Vedanta's Dollar Bond Sale | Why EPC Stocks are Rising | Top Buzzing Stocks Today

Tue, 26 Nov Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Benchmark equity indices, the BSE Sensex and NSE Nifty50, ended the first trading session of the week on a higher note, rising over 1% each. Markets drew encouragement from the massive victory of the Bharatiya Janata Party (BJP)-led coalition in the Maharashtra Assembly elections, as well as the strength in global markets.

At the closing bell on Monday, the BSE Sensex stood higher by 993 points (up 1.3%).

Meanwhile, the NSE Nifty closed higher by 315 points (up 1.3%).

ONGC, SBI and BPCL were among the top gainers.

Infosys 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.

The BSE MidCap index ended 1.6% higher and BSE SmallCap index ended 1.9% higher.

Sectoral indices were trading positive with socks in oil & gas sector, capital goods sector and banking sector witnessing most buying speer.

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Top buzzing stocks today

Indigo share price will be in focus today.

IndiGo and Japan Airlines have introduced new connectivity options for travellers between India and Japan as they launch their codeshare partnership, starting 16 December, with reservation and sale of tickets available from 4 December.

Both airlines had in June entered into a codeshare arrangement which would help the Japanese carrier expand services to destinations of IndiGo's network.

HUDCO will also be a top buzzing stock.

shares of Housing & Urban Development Corporation (HUDCO) jumped over 8% on 25 November, the most in 7 weeks after BJP-led Mahayuti's alliance sweeping win in Maharashtra state elections brought renewed focus on Centre's capital expenditure (capex) plans.

After the government spending stayed flat YoY in the first half of this fiscal year, analysts expect the poll result to improve gradually in the second half, a positive to infrastructure development and realty stocks.

Why EPC Stocks are Rising

With the NJP-led Mahayuti alliance sweeping the Maharashtra polls, investors doubled down on the infrastructure theme amid expectations of policy continuity.

Analysts expect the capex cycle, which slowed in the first half, to improve significantly in the second half of the current fiscal.

This will pose a positive to EPC (engineering, procurement and construction) firms, as a result, listed players recorded gains of up to 16% in trade so far on 25 November.

J Kumar Infraprojects surged 16% intraday, while L&T surged 4.2%. Other players such as Ashoka Builcon, IRB Infrastructure Developer, Afcons Infrastructure, and GR Infra all recorded gains between 3-8%. The BSE India Infrastructure index also jumped 3.5% in trade.

Ahead of the elections, the government had tendered a number of infrastructure projects, with the lowest bidders being declared for many of them. There were certain concerns with respect to the delay in awards, in case a new government took power.

However, with the incumbent returning to power with a resounding majority, domestic brokerage Emkay Global shared that it is unlikely to be delayed further.

L&T, HG Infra, J Kumar Infra, Ashoka Buildcon and GR Infra are key players in this market, especially in the Maharashtra region.

Vedanta's Dollar Bond Sale

Vedanta Resources, which postponed a planned sale of dollar bonds last week after the Adani group's top officials were indicted by US prosecutors, will now launch the issue on Monday.

The issue, which could raise as much as US$ 500 million (m), is the first since the Adani crisis and will test global appetite for Indian high-yield credit following the allegations against Adani.

Adani Group, led by billionaire Gautam Adani, has said the allegations made by the US authorities are baseless. Since the Adani crisis has not blown out of proportion after the initial fears, the company deemed fit to go ahead with the issue.

The company's plans confirmed the sale would be going ahead.

The notes have two maturities - one for 3.5 years and the other for seven years, for which the company has set an initial price guidance of 10.375% and 11.375%, respectively.

The notes also have call options.

In September, Vedanta Resources raised US$ 900 m in its first dollar bond issue in more than two years at a coupon of 10.875%.

Rupee Achieves Five-Month High

The Indian rupee logged its strongest one-day gain since June on Monday, aided by dollar inflows related to the rebalancing of MSCI's global equity indexes, alongside softness in the dollar and lower US bond yields.

The rupee closed at 84.2875 against the US dollar, up 0.2% from its previous close, its biggest single-day gain since 3 June.

The currency rose to 84.2550 during the session, its highest since 7 Nov.

The dollar index and Treasury yields kicked off Asia trading on the back foot as markets reacted to U.S. President-elect Donald Trump's nomination of investor Scott Bessent for the post of Treasury secretary.

Bessent, who has spent his career in finance, is seen as a comforting choice for markets and expected to keep a steady hand on government finances.

The rupee was also helped by dollar inflows likely related to the rebalancing of MSCI's global equity indexes, which will be effective after markets close on Monday.

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

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