Gift Nifty Up 65 Points | Delhivery Launches Mega Hub| Allcargo Logistics Sets Bonus Date | Top Buzzing Stocks Today

Fri, 22 Dec Pre-Open

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On Thursday, the market reversed losses seen in the first half of the trade and rebounded sharply tracking a rise in US futures and closed the day in green.

Contrary to Wednesday's moves, equity markets started lower on Thursday but ended decently higher amid buying in shares of Reliance Industries, financials, metals stocks.

At the closing bell on Thursday, the BSE Sensex closed higher by 359 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 130 points (up 0.6%).

Zee Entertainment, IOC and Britannia were among the top gainers.

Axis Bank, Bajaj Finance and Bajaj Auto on the other hand, were among the top losers.

Border indices ended on a positive note with the BSE MidCap index up by 1.6% while the BSE SmallCap index rose by 1.7%.

All sectoral indices ended in green with stocks in the Power sector, Oil & Gas sector, Energy sector and Telecom sector witnessing most of the buying.

The rupee was trading at 83.26 against the US$.

Gold prices for the latest contract on MCX were flat at Rs 62,461 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the Gift Nifty was trading up by 65 points or 0.3% higher at 21,312 levels.

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

Speaking of the stock market, in as many as 92 years, only 4% of all listed equities in the US accounted for all the wealth created there.

Now since we are referring to the American stock markets, we cannot blame the underperformance of 96% stocks on the lack of maturity of the markets.

Nor can we attribute any economic or geopolitical risk as the cause. This is because the performance has been gauged over nearly a century.

Does this apply to Indian stock markets too?

Tanushree Banerjee, co-head of research at Equitymaster, answers this question in the video below.

Top buzzing stocks today

Mazagon Dock share price will be in focus today.

Shares of Mazagon Dock was in news as it experienced a 3.5% increase in its share price during the early trading session.

This surge was can be attributed to the company securing a contract with the Ministry of Defence's acquisition wing for the construction of six next-generation offshore patrol vessels (NGOPVs) intended for the Indian Coast Guard.

Suzlon Energy will also be a top buzzing stock.

The stock witnessed a rise of over 4% in its share price. The reason behind this steep rise can be attributed to the company securing a repeat order for a 193.2 megawatt (MW) wind power project from The KP Group.

This project is integral to the Wind-Solar Hybrid and State Transmission Utilities (STU) tariff-based initiative aimed at enhancing renewable energy contribution in Gujarat.

Delhivery Launches Mega Hub

Delhivery has operationalised its largest logistics facility in Bhiwandi, Maharashtra. The facility, built over 1.2 million square feet of land area, includes an automated hub, sortation, returns, and freight operations.

It can simultaneously handle the volume of parcel and part-truckload freight handled by Delhivery.

The centre has 196 docking points and is designed to handle over 8,000 tonnes of freight per day with 1,600 vehicles passing through it every day, says an official release.

The automation system used in the facility is created and installed by Falcon Autotech, which is an intra-logistics & warehouse automation solutions provider company in which Delhivery has made an investment.

The system has 1.8 kilometres of integrated double-deck cross-belt sorters and over five kilometres of material conveyance systems, and can process over 32,000 shipments and 17,000 goods units per hour.

The facility is Delhivery's second significant facility after its first facility in Tauru, Haryana, which became operational in 2021. The company is also working on a third facility based in Bangalore, which will start operating from 2024. Following the launch of the Bhiwandi mega gateway, Delhivery's shares gained 3% today.

Allcargo Sets Bonus Date

Stocks of Allcargo Logistics were trading by nearly 2% higher at opening after the logistics company announced a 0.4% decline in LCL (Less-than-container Load) volumes for November 2023. By mid-day, the stock had gained 3.4% and was trading at Rs 281.7.

The gains may be due to the anticipation of an increase in freight rates resulting from a logistic bottleneck caused by the ongoing Suez Canal crisis.

Additionally, the announcement of 2 January as the record date for the 3:1 bonus may have also contributed to the rise in stock value.

In a company update, Allcargo Logistics said that the volume for November 2023 was marginally down 0.4% compared to November 2022 and remained flat compared to October 2023.

The report also noted a major decline across key geographies of Americas, LATAM and Europe while witnessing some improvement in APAC led by China and India.

In a regulatory filing, the company also said that the Board of Directors of the Company had fixed Tuesday, 2 January 2024, as the Record date to ascertain the eligibility of shareholders for allotment of bonus shares.

For more on Allcargo logistics, check out Top 5 Logistics Companies in India by Growth.

Happy Forgings IPO Subscribed 81x

Happy Forgings IPO was subscribed 81.7 times on the final day of bidding on 21 December, with bids for 693 m shares against an issue size of 8.4 m shares.

Retail investors bought 14.6 times and high net-worth individuals picked 62 times the allotted quota, while qualified institutional buyers picked 220 times their reserved portion.

The Rs 10.1 bn public offer, which closed yesterday comprised of fresh issues of 47 lakh shares worth Rs 4 bn and an offer for sale of 7.1 m shares worth Rs 6.1 bn. The price band for the issue had been fixed at Rs 808-850 per share.

Happy Forgings plans to utilise the net proceeds from the fresh issue for the acquisition of equipment, plant, and machinery, with a total cost of Rs 1.7 bn. Additionally, a portion of the funds, amounting to Rs 1.5 bn, will be allocated for repaying debts.

The remaining funds will be earmarked for general corporate purposes.

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

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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