Gift Nifty Trades Flat | Vedanta Declares Interim Dividend | Why Mankind Pharma Share Price is Rising | Top Buzzing Stocks Today

Tue, 19 Dec Pre-Open

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On Monday, the markets recovered slightly but was dragged due to selling pressure and ended the day in red.

Benchmark indices settled near the day's low level as investors booked profit after seven straight weekly gains.

At the closing bell on Monday, the BSE Sensex closed lower by 169 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 38 points (down 0.2%).

Sun Pharma, Reliance, Bajaj Finance were among the top gainers.

ITC, ICICI Bank and JSW Steel on the other hand, were among the top losers.

Border indices outperformed the benchmarks with the BSE MidCap index ended up by 0.3% while the BSE SmallCap index soared by 0.5%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, pharma sector witnessing the most buying.

Whereas, realty sector, banking sector and IT sector witnessed the most selling.

Shares of HCL Tech and Wipro hit their 52-week high on Monday.

The rupee was trading at 83.07 against the US$.

Gold prices for the latest contract on MCX were trading in red by 0.2% at Rs 62,053 per 10 grams at the time of Indian market closing hours on Monday.

At 7:55 AM today, the Gift Nifty was trading up by 15 points higher at 21,469 levels.

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

Speaking of the stock market, the entire bunch of PSU stocks has been the surprise package of 2023. The PSU index has outperformed the Sensex by almost 3x with lot of individual stocks doing even better.

But what next? Are their valuations running ahead of fundamentals or will the party continue in 2024?Rahul Shah co-head of research at Equitymaster, answers all these question in below video.

Top buzzing stocks today

Mazagon Dock share price will be in focus today.

The share of Mazagon Dock Shipbuilders saw a 2.4% gain in early trade. This rally came after the company announced a US$ 42 million contract with a European client.

In the regulatory filing, the company revealed the signing of a US$ 42 million (m) deal with a European client for the construction of three units of 7,500 Deadweight tonnage (DWT) multi-purpose hybrid powered vessels.

Siemens will also be a top buzzing stock.

On Monday, 18 December 2023 the share price of Siemens soared nearly 9% to a new all-time high. This rally came after the company announced plans to consider demerging its energy business into a separate entity.

The demerger, proposed by key promoters including Siemens Aktiengesellschaft and Siemens Energy Aktiengesellschaft, aims to explore and evaluate the separation of the energy business.

Vedanta Declares Interim Dividend

Mining and metals major Vedanta Limited approved a second interim dividend of Rs 11 per equity share on 18 December, which is 100% of the face value of Rs 1 per equity share for the financial year 2023-24 (FY24).

According to Vedanta's exchange filing, the total amount of interim dividend stood at Rs 4,089 crore.

The record date for payment of the dividend shall be 27 December 2023, and the interim dividend shall be duly paid within the stipulated timelines as prescribed under law.

Since July 2001, Vedanta has declared 41 dividends. In the past year, Vedanta has declared an equity dividend amounting to Rs 51.50 per share.

Vedanta - a natural resources conglomerate has primary interests in aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferroalloys, nickel, semiconductors, and glass.

In the past three months, Vedanta shares have surged 10% as against a five per cent rise in the benchmark Sensex.

For more on Vedanta, check out Vedanta Demerger - Potential Value Creation?

Also, if you are looking for dividend stocks to boost your portfolio this December, check out our recent editorial 4 Stocks to Watch Out for Upcoming Dividends in December 2023.

Why Mankind Pharma Share Price is Rising

Mankind Pharma shares traded with 1% gains on 18 December after the pharma player raised its holding in the UK-based Actimed Therapeutics by purchasing a stake of 1.3% for a total consideration of £999,900.

Following the acquisition, Mankind Pharma held 10.2% of Actimed Therapeutics shares. For Mankind, this is a strategic investment in the field of treatment of cancer cachexia, amyotrophic lateral sclerosis, and other muscle-wasting disorders.

On 12 December, private equity firm Chrys Capital sold Rs 32.8 bn worth of shares in Mankind Pharma through a block deal executed on the stock exchanges.

The shares were offloaded by Chrys Capital through its subsidiary Beige Ltd, which sold 14.4 m shares for 1,832.4 each in one deal and pared 3.5 m shares at an average price of 1,832.3 apiece in another deal. Cumulatively, the UK-based firm sold 17.9 m shares in Mankind Pharma.

According to Nuvama Alternative & Quantitative Research, the free float of Mankind Pharma before the deal stood at 10%, and after the mega-stake sale, the company expects a significant increase in the free float.

The company's Rs 43.3 bn IPO in April was one of the biggest by a domestic pharma player since Gland Pharma's Rs 64.8 bn issue back in 2020.

For more, check out the pharmaceutical sector report and gain more insights on how to research pharma stocks.

Suraj Estate Developers IPO

Suraj Estate Developers IPO was subscribed 71% on 18 December, the first day of bidding, with bids coming in for 5.9 m shares against the issue size of 8.2 m.

The retail portion was booked 1.24 times the reserved portion, and high net worth individuals (HNI) had bought 28 per cent of their allotted quota of shares, while qualified institutional buyers picked 12% shares of the portion set aside for them.

The price band for the issue, which will close on 20 December, has been fixed at Rs 340-360 a share. The Rs 4 bn offer is a fresh issue of 11.1 m shares.

Ahead of the IPO, institutional investors bought nearly Rs 1.2 bn worth of shares in Suraj Estate Developers, the Mumbai-based realty company, via the anchor book launched for a day on 15 December.

A total of 10 institutional investors invested in the company via anchor book, including SBI General Insurance Company, Tata Housing Opportunities Fund, and Aditya Birla Sun Life AMC.

Suraj Estate Developers is a real estate construction company that develops residential and commercial real estate in the South Central Mumbai region.

The company does not provide any in-house construction services and is 100% dependent on third-party contractors for the construction services of its projects.

For more information on IPOs, check out the list of upcoming IPOs.

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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