Market Trends Today: Gift Nifty Declines, Mastek-Nvidia Partnership, Borosil Renewables Fundraising, and Top Stock Movers

Indian Share Markets Surge to New Highs

The Indian share markets maintained their upward trajectory, culminating in a robust session. The Sensex surged by nearly 1,700 points, reaching an all-time high, while the Nifty50 and Sensex both posted significant gains on Friday. This bullish trend was driven by the Reserve Bank of India’s (RBI) revised forecast for FY25 GDP growth, which increased to 7.2% from 7%, alongside a decision to keep rates unchanged for the eighth consecutive term.

At the close of trading on Friday, the BSE Sensex rose by 1,619 points (up 2.2%), and the NSE Nifty increased by 446 points (up 1.9%). Among the top gainers were Wipro, Tech Mahindra, and M&M, while SBI Life Insurance and Tata Consumer Products were among the top losers. The BSE MidCap index closed 1.2% higher, and the BSE SmallCap index ended 2.1% higher. Sectoral indices showed positive trends, with notable buying activity in the metal, power, and oil & gas sectors.

Gold Prices and Market Outlook

Gold prices for the latest contract on MCX were 0.4% higher, reaching Rs 72,771 per 10 grams at the close of the Indian market on Friday. As of 7:35 AM today, the Gift Nifty was trading down by 49 points at 23,281 levels, indicating a muted start for the Indian share markets.

Top Buzzing Stocks Today

Wipro: Wipro’s share price is set to be in focus today following a 3.5% surge on Friday after announcing a US$ 500 million deal win with a leading US communication service provider. The company will provide managed services for products and industry-specific solutions.

Paytm: Shares of Paytm parent company One97 Communications Ltd. Saw gains of over 9% on Friday. The circuit filter for Paytm stock was revised to 10% from 5% earlier, effective from 7 June 2024.

Mastek Partners Nvidia AI Enterprises

Shares of Mastek soared nearly 16% on 7 June after announcing a partnership with Nvidia AI Enterprise. Mastek’s cloud-native platform, icxPro, will leverage NVIDIA AI Enterprise to enhance customer experience (CX) management across various sectors. The platform is expected to deliver a 20% return on capital employed (ROCE) in the manufacturing sector and has significant potential in the BFSI and healthcare sectors. Running on NVIDIA A100 Tensor Core GPUs, Mastek’s icxPro will enable faster time-to-market and unlock substantial business value.

Borosil Renewables’ Fund Raising Plan

Borosil Renewables announced a plan to raise Rs 4.5 billion through a rights issue. The company has approved the Draft Letter of Offer (DLOF), which now awaits SEBI’s approval. The entire process could take 3-4 months. As of 31 March 2024, Borosil Renewables had consolidated term debt of Rs 5.4 billion. The company, India’s largest solar glass manufacturer, posted revenue of Rs 986 crore for FY24 with a net loss of Rs 170 million. Borosil plans to add a fourth furnace with a capacity of 1,100 tonnes per day in CY25. The outlook for solar glass demand remains positive due to expected growth in solar module manufacturing. Shares of Borosil Renewables have risen 12% this year.

Ixigo Raises Funds Ahead of IPO

Le Travenues Technology, which operates the travel platform Ixigo, raised approximately Rs 3.3 billion from anchor investors ahead of its IPO launch. The IPO opens for subscription on 10 June and closes on 12 June. Notable investors include Nomura, Morgan Stanley, HDFC MF, and the Government of Singapore. The IPO consists of a fresh equity sale of Rs 1.2 billion and an offer for sale (OFS) of up to 66.6 million shares. The price band is set at Rs 88-93 per share, with investors able to bid for 161 shares in one lot and multiples thereafter. Proceeds from the public offer will be used for working capital, tech investments, inorganic growth through acquisitions, and general corporate purposes.

Market Implications and Future Prospects

The recent surge in Indian share markets and the strategic moves by companies like Wipro, Paytm, Mastek, Borosil Renewables, and Ixigo highlight the dynamic nature of the market. These developments underscore the importance of innovation, strategic partnerships, and timely financial maneuvers in driving growth and maintaining competitive edges in various sectors. Investors should stay vigilant and consider these factors when making investment decisions, as the market continues to evolve rapidly.