Gift Nifty Up 16 Points | Mangal Compusolution IPO | Apollo Hospitals' Mega Capex Drive | Top Buzzing Stocks Today

Fri, 8 Nov Pre-Open

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Indian share markets continued the down trend as the session progressed and ended the day weak.

Benchmark equity indices, the BSE Sensex and NSE Nifty, retreated from yesterday's closing, and ended lower by over 1% each ahead of the US Federal Reserve's monetary policy rate decision announcement scheduled for later today.

At the closing bell on Thursday, the BSE Sensex stood lower by 836 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 284 points (down 1.2%).

Apollo Hospital, TCS and L&T were among the top gainers.

Hindalco, Trent and Tech 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.

Broader markets ended the day on negative. The BSE Mid Cap ended 0.7% lower and the BSE Small Cap index ended 0.4% lower.

Sectoral indices are trading negative with stocks in metal sector, power sector and telecom sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 76,550 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading 16 Points higher at 24,295 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

JK Lakshmi Cement share price will be in focus today.

Shares of JK Lakshmi Cement fell nearly 4% after the company reported a consolidated net loss of Rs 140 m for Q2 FY25, compared to a profit of Rs 927 m in the same period last year. Revenue from operations also declined by 22% YoY to Rs 12.3 bn.

Looking ahead, the company highlighted the positive impact of increased government spending on infrastructure, especially in housing and road development, which could benefit the cement sector.

Chambal Fertilisers will also be a top buzzing stock.

shares of Chambal Fertilisers and Chemicals rose as much as 5.5% on November 7, after the company reported a sharp jump in its net profit for the September quarter, despite a dip in its quarterly revenue.

The agrochemical company's net profit for the quarter soared nearly 41% on year to Rs 5.4 bn in Q2, up from Rs 3.8 bn in the year-ago period.

Mangal Compusolution IPO

Hardware rental solutions provider Mangal Compusolution will open its initial share sale for subscription on 12 November, with a fixed issue price of Rs 45 per share.

This will be the third IPO from the SME segment in the current month after Neelam Linens and Garments, and Rosmerta Digital Services.

The IPO consists of solely a fresh issue of 3.6 m shares worth Rs 162.3 m, with no offer-for-sale component.

The issue will close on 14 November, while trading in its equity shares will commence on the BSE SME platform effective 20 November.

Mangal Compusolution is involved in the business of renting and selling IT hardware equipment, offering end-to-end IT equipment. Maharashtra region accounted for 96.9% of its total revenue.

Additionally, it specializes in creating customized IT configurations as per clients' specific specifications and needs.

The Mumbai-based company will spend Rs 129.6 m out of the net fresh issue proceeds for its capital expenditure, and Rs 19.4 m for general corporate purposes.

Half of the net issue is reserved for retail investors, and the remainder for other investors (institutional and non-institutional).

Jawa Capital Services is the sole book-running lead manager to the issue, while Kfin Technologies is the registrar of the offer.

Apollo Hospitals' Mega Capex Drive

With its online pharmacy and diagnostics segments now largely stabilised, healthcare services major, Apollo Hospitals is all set to embark on a mega capital expenditure drive, aimed at expanding its flagship hospitals business.

The company is set to commission six projects in FY26, including hospital asset acquisitions, brownfield as well as greenfield expansions.

These projects include hospital asset acquisitions for Apollo's Pune, Kolkata and Gurgaon hospitals, brownfield expansion in Delhi and Mysore and an asset-light greenfield expansion in Hyderabad.

Apollo Hospitals has earmarked a total balance project cost of Rs 17 bn for the six projects scheduled for commissioning in FY26. While all six projects are set to be commissioned next fiscal, some will be phased over a two-year period to manage costs and minimize EBITDA impact, the management stated during the post-earnings call.

Of the total projected cost, Rs 13 bn is planned for expenditure in the next fiscal, with the remaining to be allocated the following year.

As for bed additions, these projects are slated to raise Apollo's bed count to 1,737, out of which around 1,400 will be operationalised in FY26 and the remaining in the year after, the management guide.

M&M Q2 Results

Auto major Mahindra and Mahindra (M&M) on Thursday reported 13% YoY growth in its standalone net profit for the quarter ended 30 September 2024, to Rs 38.4 bn, which is above the Street expectations of Rs 35.8 bn.

Revenue from operations in the reporting period increased 12% YoY to Rs 289.2 bn.

EBITDA for the July-September 2024 period stood at Rs 52.7 bn, while margins came in the same period.

The total standalone volumes during the reporting quarter rose 9% YoY to 2.31 lakh units, while tractor volumes increased 4% YoY to 92,382 units.

Segment-wise, the auto business saw the highest-ever quarterly volumes at 23.1 m units, up 9%, which included record quarterly UV volumes at 1.36 lakh units.

The standalone PBIT for the segment rose 34% YoY to Rs 20.1 bn, while PBIT margins improved 140 bps to 9.5%.

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

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