SGX Nifty Down 50 Points | JLR CEO Resigns | Tata Tech IPO | Top Buzzing Stocks Today

Thu, 17 Nov Pre-Open

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On Wednesday, Indian share markets reversed course as the session progressed and ended with marginal gains.

Yesterday benchmark indices opened lower following muted global cues amid blasts in Poland that local authorities said were caused by Russian-made missiles.

Markets were volatile, moving between gains and losses tracking global geopolitical uncertainty.

Benchmark index Nifty hit a new 52-week high yesterday while the Bank Nifty index followed.

At the closing bell on Wednesday, the BSE Sensex stood higher by 108 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 6 points (up 0.1%).

Kotak Mahindra Bank, HUL, and TCS were among the top gainers.

Tata Steel, Bajaj twins, and NTPC, on the other hand, were among the top losers.

Broader markets erased early gains and settled lower. The BSE MidCap fell 0.7% while the BSE SmallCap index ended 0.3% lower.

Sectoral indices ended on a mixed note yesterday with stocks in the banking sector and capital goods sector witnessing most of the buying.

Metal stocks and power stocks on the other hand, came under pressure.

Shares of Hindustan Aeronautics and HUDCO hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 81.30 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.8% at Rs 53,168 per 10 grams at the time of Indian market closing hours on Wednesday.

Meanwhile, silver prices for the latest contract on MCX were trading up by 1.8% at Rs 62,714 per kg.

At 7:20 AM today, the SGX Nifty was trading down by 50 points, or 0.3% lower at 18,430 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

In crypto markets, the top tokens somewhat recovered following the collapse of FTX exchange. The Bitcoin traded near US$ 17,000 mark while Ethereum traded near US$ 1,200 levels.

For a growing economy, sectors like power and telecom should be the pillars of growth.

Instead, in India, they became the pariahs for investors and policy makers alike.

Hence, it's difficult to imagine the fortunes of these sectors could turn around dramatically a decade later. So much so that power and telecom are now the most sought-after opportunities among policy makers and investors alike.

Power stocks assumed importance with digitisation and the electric vehicle revolution. In fact, a few power stocks have once again enjoyed irrational exuberance in the past year.

But telecom stocks are yet to find a place in the sun.

This could change in 2023.

Tune in to the video below to know why...

Top Buzzing Stocks Today

Hindustan Aeronautics (HAL) will be among the top buzzing stocks today.

The company received a letter of intent (LoI) for nine more advanced light helicopters (ALH) Mk-III from the Indian Coast Guard (ICG).

ALH Mk III is indigenously designed, developed and produced by HAL. The company has so far produced more than 330 ALHs, a versatile helicopter which has logged more than 3.74 lakhs of flying hours

Market participants will also track share price Global Health.

Global Health, which operates hospitals under Medanta brand, made a strong debut on the bourses with its shares listed at Rs 401 on the National Stock Exchange (NSE), a premium of 19% against the issue price of Rs 336 per share.

Keystone Realtors IPO Oversubscribed

Keystone Realtors' initial public offering (IPO) sailed through on the third and final day of the bidding process.

The issue received bids for 1,72,15,983 shares against an IPO size of 86,47,858 shares, subscribing 1.9 times on Wednesday.

The high net worth individuals bought shares 3 times the allotted quota, but retail investors remained undersubscribing, applying for just 49% of the reserved portion. The qualified institutional buyers' portion was subscribed 3.8 times.

Keystone Realtors has reserved half of its offer for qualified institutional investors, 15% for non-institutional investors (high networth individuals), and the remaining 35% for retail investors.

The Mumbai based real estate group, which sells properties under the brand 'Rustomjee', aimed to garner Rs 6.4 billion (around Rs 635 crore) through the public issue.

The company was selling its shares in the range of Rs 514-541 apiece between November 14-16, with a lot size of 27 equity shares. The issue comprises fresh equity shares worth Rs 5,600 bn and offer-for-sale (OFS) of Rs 750 m.

Promoters Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta will sell shares via offer for sale.

The company said it has collected over Rs 1,900 m from anchor investors ahead of its issue.

It intends to utilise the net proceeds towards funding the repayment/prepayment of borrowings to the tune of Rs 3,416 m as well as towards funding the acquisition of future real estate projects and general corporate purposes.

JLR CEO Resigns

Luxury carmaker Jaguar Land Rover's (JLR) chief executive officer Thierry Bollore has tendered his resignation from the company for personal reasons. He will leave the company on 31 December 2022.

Bollore had taken over in September 2020 from Ralf Speth. The JLR CEO had promised investors of delivering double-digit EBIT (earnings before interest and tax) margin, become one of the world's most profitable luxury manufacturers and make the company net zero carbon by 2039.

A former CEO of Groupe Renault, Bollore has extensive expertise in the automotive business including senior position at global automotive supplier Faurecia.

Speaking of Tata Motors, the company posted a narrowed net loss for the September quarter and said its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 53% year-over-year.

Tata Group to Come Out with IPO After 18 Years

18 years after the last IPO of a Tata group company came out, another firm in the prestigious group is planning to finally go public.

After the IPO of Tata Consultancy Services in the year 2004, now it's the turn of Tata Motors' global product engineering and digital services subsidiary Tata Technologies to go for an IPO, as per ET report.

The firm has appointed bankers for IPO, according to reports.

This could be the first public float from the Tata Group since 2004's IPO of India's largest software services exporter, TCS.

According to the reports, Tata Motors has appointed Citigroup to explore options for the public issue.

While Tata Motors holds a 72.5% stake in Tata Technologies as of 31 March 2022, Alpha TC Holdings and Tata Capital Growth Fund own 8.9% and 4.5%, respectively.

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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