Gift Nifty Trades Up 28 Points | Raymond To Acquire Maini Precision | Reliance Acquires Arvind's Sephora Retail Unit | Top Buzzing Stocks Today

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On Friday, Indian share markets continued the momentum as the session progressed and ended the day higher

Equity benchmark indices advanced on Friday and were set to snap a two-week losing streak, supported by a rise in auto stocks on strong earnings and information technology (IT) stocks on US Federal Reserve's rate pause.

At the closing bell on Friday, the BSE Sensex stood up by 283 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 97 points (up 0.5%).

Adani Ports and Apollo Hospital were among the top gainers.

Tata Steel and IndusInd Bank, on the other hand, were among the top losers.

The BSE MidCap index rose 0.7% while the BSE SmallCap index ended 1% higher.

Sectoral indices ended on a positive note with stocks in the realty sector, energy sector and oil & gas sector witnessing buying.

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

The rupee was trading at 83.28 against the US$.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 60,993 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 28 points or 0.1% higher at 19,455 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about should one take more exposure to stocks right now or wait for the?markets to correct further?

Moreover, was Friday's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Find out more in the below video:

Top buzzing stocks today

Titan share price will be in focus today.

Titan company on 3 November 2023 reported a consolidated net profit of Rs 9.2 billion (bn) for the September quarter of FY24, registering an increase of 9.7% from Rs 8.4 bn in the same quarter of the previous financial year.

The company reported a 21.2% rise in profit from Rs 7.6 bn in the previous quarter.

MRF will also be a top buzzing stock.

MRF posted a fivefold-on-year surge in its Q2 net profit to Rs 5.7 bn on 3 November. The company's net profit in the base quarter came at Rs 1.2 bn.

The company's revenue also grew 6.5% on year to Rs 60.9 bn against Rs 57.2 bn in the same quarter of the previous fiscal.

Raymond To Acquire Maini Precision

Raymond Group on Friday announced the acquisition of a 59.3% stake in Maini Precision Products (MMP) for Rs 6.8 bn. The company will fund the deal through a mix of debt and internal accruals.

This acquisition is a strategic move to further strengthen Raymond's existing engineering business with a complementing business that has a presence in sectors like aerospace, electric vehicles (EV) and defence.

The acquisition will be concluded through Ring Plus Aqua, a subsidiary of JK Files and Engineering. Post the acquisition, Raymond will consolidate the businesses of JK Files, RPAL and MPP, and will form a subsidiary, Newco, where Raymond will hold 66.3%. Newco will focus on precision engineering products. The proforma consolidated revenue of Newco as of FY23 is Rs 16 bn and an EBITDA (earnings before interest, depreciation, tax and amortisation) of Rs 2.2 bn.

With this acquisition, Raymond's engineering business will emerge as a large-scale provider of engineering, automotive, EV, aerospace and defence components.

MPP has 11 manufacturing facilities in India across two verticals-aerospace, which comprises precision products manufactured for aerospace and defence, and automotive and industrial, which comprises precision products for clean internal combustion engines, fuel injections and transmissions, EV components, hydraulics and industrial as well as agriculture.

Raymond stands among the top textile giants in India.

Reliance Acquires Arvind's Sephora Retail Unit

Reliance Retail Ventures (RRVL) on Friday said it is taking over the India operations of LVMH-owned Sephora from Arvind Beauty Brands Retail, a subsidiary of Arvind Fashions.

The all-cash deal for Rs 990 m, values Arvind Beauty Brands Retail at Rs 2.2 bn. The enterprise value includes the entire equity stake and outstanding loans.

The transaction, through RRVL arm Reliance Beauty & Personal Care, comes after talks between Sephora and Reliance Retail to form a retail partnership for the Indian market were abandoned earlier this year.

Reliance subsequently launched its beauty retail platform, Tira, in April to take on the likes of Nykaa, Shoppers Stop and Tata group's Tata Cliq Palette.

Sephora will be a crucial addition to Reliance Retail's portfolio of international brands, given its strong equity globally.

Counted among the world's leading beauty retailers, Sephora has been operating in India since 2012. Its association with the Arvind group goes back to September 2015, with the Indian company setting up 26 stores in 13 cities.

Arvind had been looking to launch an exclusive online beauty store for Sephora and had applied for an online license.

India's two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

Adani Ports Cargo Volumes Rises

Adani Ports and Special Economic Zone (APSEZ) recorded a 48% year-on-year (YoY) growth in October in its total cargo volumes to 37 million metric tonnes (MMT). Between April and October, the APSEZ handled 240 MMT of total cargo, registering a volume growth of a YoY 15%.

The total cargo volume of the company's ports in India touched 36 MMT, recording a 43% YoY growth. Haifa Port in Israel handled over 1.1 MMT of cargo in October.

Between April and October, growth was recorded across all cargo segments, including containers at 13%, dry bulk at 14%, and liquid & gas at 20%.

APSEZ consistently works on cargo diversification at all its ports by adding new cargo types across its ports.

The company operates five ports and terminals on the east coast Dhamra in Odisha; Gangavaram, Krishnapatnam in Andhra Pradesh; and Kattupalli and Ennore in Tamil Nadu.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

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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