Gift Nifty Down 16 Points | Tata Group's Semiconductor Bet | GQG Buys Stake in GMR Airports | Top Buzzing Stocks Today

Mon, 11 Dec Pre-Open

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On Friday, Indian share markets defied weak Asian cues and traded on a positive note throughout the session.

Falling crude oil prices and optimism in US stocks overnight supported sentiment back home.

Benchmark indices hit fresh record highs in Friday's trade on gains in IT stocks and index heavyweight HDFC Bank.

At the closing bell on Friday, the BSE Sensex closed higher by 304 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 68 points (up 0.3%).

HCL Tech, JSW Steel and Infosys were among the top gainers.

ITC, M&M and Bajaj Finance on the other hand, were among the top losers.

The BSE MidCap index fell 0.2% while the BSE SmallCap index declined 0.4%.

Sectoral indices ended mixed with stocks in the IT sector, banking sector and finance sector witnessing most of the buying.

Shares of Polycab India, Titan and Paul Merchants hit their 52-week high on Friday.

The rupee was trading at 83.36 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 62,480 per 10 grams at the time of Indian market closing hours on Friday.

At 7:55 AM today, the Gift Nifty was trading down by 16 points or 0.1% at 21,077 levels.

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

Speaking of stock markets, when it comes to famous turnarounds of the last one year, no discussion can be complete without Suzlon Energy.

The stock was arguably on the top of the list of every market pundit.

For perspective, the stock is up a whopping 312% in the last one year, far outperforming the close to 40% returns earned by the BSE Small Cap index.

By the way, it is up a huge 20x from its March 2020 lows. Talk of life changing investments!

However, there is a risk to investing in a stock like Suzlon Energy and ignoring this risk could prove fatal over the long run.

Co-head of research, Rahul Shah, in his latest video talks about what exactly is this risk and how should one minimise it.

Top buzzing stocks today

Adani Total Gas share price will be in focus today.

Shares of Adani Total Gas have turned multibagger in just eight sessions giving 115% returns. The stock has hit back-to-back 20% upper circuit this week.

Even as other stocks fell to some extent today, Adani Total Gas continued its good run.

IRB Infra will also be a top buzzing stock.

Shares of IRB Infrastructure Developers soared 6.5% in early trade to hit a 52-week high of Rs 40.9 on 8 December after the company reported a 20 percent on year rise in gross toll collections in November.

Tata Group's Semiconductor Bet

Tata Group is planning to set up a semiconductor processing plant in Assam at an investment of about Rs 400 bn.

It has approached the Centre for the final nod after discussions with the state government, and the go-ahead is expected soon.

Jagiroad, in Morigaon district, is about 55 km from the state's largest city Guwahati.

Tata Group held initial talks with the state government about the semiconductor assembly and packaging plant, and satisfied with the discussions here, they approached the Centre.

The conglomerate has also approached the state government to train 1,000 people for employment in the unit.

The state cabinet had in August approved the Assam Semiconductor Manufacturing and Electronic Production Policy.

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.

Why Gold price is falling

Gold prices fell on Friday as the dollar and Treasury yields strengthened after traders lowered bets for US interest rate cuts to materialize by March next year following stronger-than-expected jobs data.

Spot gold fell 1% to US$ 2,008.8 per ounce and was down nearly 1% for the week so far. US gold futures also lost 1% at US$ 2,025.1.

The dollar index firmed 0.2%, making bullion more expensive for overseas buyers. Also, 10-year Treasury yields ticked higher.

US job growth accelerated in November while the unemployment rate fell to 3.7%, suggesting financial market expectations of a rate cut early next year were probably premature.

Gold has slumped as the US employment report showed strength across the board.

Traders had earlier priced in about a 60% chance of a March start to Fed rate cuts, but after the jobs data, pared that to just under 50%, with May now a more likely starting point.

Traders will seek further confirmation from the Fed meeting scheduled on December 12-13.

Physical gold dealers in India increased discounts to seven-month highs this week to lure customers as record local prices hurt demand.

GQG Buys Stake in GMR Airports

GQG Partners acquired a 4.7% stake in GMR Airports Infrastructure on Friday, sending the stock up 12%.

The US-based boutique investment firm, which has gained prominence because of its successful investments in Adani group stocks, purchased shares at Rs 59.1 each, amounting to a total outgo of Rs 16.7 bn, according to data provided by BSE.

The GMR Group firm's shares, on the other hand, closed at nearly Rs 69 apiece following the uptick.

ASN Investments divested a 7.3% stake. Other sellers included Varanium India, A/D Investors Fund, and Deccan Value Investors Fund, all classified as non-promoter entities. Equity stakes amounting to 11.8%, valued at Rs 41.4 bn, changed hands.

Besides GQG, buyers included Nomura India Investment Fund Mother Fund (which bought a 1% stake) and Stichting APG Emerging Markets (0.6%).

The identities of the buyers for the remaining 5.5% stake were not disclosed.

This year, GQG has increased its investments in several Indian companies, with its largest bet on Adani group stocks. GQG's investments in various Adani group companies since March have yielded substantial returns.

GQG has also acquired a 2.6% stake in IDFC First Bank for Rs 15.3 bn and a nearly 6% stake in Patanjali Foods for Rs 24 bn.

GMR Group operates in a similar business domain as the Adani Group. GMR Airports is currently developing two significant greenfield airport projects - one in Bhogapuram, Andhra Pradesh, and the other in Heraklion, Crete, Greece, in collaboration with construction company GEK Terna.

A word of caution sounds about right at this point of time. If you're considering investing in airline stocks, make sure you do your due diligence. It's a risky sector.

If you get either the stock or your timing wrong, you could face serious losses. But if you buy the right stock at the right time, you could find yourself with a HYPERLINK "https://www.equitymaster.com/detail.asp?date=12/10/2022&story=1&title=Chris-Mayer-on-How-to-Pick-100-Bagger-Stocks&utm_source=archive-page&utm_medium=website&utm_campaign=views-on-news&utm_content=story" \t "_blank"multibagger stock.

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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