Gift Nifty Up 45 Points | Wipro Partners RSA | SpiceJet Q2 Results | Top Buzzing Stocks Today

Wed, 13 Dec Pre-Open

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On Tuesday, the markets continued on its winning run in early trade but later came under selling pressure to close in red.

At the closing bell on Tuesday, the BSE Sensex closed higher by 378 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 91 points (down 0.4%).

Axis Bank, Wipro and ITC were among the top gainers.

Maruti Suzuki, Reliance and Infosys on the other hand, were among the top losers.

Border indices ended in red with the BSE MidCap index down by 0.4% while the BSE SmallCap index tanked by 0.3%.

Sectoral indices ended in red with stocks in the realty sector, oil & gas sector and energy sector witnessing most of the selling.

Shares of Nestle, TCS and ICICI bank hit their 52-week high on Tuesday.

The rupee was trading at 83.39 against the US$.

Gold prices for the latest contract on MCX are trading in green by 0.3% at Rs 61,290 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the Gift Nifty was trading up by 45 points or 0.2% at 21,070 levels.

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

Speaking of stock markets, check out the video below where we talk about Indian companies supplying EV components to Tesla.

Tesla's entry into Indian markets will provide multifold benefits. It will accelerate the adoption of EVs and boost the growth of Indian auto component manufacturers.

In the below video, we discuss six Indian companies that are already supplying their products to Tesla.

Top buzzing stocks today

Hindalco share price will be in focus today.

On Tuesday, 12 December 2023, the share price of Hindalco surged over 3% and recorded a new 52 week high.

The reason behind this rally was that the company is planning to establish a battery foil manufacturing facility in Odisha.

Hindalco wants up to Rs 8 bn in the new battery foil plant, scheduled to be commissioned by July 2025.

Zomato will also be a top buzzing stock.

Zomato is planning to diversify into the catering business by utilising its existing network of restaurant partners. They have an aim to handle large orders as part of its broader strategy to expand its service offerings.

Wipro Partners RSA

Information Technology major Wipro Limited, on Tuesday, announced its new agreement with one of the world's leading general insurance companies, RSA.

Wipro will help accelerate RSA's migration to the cloud and build a compliant, secure, and scalable IT infrastructure.

The contract will accompany RSA on its journey over the next few years to modernise its infrastructure and the use of cloud technology.

It will also support the delivery of a range of operational services to enable a connected business environment and support RSA's growth objectives. The resulting state-of-the-art infrastructure will optimise service delivery and enhance RSA's customer and employee experience through automation.

Through cloud technology and industry-leading cybersecurity frameworks, the company will further strengthen and scale RSA's business.

Wipro stands among the stocks offering decent return on Equity (ROE), sales growth and profit growth, making it top IT companies in India.

SpiceJet Q2 Results

After reporting profit in the first quarter of 2023-24, low-cost carrier SpiceJet reported a net loss of Rs 4.3 billion (bn) in the second quarter of 2023-24.

The airline's board, on 12 December, approved the company's financial results for the quarter of September 2023, with the airline posting a net loss of Rs 4.3 bn compared to a net loss of Rs 8.4 bn in the same period a year ago.

The Gurugram-based airline reported a net profit of Rs 1.9 bn for the April-June period.

Revenue from operations fell 27% to Rs 14.3 bn from the year-ago period when the airline had reported a top line of Rs 19.5 bn.

The fall in revenue was despite a sharp rise in domestic travel during the quarter, as demand for domestic travel in India has continued to surge for the past three quarters.

In Q2FY24, SpiceJet carried 1.6 million (m) passengers, commanding a market share of 4.3%. Last year, during the same period, the carrier carried 2.3 m passengers, commanding a market share of 7.7%.

In the pre-pandemic year of 2019, SpiceJet had carried 5.4 m passengers during Q2 securing a market share of 15.3%.

The airline did not share its available seat miles (ASKM) for the quarter.

SpiceJet's net loss for the quarter of September 2023 would have been even higher if not for a 75% fall in its foreign exchange loss of Rs 348.8 m during the quarter compared to the same period last year. The company had incurred a foreign exchange loss of Rs 1.4 bn in the same period last year.

The airline said it has the highest passenger load factor among all airlines in the country.

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. For more, check out the top airline companies in India.

Why L&T Tech Share Price is Rising

Shares of L&T Technology Services gained 1% to the day's high of Rs 4,990 per share on 12 December after the company signed a multi-year engineering services pact with BP, one of the world's largest diversified energy companies.

L&T Tech said that this partnership would underscore its domain expertise in the energy segment, focusing on engineering to drive productivity improvement.

The relationship is expected to leverage over 2 decades of L&T Tech's experience in engineering, manufacturing services, digital and enterprise data management and address some of the most significant challenges for BP globally.

Together, both companies intend to focus on improving operational excellence.

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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