Gift Nifty Up 25 Points | Ola Electric Files for IPO | UPL Fund Raising Plans | Top Buzzing Stocks Today

Tue, 26 Dec Pre-Open

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On Friday, the markets turned extremely volatile and ended the day in green.

Domestic benchmark indices Sensex and Nifty rose marginally on Friday tracking positive cues from global markets. On Sectoral basis, metal, pharma and realty indices led the charge. Even broader markets witnessed healthy buying action.

At the closing bell on Friday, the BSE Sensex closed higher by 242 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 94 points (up 0.4%).

GAIL, Wipro and HCL Tech were among the top gainers.

Grasim, SBI and Bajaj Finance on the other hand, were among the top losers.

Border indices ended on a positive note with the BSE MidCap index up by 0.7% while the BSE SmallCap index soared by 1%.

All sectoral indices ended in green with stocks in the Metal sector, IT sector, Auto sector and Pharma sector witnessing most of the buying.

The rupee was trading at 83.17 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 62,802 per 10 grams the time of Indian market closing hours on Friday.

At 7:55 AM today, the Gift Nifty was trading up by 25 points or 0.1% higher at 21,420 levels.

Indian share markets are headed for a 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

Infosys share price will be in focus today.

Infosys has announced a five-year collaboration with LKQ Europe, a leading automotive parts distributor.

The collaboration aims to transform LKQ Europe's business processes by integrating multiple strategic acquisitions, harmonising business processes, improving product availability, and enabling faster delivery to end customers.

Bharat Electronics will also be a top buzzing stock.

Share price of Bharat Electronics rose by 2%. On Friday

This rally came after the company announced that they have secured an order totalling Rs 26.7 billion (bn) from Goa Shipyard and Garden Reach Shipbuilders & Engineers.

Ola Electric Files for IPO

One of the most eagerly awaited public offerings in the Indian stock market moved one step closer to a market debut as Ola Electric filed its draft red herring prospectus with market regulator Sebi.

The IPO would set a precedent as this is the first attempt at a public listing by an Indian EV (electric vehicle) firm.

The e-filing of the draft papers has been done with Sebi, and it's a significant moment for the Indian EV ecosystem. Ola Electric is looking to raise a combined amount of around Rs 72.5 bn.

This is a fresh issue of equity shares of up to Rs 55 bn and an offer for sale (OFS) of more than 95 million (m) equity shares at a face value of Rs 10.

Ola Electric's issue size is bigger than the IPOs that hit the markets in 2023. The biggest this year was that of Mankind Pharma, which raised Rs 43.3 bn.

The IPO is unique for a few reasons. This will be the first in decades since a two-wheeler manufacturer hit the public markers.

This is the first issue by an automaker in the country in more than 20 years.

Ola Electric, which made its foray into the EV segment in 2017, has a 32 % market share and is a leading player. It is giving tough competition to older players.

The IPO comes at a time when the company has reduced its sales goals for 2023-25 by more than half and delayed its target of achieving profits by a year.

Also, the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

UPL Fund Raising Plans

Pesticides maker UPL, on 22 December 2023, has approved a proposal to raise Rs 42 bn via a rights issue. In a rights issue, money is raised from existing shareholders by issuing fresh shares.

UPL has been dealing with high debt and declining revenue growth in recent quarters.

UPL is the world's #5 agrochemical player and #4 seed giant, reaching 140+ countries and 90% of the food basket.

In a year, the agri-giant has seen its stock price plummet over 20% amid a confluence of headwinds: supply chain disruptions, surging raw material costs, and concerns around its hefty debt pile.

These companies with strong fundamentals and strategic agility are primed to rebound in 2024. For more, check out the Top 5 Growth Stocks That Could Bounce Back in 2024.

Tata Inaugurates first EV-Only Store

Tata Motors' subsidiary, Tata Passenger Electric Mobility (TPEM), launched its first two EV-only showrooms in Sector-14 and Sohna Road, Gurugram, on Friday, 21 December. The stores will open to the public starting 7 January 2024. The company is calling these stores TATA.ev stores, which will cater only to EV customers.

Tata Motors has claimed that the new EV-only showrooms represent the shift from conventional powertrains to electrically powered cars. The company said that the new stores have been designed around the core values of sustainability, community, and technology.

The showroom has been designed using either recycled or recyclable materials. To build the showroom, Tata Motors acquired the materials locally, which helped avoid long-distance, high-emission transportation.

The new showrooms pay special attention to community building as they provide space for Tata EV users to spend time together and attend events, which will be listed in the EVOLVE community calendar.

The showrooms also provide testimonials from current EV owners who talk about the challenges they have faced and myths about owning an EV.

At 71%, Tata Motors holds a dominant share in the country's EV market. The company is reaping the benefits of being the first to move into the EV space by way of offering its conventional cars in the electric trim.

Currently, Tata Motors sells its Nexon, Tigor, and Tiago as electric cars, which have been derived from their petrol-powered siblings. The company has sold more than 100,000 electric cars in the country.

Tata Motors remains in the fast lane when it comes to electric vehicles (EVs). The Tata group is leading India's EV revolution, and Tata Motors has remained at the forefront.

The shares of the company are making back-to-back record highs. To know why, check out Why Tata Motors' share price is rising.

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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