Indian Rupee at Record Low | Belrise Industries IPO | Top Buzzing Stocks Today

Fri, 22 Nov Pre-Open

   Previous Close   

   10:30 am   

On Thursday, Indian share markets traded lower throughout the trading session and ended on a weak note.

Benchmark indices were impacted by declines in global stock markets and Adani group stocks following the indictment of Gautam Adani.

Meanwhile, weak corporate earnings and sustained FII outflows also dampened sentiment.

At the closing bell on Thursday, the BSE Sensex stood lower by 423 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 169 points (down 0.7%).

Power Grid, UltraTech Cement and HCL Tech were among the top gainers.

Adani Ports, SBI and NTPC, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.4% and 0.7%, respectively.

Sectoral indices ended mixed with stocks in the power sector, utilities sector and FMCG sector witnessing most of the selling.

While IT and realty stocks bucked the trend and registered gains.

Shares of Sky Gold, Jindal Poly Investment, Supriya Lifesciences and Indian Hotels hit their respective 52-week highs on Thursday.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah shares a practical guide for building a momentum portfolio, in his latest video.

If you're tired of chasing undervalued stocks, discover the power of momentum investing!

Learn how to identify and capitalize on market trends to boost your portfolio's performance.

Top Buzzing Stocks Today

NLC India share price will be in focus today.

The company has announced to invest up to Rs 3,720 crore for various renewable projects.

The company will also acquire stakes in its arm NLC India Renewables by way of subscription for the transfer of renewable assets.

Zaggle Prepaid share price will also be in focus.

The company has announced that it has entered into a Supplier Framework Agreement with Strada India.

Under the terms of the deal, Zaggle will provide its Software-as-a-Service (SaaS) platform, payment and card products to corporate customers of Strada.

Zaggle is a fintech company that provides automated solutions for managing business expenses.

Market participants will also track shares of Power Grid.

The company has been selected as the successful bidder for acquiring Khavda V-A Power Transmission Ltd, a special purpose vehicle (SPV) to establish a transmission system for evacuating power from a renewable energy zone in the Khavda area of Gujarat for Rs 189.5 million.

Apart from these, Adani stocks will also be in focus.

Following some serious allegations, the Adani group has denied bribery charges by US Justice Department and US SEC against the chairman and group officials, calling all allegations 'baseless'.

The group issued a statement, stating that it will seek all possible legal recourse, and the company is 'fully compliant' with all the laws.

NTPC Green Energy IPO

In latest developments from the renewable energy space, the initial public offering (IPO) of NTPC Green Energy, the renewable energy arm of NTPC, opened for subscription on Tuesday this week and it has so far received a decent response from investors.

According to data from the National Stock Exchange (NSE), the IPO had garnered an overall subscription of 0.50 times by afternoon on Thursday.

The public offering has seen the highest demand from retail investors, with their reserved portion oversubscribed by 1.99 times, indicating strong interest from individual investors.

Meanwhile, qualified institutional buyers (QIBs) recorded the lowest participation so far.

The IPO will close for subscription today. Following that, the basis of allotment is expected to be finalised on Monday.

NTPC Green Energy shares are tentatively set to list on the BSE and NSE on Wednesday next week, 27 November 2024.

Rupee Hits Record Low

From the currency space, the Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar as investors tempered hopes of aggressive rate cuts by the US Federal Reserve.

The domestic currency declined to a low of 84.4275 in early trading, eclipsing its previous all-time low of 84.42.

Likely intervention by the Reserve Bank of India helped the currency limit its losses, with traders citing strong dollar offers from state-run banks.

With this recent volatility, should you be concerned?

How does the fall in the rupee affect you? And most importantly, is there a way you can profit from it?

You can read more on this topic here: 5 Ways a Weaker Indian Rupee Benefits You...and Hurts You.

Belrise Industries IPO

In news from the IPO space, Pune-based automotive component manufacturer Belrise Industries, which plans to raise Rs 21.5 bn via an initial public offering, has filed draft documents with the capital markets regulator.

The IPO consists solely of fresh issue by the company, with no offer-for-sale component. Thus, the entire issue proceeds, excluding offer expenses, will go to the company.

The auto ancillary company may consider raising Rs 4.3 bn before its IPO launch. If it successfully concludes the pre-IPO placement, the amount will be reduced from the fresh issue.

The main reason why Belrise is planning this IPO is to reduce its debt burden by Rs 16.2 bn (62.52% of total borrowings) and improve the debt-equity ratio.

Belrise Industries competes with listed peers like Bharat Forge, Uno Minda, Motherson Sumi Wiring India, JBM Auto, Endurance Technologies, and Minda Corporation.

The company specialises in precision sheet metal pressing and fabrication - the process of joining sheet metal components to create unified structures for assembling vehicle subsystems and bodies.

PSP Projects: What Next?

Shares of PSP Projects declined over 9% yesterday following reports that US prosecutors have charged billionaire Gautam Adani in an alleged Rs 21 bn bribery scheme to secure solar energy contracts in India.

The decline comes a day after PSP Projects announced that Adani Infrastructure, a unit of the Adani Group, would acquire a 30.07% stake from one of its founders for Rs 6.9 bn.

Note that the Adani Group has intensified its acquisition spree in recent months.

Recent deals include a Rs 32 bn acquisition of a 46.64% stake in ITD Cementation India through its unit Renew Exim, and an Rs 81 bn purchase of CK Birla Group's Orient Cement.

Both transactions involved mandatory open offers, giving Adani controlling stakes in these companies.

Given strong presence of Adani portfolio of companies in infra projects across ports, roads, airports, water, datacentres, power, renewable energy, green hydrogen, cement, transmission and distribution, and its plan to deploy a US$100 bn under capex for the next decade, this deal with PSP could broaden the opportunity for the company.

The management aims to integrate more technology in building and strengthen top management team with this partnership.

Currently, exposure of PSP Projects to Adani projects stands at less than Rs 5 bn.

For more information, check out PSP Projects financial factsheet.

And 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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers