Gift Nifty Trades Flat | Adani Energy Solutions’ Fundraising | Vedanta Mulls Stock Sale | Top Buzzing Stocks Today

Indian Market Update

Indian shares turned muted as the session progressed, ending the day flat. The benchmark S&P BSE Sensex and the Nifty50 hit fresh record highs for a third consecutive day on Monday. At the closing bell, the BSE Sensex stood lower by 20 points, while the NSE Nifty closed lower by 25 points, down 0.1%. Axis Bank, Adani Ports, and IndusInd Bank were among the top gainers, whereas Adani Enterprises, Wipro, and ONGC were among the top losers.

For a comprehensive overview of the Bank Nifty companies, check out Equitymaster’s Bank Nifty Companies list.

The BSE MidCap index ended 0.6% higher, and the BSE SmallCap index ended flat. Sectoral indices traded mixed, with stocks in the realty, banking, and finance sectors witnessing the most buying, while stocks in the power and metal sectors faced selling pressure.

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 71,674 per 10 grams at the time of the Indian market closing hours on Monday.

At 8:20 AM today, the Gift Nifty was trading down by 10 points at 23,022 levels. Indian share markets are headed for a muted start today, following the trend on Gift Nifty.

Top Buzzing Stocks Today

Paras Defence

Paras Defence and Space Technologies saw a surprising uptick of over 8% on 27 May after the company’s consolidated net profit jumped 63.8% to Rs 960 million in Q4FY24 compared with Rs 586 million in the previous quarter.

Glenmark Pharma

Shares of Glenmark Pharma soared 8.5% to hit a 52-week high of Rs 1,123.9 on 27 May. Despite reporting weak earnings for the January-March quarter of FY24, the company’s management provided an upbeat growth guidance, targeting double-digit profit growth and revenue growth of 10-11% for FY25.

Adani Energy Solutions’ Fundraising

Adani Energy Solutions announced on Monday that its board has approved a fundraising of up to Rs 125 billion (US$ 1.5 billion). The company mentioned that this raise could be through various methods, including private placement, qualified institutional placement, preferential issue, or a combination of methods.

Vedanta Mulls Stock Sale

Anil Agarwal’s Vedanta Ltd. Is considering a share sale as soon as the coming weeks, Indian Market Update: Sensex & Nifty Hit Record Highs | Top Buzzing Stocks & Key Fundraising Moves" raising up to Rs 85 billion. Vedanta is working with advisers, including Axis Bank’s subsidiary Axis Capital and Citigroup, and has started gauging interest from potential investors, including Middle Eastern funds. The company may raise funds through a qualified institutional placement, pending shareholder approval.

Vedanta shares have gained 78% this year, giving the company a market value of about US$ 20.6 billion. The BSE Sensex has climbed almost 20% over the past seven months.

Vedanta is an Indian multinational mining company with operations in iron ore, gold, and aluminium mines across Goa, Karnataka, Rajasthan, and Odisha. It is engaged in exploring, extracting, and processing minerals and oil & gas.

Hyundai Adds More Banks

Hyundai Motor Co. has brought in Kotak Mahindra Bank and Morgan Stanley as advisers for a potential initial public offering (IPO) of its India unit. They join Citigroup, HSBC, and JPMorgan Chase as advisers for the IPO, which could raise about US$ 2.5 billion for India’s second-biggest carmaker. Hyundai Motor India Ltd. Plans to file for an IPO in June, which would rival the Life Insurance Corp. of India’s 2022 IPO when it raised about Rs 206 billion.

The final lineup of banks and the size and timing of the share sale are yet to be confirmed. If Hyundai proceeds with the IPO, the proceeds will be used to expand operations.