SGX Nifty Indicates Positive Start | Why Bikaji Foods Share Price is Rising | Indoco Remedies Q2 Results | Top Buzzing Stocks Today

Fri, 25 Nov Pre-Open

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On Thursday, Indian share markets extended gains as the session progressed to end at record high levels.

Benchmark indices rallied as minutes of the US Federal Reserve's November policy meeting hinted at a possible moderation in the pace of interest rate hikes.

More than 100 stocks hit their 52-week high. While PSU bank stocks continued their upward trend and extended rally for the eighth straight session.

At the closing bell on Thursday, the BSE Sensex stood higher by 762 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 217 points (up 1.2%).

Infosys, HCL Tech, and Wipro were among the top gainers.

Bajaj Finserv and Kotak Mahindra Bank, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE MidCap climbed 0.5% and the BSE SmallCap index ended higher by 0.4%.

Barring consumer durable stocks, all sectoral indices ended on a firm note with stocks in the IT sector, finance sector, and banking sector witnessing most of the buying.

Shares of Power Finance Corp and Rail Vikas Nigam hit their 52-week highs. Railway stocks have been on fire recently, rising over 50% in a month.

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 81.59 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 52,660 per 10 grams at the time of Indian market closing hours on Thursday.

Meanwhile, silver prices for the latest contract on MCX were trading up by 0.8% at Rs 62,147 per 1 kg.

At 7:30 AM today, the SGX Nifty was trading up by 120 points, or 0.5% higher at 18,620 levels.

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

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about the breakout sector for 2023, in her latest video.

Top Buzzing Stocks Today

Indoco Remedies share price will be in focus today.

In the July-September quarter (Q2FY23), Indoco Remedies posted 12% year-on-year (YoY) growth in revenues at Rs 433 crore (about Rs 4.3 billion). EBITDA, too, grew 1.7% YoY to Rs 880 m, whereas margins were at 20.3%. Profit after tax, meanwhile, was up 19% YoY to Rs 497 m.

The company's share price has been on rise on hopes of margin improvement going ahead.

Market participants will also track the share price of Bikaji Foods.

Newly listed Bikaji Foods share price is soaring high. On November 16, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio had purchased 1.74 million equity shares of Bikaji Foods at a price of Rs 324.50 per share via open market deals after which the share price has seen a spike.

Keystone Realtors Make a Quiet Debut

Keystone Realtors, which runs the real estate brand Rustomjee, made a quiet debut on the bourses, with its shares listed at Rs 555, a 3% premium to its issue price of Rs 541 per share on the NSE and the BSE.

The Rs 6.4 bn IPO of the real estate firm had received a muted response with issue subscribed twice. Qualified institutional buyers (QIBs) portion was subscribed 3.8 times, while of non-institutional investors category received 3 times subscription. However, retail investor's portion was subscribed only 0.5 times.

Keystone Realtors is one of the prominent real estate developers in terms of absorption in number of units in the targeted micro markets. The company has a diversified suite of projects across a wide range of price points having developed 20.2 m square feet of high-value and affordable residential buildings, premium gated estates, townships and various other projects.

ICICI Bank, Axis Bank and SBI Life Insurance to Invest in a JV

ICICI Bank, Axis Bank, SBI Life Insurance have announced that they will acquire 10% stake each in a proposed joint venture of Indian Oil Corporation and Chennai Petroleum.

The target entity which will be incorporated through seed capital of Rs 5 lakh each, will see ICICI Bank, Axis Bank and SBI Life Insurance each to buy 10% stake for Rs 50,000.

All three entities as seed equity investors do not have any obligation to fund the future equity requirement of the project, beyond initial seed capital contribution.

The acquisition will be completed within 180 days from the date of joint venture agreement.

The joint venture of Indian Oil Corporation (IOCL) and Chennai Petroleum aims to set up a nine million metric tonne per annum refinery at Nagapattinam, Tamil Nadu. Indian Oil Corporation and Chennai Petroleum Corporation will together hold 50% stake, 25% each.

The refinery shall produce petroleum products.

Municipal Debt Securities Allowed to Issue Green Bonds

The India Market regulator on Thursday announced that issuers of municipal debt securities can issue green bonds in compliance with the guidelines for issuance and listing non-convertible debentures.

This circular has come into force with immediate effect. The move is to protect the interest of investors in securities and promote the development of, and regulate the securities market.

The market watchdog received representations from market participants on the compliances an issuer under the ILMDS Regulations would have to undertake in case it is desirous of issuing green debt security, in the absence of similar provisions in the ILMDS Regulations.

Green bonds are just like any other bond where a debt instrument is issued by an issuer for raising funds from investors. However, the difference between a green bond from other bonds is that the proceeds of a green bond offering are 'ear-marked' for use towards financing 'green' projects.

The regulator advised stock exchanges and depositors to make amendments to the relevant by-laws, rules, and regulations for the implementation of this decision. Also, they are directed to carry out system changes and disseminate the provisions of this circular on their website.

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

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