Market Highlights: Gift Nifty Rises, Affordable Robotics Migrates to Mainboard, Godrej Properties' Fundraising, and Today's Top Buzzing Stocks

Indian benchmark indices exhibited a positive trend throughout the trading session, finishing the day on a strong note. Both the BSE Sensex and NSE Nifty50 maintained their upward trajectory, reaching new heights before closing at record-high levels on Thursday.

By the end of the session, the BSE Sensex surged by 666 points, marking a 0.8% increase, while the NSE Nifty advanced by 181 points, gaining 0.7%. Among the top performers were prominent automotive stocks such as Maruti Suzuki, Tata Motors, and M&M, which led the day’s gains. Conversely, Cipla, ONGC, and NTPC were among the key laggards.

For those interested in the impact of Bank Nifty companies and a more detailed analysis of the index, Equitymaster provides a comprehensive list of Bank Nifty companies to explore.

While large-cap indices performed well, the BSE MidCap index remained mostly flat, and the BSE SmallCap index declined by 0.4%. Sector-wise, metal and auto stocks were the main beneficiaries, enjoying substantial buying interest. However, the power sector and capital goods sector experienced selling pressure.

Gold prices saw a modest rise, with the latest contract on the MCX trading 0.2% higher at ₹75,449 per 10 grams during the closing hours of the Indian market on Thursday. Meanwhile, Gift Nifty showed a positive start to the day, trading 50 points higher at 8 AM today.

Top Buzzing Stocks Today

ITC shares are expected to be in the spotlight today. The company’s stock price rose approximately 1% on 26 September, hitting a record high of ₹522.45. This surge pushed its market capitalisation past ₹6.5 trillion for the first time. In addition to this, ITC expanded its stake in Sproutlife Foods, a move that has garnered attention. Over the past three years, Sproutlife’s turnover has grown from ₹680 million in FY22 to ₹1.1 billion in FY24.

Crest Ventures is another stock to watch closely. The company’s shares soared by 10% during the afternoon session on 26 September, following the announcement that it has nine projects in development. Of these, six projects are expected to generate combined sales of ₹59.1 billion, which is over twice the company’s current market capitalisation of ₹16 billion.

Affordable Robotic & Automation’s Mainboard Migration

Affordable Robotic and Automation received approval from the National Stock Exchange (NSE) for the migration of its shares from the SME platform to the main board of the exchange. The company, backed by renowned investor Vijay Kedia, provides a range of automation solutions across industries, including automotive, general industry, and government sectors.

The company designs, manufactures, and installs cutting-edge robotic welding systems, automated parking solutions, and automated warehousing systems. Among its automotive clients are major names such as Mahindra & Mahindra, Maruti Suzuki, Honda, TVS, Piaggio, Volvo, and Eicher. In the automated car-parking segment, its clientele includes well-known developers like Lodha, Shreepati Group, Parinee, Marvel, VTP Realty, Dhuleva Group, and Swastik Group.

During FY24, Affordable Robotic & Automation posted an impressive 43% year-on-year revenue growth, primarily driven by a 59% surge in its automation segment.

Godrej Properties’ Fundraising Plans

Real estate giant Godrej Properties announced that its board will convene on 1 October to consider a fundraising proposal. While the exact amount has not been disclosed, the funds are expected to be raised through a variety of means, including public or private offerings such as Qualified Institutional Placements (QIPs), rights issues, and further public offers (FPOs).

Godrej Properties is a leading developer with a strong presence in key markets like Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, and recently, Hyderabad. The company posted record sales bookings of ₹225.3 billion in FY23-24, marking an 84% year-on-year growth, the highest among listed real estate firms.

The compan’ is targeting ₹270 billion in sales bookings this fiscal year. In the first quarter alone, its sales bookings surged almost fourfold to ₹86.4 billion, compared to ₹22.5 billion in the same period the previous year.

Alkem Laboratories Eyes Novartis AG’s India Unit

Alkem Laboratories, one of India’s leading pharmaceutical companies, is in advanced talks to acquire the Indian unit of global pharma giant Novartis AG. The deal is estimated to be valued at around ₹20 billion, though other pharmaceutical heavyweights like Dr. Reddy’s and Zydus are also competing for the acquisition.

Alkem Laboratories, known for its strong position in the anti-infective, gastrointestinal, pain management, and supplement markets, has submitted non-binding bids for the deal, and negotiations are in progress.

Novartis announced earlier this year that it would be conducting a strategic review of its Indian subsidiary, which includes its 70.7% stake in the publicly-listed entity. Although the Swiss pharmaceutical company has reiterated its commitment to India, its plans to reassess the subsidiary have drawn significant attention from domestic pharma players.

Novartis employs over 8,100 associates in India, and the company’s footprint in the country has grown substantially in recent years, cementing its position as a key player in the Indian pharmaceutical industry.