Gift Nifty Trades Flat | Tata Coffee's Capacity Expansion Plan | Ceat Receives GST Notice | Top Buzzing Stocks Today

Fri, 1 Dec Pre-Open

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On Thursday, Indian share markets traded in red for most of the trading session and recovered during closing hours to end in green.

Midcap and smallcap stocks witnessed fag-end buying which supported the overall market sentiment.

At the closing bell on Thursday, the BSE Sensex closed 0.1% higher at 66,988.

Meanwhile, the NSE Nifty closed 0.2% higher at 20,133.

GAIL and Eicher Motors were among the top gainers.

Reliance Industries and Adani Ports on the other hand, were among the top losers.

Broader markets ended on a strong note. The BSE MidCap index closed 0.8% higher and BSE SmallCap index, ended 1% higher.

Sectoral indices ended positively with stocks in the pharma, oil and gas, and realty sector witnessed buying.

Shares of Ultratech Cement, Bajaj Auto and JK Cement hit their 52-week high on Thursday.

The rupee was trading at 83.37 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% down at Rs 62,654 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading up by 9 points at 20,347 levels.

Indian share markets are headed for a muted opening today following the trend on Gift Nifty.

Speaking of stock markets, Co-head of research, Tanushree Banerjee, in her video talks about how AI is transforming the business models of decades old tech majors in India.

It is a matter of time before they help other no tech companies transform themselves too.

Tune in to below video to know how 2024 can be the year of return of India's big tech stocks.

Top buzzing stocks today

Aurobindo Pharma price will be in focus today.

Aurobindo Pharma's share price rose by around 2% yesterday

The reason behind this surge is that the company's subsidiary Eugia Pharma Specialities, has received final approval from the US food and drug association to manufacture and market an asthma drug called Budesonide Inhalation Suspension.

HAL will also be a top buzzing stock.

HAL rose over 3% today and also marked the fifth consecutive day gain.

The reason behind this rally is that, the defence acquisitions council (DAC) has given approval for a major defence deal worth Rs 1.4 trillion. The deal includes the purchase of 97 Tejas Aircraft, 156 Prachanda Helicopters and one aircraft carrier.

Tata Coffee's Capacity Expansion Plan

Tata Coffee on Thursday received the board's approval for the capacity expansion of its Vietnam-based wholly-owned subsidiary firm at an investment of Rs 4.5 bn.

The board has approved the setting up of an additional 5,500-tonne freeze-dried coffee facility in Vietnam.

The additional capacity would be created with an investment of US$ 53.3 million (approximately Rs 4.5 bn). The funds will be sourced from internal accruals and bank financing.

The company said the current capacity of Tata Coffee Vietnam Company is about 5,000 tonnes. About 96% of the total capacity is under utilisation. The additional capacity which is proposed to be added in next two years aims to cater to growing demand for freeze-dried product.

Tata Coffee is Asia's largest integrated coffee company.

The company primarily engages in the production and distribution of coffee and tea in Indian and international markets.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Ceat Receives GST Notice

Tyre maker Ceat on Thursday received a demand notice of Rs 1.98 crore for GST, along with a penalty from the Additional Commissioner, CGST, and Central Excise.

The demand pertains to the disallowance of transitional credit and Trans2 credit under the applicable provisions of the CGST Act, 2017.

The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a demand of Rs 18 m, along with a penalty of Rs 1.8 m.

The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority.

On the impact on financial, operation or other activities of the company quantifiable in monetary terms to the extent possible.

Ceat's shares have rallied up to 94% in 2023. To know what's the outlook going into the new year, check out The Great Indian Tyre Stocks Rally. Will the Good Run Continue in 2024?

It stands among the Top 5 Tyre Companies in India by Growth.

Delta Corporation Enters Real Estate

Delta Corporation, a listed gaming company, announced a foray into the real estate sector through a joint venture with Peninsula Land on 30 November 2023.

Delta Corp said it will invest Rs 9.9 m in Peninsula Land, which will issue 15 m equity shares and 7.7 m CCDs at Rs 44 to Delta Corp. Delta Corp and Peninsula Land will also start a joint venture of Rs 2.5 bn where Delta Corp will be the major shareholder.

Delta Corp's stock has struggled in the last six months as it fell 39.5%.

The company's subsidiaries had received tax notices after the GST council said 28% tax would be levied on online gaming and gambling companies. The company has a total tax shortfall liability of Rs 232.1 bn.

The company's subsidiaries, Deltatech Gaming, Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruises have received tax notices.

It is the largest gaming company in India and the only listed company in casino gaming with 2,000+ live gaming positions.

The company stands among 5 Beaten Down Stocks with Strong Fundamentals, Poised to Make a Comeback in 2024.

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!

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