Gift Nifty Up 25 Points | UltraTech Cement Q2 Results | Niva Bupa Receives IPO Approval | Top Buzzing Stocks Today

Tue, 22 Oct Pre-Open

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

India stock markets traded under pressure on Monday as investors continued to book profit at higher levels amid the ongoing Q2 earnings season.

At the closing bell on Friday, the BSE Sensex stood lower by 73 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 73 points (down 0.3%).

HDFC Bank, Bajaj Auto and M&M were among the top gainers.

BPCL, Bajaj Finserv and Kotak Mahindra 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 1.6% lower and BSE SmallCap index ended 1.5% lower.

Barring auto sector all other sectoral indices were trading on negative note with socks in oil & gas sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.7% higher at Rs 78,275 per 10 grams at the time of Indian market closing hours on Monday.

At 7:55 AM today, the Gift Nifty was trading 25 points higher at 24,805 levels.

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

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Top buzzing stocks today

CG Power share price will be in focus today.

CG Power and Industrial Solutions Ltd said on Monday, 21 October that the company's board has approved raising up to Rs 35 bn via the issue of equity shares in a qualified institutional placement (QIP).

The proposed fundraising will be subject to necessary regulatory and shareholder approvals.

MRO Tek Realty will also be a top buzzing stock.

Telecommunications equipment supplier MRO-Tek Realty shares rose up to 4.6%.

The surge in MRO-Tek share price came after the company announced that it has secured a land parcel in Candolim, North Goa, marking a major step in its strategic expansion into the real estate sector.

UltraTech Cement Q2 Profit Falls 36%

UltraTech Cement reported Monday, 21 October that its Q2 FY25 net profit fell by a sharper than expected 36% on-year as a demand slowdown due to monsoon and project delays hit price realisations. July-September profit fell Rs 8.2 bn from Rs 12.8 bn a year ago.

The cement maker's revenue from operations in the July-September quarter fell 2.3% year-on-year to Rs 156.4 bn, down from Rs 16,012 in the corresponding quarter previous year.

UltraTech Cement's Q2 earnings were expected to be weighed down by a combination of weak demand due to infrastructure delays, flooding, and labour shortages during the second quarter.

Further, muted prices, unsuccessful hikes and

low realisations due to an extended monsoon were also expected to drag performance.

The cement maker's EBITDA fell by 18% on-year to Rs 22.4 bn during the quarter. Operating margin shrunk to 13% against 16 percent year-on-year.

TD Power's New Order Win

Generator and electric motor manufacturer TD Power Systems has signed a five-year contract to supply traction motors to Europe and sees a Rs 3 bn opportunity from the business.

The five-year contract for traction motors was signed with an Indian entity of a major international company.

A traction motor converts electric energy into mechanical energy to propel something forward, or to rotate a machine.

TD Power has been focusing on expanding its presence in the overseas market, which it says presents a 'much larger opportunity' for the company as it has several verticals.

The transition towards renewable energy and businesses like waste to heat are driving demand in this category. The increasing demand for electricity for the EV sector is also a major factor driving overseas business potential for TD Power.

The company now exports 4-pole and 2-pole generators to the Middle East's oil and gas industry and is supplying motors to steel cement and power sectors.

The market for traction motors for Indian Railways has become very competitive, TD Power said, hence they have been staying away for the past few quarters, and only supplying small quantities for the railways orders.

The company is hopeful that the opportunity size scales up to Rs 1 bn in this segment.

Niva Bupa Receives IPO Approval

Leading home-grown private equity firm True North led Niva Bupa Health Insurance Ltd., formerly Max Bupa Health Insurance Company, has received final observation from the capital markets regulator to raise Rs 30 bn through an IPO.

The company filed its IPO papers with SEBI on 29 June 2024.

The IPO with a face value of Rs 10 each includes fresh issuance of equity shares worth Rs 8 bn and an offer for sale of up to Rs 22 bn by a promoter and an investor shareholder.

Under the OFS, investor Fettle Tone LLP will sell shares to the tune of Rs 18.8 bn and promoter Bupa Singapore Holdings Pte Ltd will offload shares valued Rs 3.2 bn.

Niva Bupa is majorly controlled by Bupa, an international healthcare company headquartered in the UK.

At present, Bupa Singapore Holdings Pte owns a 62.3% stake while Fettle Tone LLP holds a 27.9% stake in the insurance firm.

The company intends to utilise the net proceeds from the fresh issue to the extent of Rs 625 towards augmentation of its capital base to strengthen solvency levels and for general corporate purposes.

This will be the second standalone health insurer looking to float an IPO, after Star Health & Allied Insurance Company.

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

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