Gift Nifty Trades Up 19 Points | Tata to sell Voltas Home Appliance | Cochin Shipyard Announces Interim Dividend & Stock Split | Top Buzzing Stocks Today

Wed, 8 Nov Pre-Open

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On Tuesday, Indian share markets pared losses as the session progressed and ended flat.

Benchmark indices ended flat as tepid global mood weighed on benchmark indices on Tuesday, halting their three-day rally.

At the closing bell on Tuesday, the BSE Sensex stood lower by 16 points.

Meanwhile, the NSE Nifty marginally lower by 5 points.

Sun Pharma and NTPC were among the top gainers.

Coal India and JSW Steel, on the other hand, were among the top losers.

The BSE MidCap index gained 0.5% while the BSE SmallCap index ended higher by 0.4%.

Sectoral indices ended mixed with stocks in the oil & gas sector and healthcare sector witnessing most of the buying. Meanwhile stocks in realty sector and auto sector witness selling.

Shares of Crisil and Colgate hit their 52-week high on Tuesday.

The rupee was trading at 83.26 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.6% at Rs 60,405 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:55 AM today, the Gift Nifty was trading 19 points or 0.1% higher at 19,514 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 Tanushree Banerjee talks about the possibility of Sensex at 50,000 in 2024, in her latest video.

With most of the positives priced in, any negative shocker, especially like the macro variables, could cause a huge dent in the index next year.

Watch the below video for more:

Top buzzing stocks today

DB Realty share price will be in focus today.

Shares of DB Realty rallied over 6% to a 52-week high of Rs 193 on 7 November, buoyed by the company's strong Q2 earnings and plans to sell off a subsidiary for Rs 2.3 bn.

Info Edge will also be a top buzzing stock.

Info Edge, on 7 November, reported that its revenue rose 4% to Rs 6.3 bn in the September quarter (Q2) amid weak growth of the billings of its flagship recruitment platform Naukri.

The company's profit (before exceptional items), however, surged 76% to Rs 2.6 bn as it brought down employee benefits, marketing and other expenses.

Cochin Shipyard Announces Interim Dividend & Stock Split

State-run Cochin Shipyard approved a split of one of its equity shares of face value of Rs 10 into two shares of face value of Rs 5 each, according to an exchange filing.

Its board has also approved an interim dividend of Rs 8 per share of Rs 10 each fully paid up for the financial year 2023-2024 and fixed the record date for the same as Monday, 20 November.

The record date for the stock split will be determined at a later date.

For the September quarter, the company reported a net profit of Rs 1.8 bn, a growth of 61% compared to the same period last year.

Revenue for the period also grew by 48% year-on-year to Rs 10.1 bn compared to Rs 6.8 bn from the same period last year.

Operating profit or EBITDA grew by 41.2% from last year to Rs 1.9 bn, while margin narrowed by 0.8% to 19% from 19.8%.

Growth mainly came from the shipbuilding and repair segment, which grew by 48% from last year. Margins for this segment also improved by 1.6%.

Cochin Shipyard shares climbed 40% in 3 days. for more, check out Why Cochin Shipyard Share Price is Rising.

It is among the top defence stocks in India with big growth stories.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

That is why we believe that the defence sector could produce the next set of multibagger stocks over the long run.

Atul Share Buyback

Atul Limited, on 7 November 2023, announced a buyback not exceeding Rs 500 m. The maximum buyback price is set at Rs 7,500 per share.

The maximum buyback price is at a premium of 11% to the previous day's close.

The maximum number of shares considered for the buyback is 66,666, which represents 0.2% of the total equity shares of the company.

Shareholding of the promoter group stands of 3 November, stands at 45.1% of the total equity shares. This will increase to 45.2 post-buyback, assuming that 66,666 shares are bought at Rs 7500 per share. Public shareholding stands at 54.9% of the total equity shares, which will reduce to 54.8% post-buyback.

The board of Atul has constituted a committee for buyback and has delegated its powers to the buyback committee to do or cause to be done all such acts, deeds, matters and things in its discretion deemed necessary in connection with the buyback.

For more, check out the Equitymaster screener on upcoming buybacks in India.

Tata to sell Voltas Home Appliance

Tata Group is considering selling the home appliance operation of Voltas Ltd. as the Indian conglomerate foresees difficulties in scaling up the business in a competitive market, according to a media report.

Tata Group's management is deliberating the possibility of the sale and hasn't decided whether to include its local joint venture with Arcelik AS in a deal.

Considerations are at an early stage, and Tata Group may decide to keep the asset for longer.

Shares in Voltas have risen about 3 per cent in Mumbai this year, giving the company a market value of around $3.3 billion.

Founded in 1954, Voltas manufactures products, including air conditioners and water coolers, as well as commercial refrigeration units.

The company also has a joint venture in India with Arcelik and launched a range of home appliances under the brand Voltas Beko in the domestic market.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata 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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