Mon, 13 Sep Pre-Open
Indian share markets ended on a flat note on Thursday.
At the closing bell on Thursday, the BSE Sensex stood higher by 55 points (up 0.1%).
Meanwhile, the NSE Nifty closed higher by 16 points (up 0.1%).
ONGC and Bharti Airtel were among the top gainers.
SBI Life Insurance and HDFC Life Insurance, on the other hand, were among the top losers.
Sectoral indices ended on a mixed note with stocks in the power sector, and telecom sector witnessing most of the buying interest.
Realty stocks, on the other hand, witnessed selling pressure.
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Shares of Abbott India and Marico hit their respective 52-week highs.
Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 46,920 per 10 grams at the time of closing stock market hours on Thursday.
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Top Stocks in Focus Today
Among the buzzing stocks today will be Tata Power.
Macrotech Developers (Lodha) on Thursday announced that it has partnered with Tata Power to provide end-to-end electric vehicle (EV) charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune.
Under this partnership, Tata Power will install EV charging stations at Lodha developments across MMR and Pune. These chargers will be accessible to all Lodha residents and visitors who are EV owners.
Installation and charging support will be provided for the electric vehicles along with 24×7 service, maintenance support, remote vehicle charging monitoring and e-payments through the EZ Charge mobile application by Tata Power.
This partnership will enable Lodha residents’ access uniform and ubiquitous EV charging experience
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The company further added that with vehicular emissions being a growing source of pollution in Maharashtra, the government of Maharashtra recently announced its plans to aggressively develop EV charging infrastructure in the state and this partnership will play a major role in fulfilling the agenda of decarbonizing transportation in the state.
Jindal Steel share price will also be in focus today.
Jindal Steel and Power (JSPL) has made a pre-payment of US$ 106 m (about Rs 7.8 bn) to the lenders of its arm Jindal Steel & Power (Australia).
Without sharing further details, the steelmaker said the prepayment has helped the company reduce the debt by approximately 50&.
The company is now aiming to clear all its overseas debt in the coming quarters.
JSPL Managing Director V R Sharma said,
- We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by the financial year 2023 through accelerated deleveraging.
Part of the OP Jindal Group, JSPL has a presence in steel, power and mining sectors. The company has made investments worth US$ 12 bn (Rs 900 bn) across the globe.
Byju’s fast-tracks IPO plans
As per a leading financial daily, Byju’s could close the pre-IPO fundraising in a few weeks at a valuation of about US$21 bn. The fundraising is likely to be split between equity and debt.
Byju’s is then aiming to file its initial IPO documents as early as the second quarter of next year. It had previously looked at a timeline of 12 to 24 months.
Bankers including Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co., are in talks for discussing valuations.
Investment bankers have also pitched alternatives such as an US IPO or a merger with a special purpose acquisition company, but people close to the matter said those options are less likely than a listing in India.
Byju’s added 45 m students to its platform as the pandemic peaked in India last year and said in July it has more than 100 m users on the app. Around 6.5 m are paid subscribers and its annual renewal rate is 86%.
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Greaves Cotton announces entry in multi-brand EV retail segment
Greaves Cotton share price jumped over 5% on the BSE on Thursday after the company entered into multi-brand EV retail segment.
Nagesh Basavanhalli, Managing Director and Group CEO at Greaves Cotton said,
- These will be the first of its kind multi-brand retail stores for clean tech or electric mobility. We will start first with Bangalore. We will gauge the response and then we will go to the other major EV cities in the country.
Introduced under the brand name AutoEVMart, the platform serves as a marketplace for EVs in the country, will offering e-two-wheelers and e-three-wheelers, among others, along with accessories.
‘AutoEVmart’ platform is a concept that will enable consumers with a wide range of electric vehicles to choose from Ampere Electric to other brands in the EV space.
The company said it will be launching the first retail store under this new business soon.
The announcement comes on the World EV Day, which is observed on 9 September every year.
The day marks the celebration of e-mobility. Special awareness campaigns are organised globally to educate people about the benefits of electric vehicles.
The company’s entry into the multi-brand EV retail segment comes in line with the its ambitious campaign – ‘Moving Billions with Greaves,’ it said.
With this launch, Greaves Electric Mobility is participating in this global movement to accelerate the adoption of electric vehicles.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
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,
What else is happening in the markets today? Dig in…
Stock Market Updates
Sep 9, 2021 Closing
Indian share markets ended on a flat note with the Sensex up by 55 points and Nifty ending up by 16 points.
Sep 9, 2021 12:30 pm
BSE Sensex is trading down by 96 points, while the NSE Nifty is down by 31 points.
Sep 9, 2021 09:30 am
Indian share markets open flat. The BSE Sensex opened down by 37 points, while the Nifty is trading lower by 16 points.
SGX Nifty Down 54 Points, PLI Scheme for Textile Sector, Dr Reddy’s Vaccine Update, and Buzzing Stocks Today (Today’s Market)
Sep 9, 2021 Pre-Open
Top cues to track in today’s stock market session.