.7 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 185.5 per equity share. The issue opened on October 7 and closed on October 11.

The Delhi-based company, which has marquee clients including BHEL, SAIL, NTPC, Adani Group, Jio, Shapoorji Pallonji, ArcelorMittal Nippon Steel India and Delhi Metro among others, plans to use the funds to double its capacity to nearly 2 million metric tonnes per annum (MTPA).

Bank of India, Bandhan Mutual Fund, India Inflection Opportunity Trust, JM Financial Mutual Fund, LIC MF, SBI General Insurance, Motilal Oswal, and BOFA Securities were among those who were issued shares in the QIP.

The company has a network of more than 450 dealers and distributors with six plants spread across states including Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh and NCR region. Using the QIP proceeds, the company aims to set up one more plant by the end of the current year.

Chennai Petroleum Refinery Fundraising Talks

Chennai Petroleum Corporation is in talks with banks to raise a Rs 280 bn (US$ 3.3 bn) loan to help build a major oil refinery in the south of India.

The state-owned company has already received expressions of interest, and the State Bank of India will lead the transaction, according to the people, who asked not to be named as the deliberations are private. It would be the second-biggest local-currency loan in India this year.

The funds will help build a proposed 9 million-ton-a-year oil processing plant in the southern state of Tamil Nadu, which has a total cost of around Rs 330 bn.

Chennai Petroleum Finance Director Rohit Agrawala said in April that the project would take 36 months to complete, once it has been approved by the federal government.

State-owned Indian Oil Corp. - the country's biggest refiner and Chennai Petroleum's majority shareholder - is in the midst of a rapid expansion to raise production of fuels like diesel and gasoline to meet surging domestic demand. India is a rare bright spot for a global refining industry that's in decline in the US and Europe, and becoming more focused on petrochemicals in China due to transport decarbonization.

National Iranian Oil Co. is also an investor in Chennai Petroleum, with its subsidiary Naftiran Intertrade Co Ltd holding a 15.4% stake.

However, the Iranian firms aren't directly participating in building the new refinery. Indian oil will own 75% of the new plant - called the Cauvery Basin refinery project - and Chennai Petroleum will have the rest.

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

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