After opening the day lower, Indian benchmark indices turned positive as the session progressed and ended the day higher.The benchmark equity indices ended Thursday’s trading session in positive territory.At the closing bell, the BSE Sensex stood higher by 349 points (0.4%).Meanwhile, the NSE Nifty closed higher by 99 points (up 0.4%).Tata Motors, BPCL, and Britannia are among the top gainers today.Grasim Industries, M&M, and Hindalco on the other hand, were among the top losers today.The GIFT Nifty was trading at 25,150 up 92 points at the time of writing.The BSE MidCap index ended marginally lower and the BSE SmallCap index ended 0.7% lower.Sectoral indices were trading mixed with stocks in the metal sector and the power sector witnessed selling pressure. Meanwhile, the stocks in the auto sector, FMCG sector, and oil & gas sector witnessing buying speer.Shares of Bajaj Auto, Colgate, and Bajaj Finserv hit their respective 52-week highs today.The rupee is trading at 83.88 against the US$.Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 72,112 per 10 grams.Meanwhile, silver prices were trading 0.8% higher at Rs 87,195 per 1 kg.
Why Bajaj Finserv & Bajaj Finance Share Price is risingIn news from the finance sector, shares of Bajaj Finserv and Bajaj Finance rallied as much as 4% on the BSE in Thursday’s intra-day trade, extending their past three days’ gain.The stock prices moved up ahead of the group’s Rs 70 bn initial public offering (IPO) announcement of its mortgage lending arm Bajaj Housing Finance.According to reports, the IPO is expected to hit the market during the first half of September. The IPO will have a special quota for shareholders of Bajaj Finserv and Bajaj Finance, both of whom are classified as promoters.Bajaj Housing’s IPO will comprise a Rs 30 bn share sale by Bajaj Finance and a fresh fundraising of Rs 40 bn.Bajaj Finance is a consumer finance and lending business, in which Bajaj Finserv holds a 51.3% stake and its unlisted 100% subsidiary, Bajaj Housing Finance (BHFL).BHFL offers a complete product suite of mortgages to home loans, loans against property, lease rental discounting, developers financing and rural mortgages.It has a dedicated vertical offering home loans and loans against property to the rural sector and MSME customers under rural mortgages.
Vodafone Idea Shares Jumps Today. Here’s whyMoving on to news from the telecom sector, Vodafone Idea shares rose 3.6% to the day’s high of Rs 16.6 on the BSE after the Supreme Court scheduled a hearing for the company’s curative petition in the AGR case on 30 August.The update comes after the Supreme Court acknowledged Vodafone Idea’s submission on 15 July, challenging the 2019 ruling on payments owed to the government.Vodafone Idea’s curative plea in the AGR case seeks three key remedies.First, correction of any errors in the AGR demand calculations; second, a reduction of the penalty to 50% of the total shortfall amount and third, an adjustment of the interest rate on the penalty to 2% above the State Bank of India’s prime lending rate.Earlier this year in July, a bench comprising Chief Justice of India DY Chandrachud, Justice J B Pardiwala, and Justice Manoj Misra was urged by senior advocate Harish Salve, appearing for Vodafone Idea, that the petition needed consideration.In July 2021, the Supreme Court dismissed a plea seeking correction of errors in the demand of AGR dues. The telecom companies had then moved the issue to the top court claiming there were several errors in arriving at the AGR dues which totalled over Rs 1 trillion (tn).
Genus Power Hits Record High. Here’s Why
Moving on to news from the power sector, shares of Genus Power surged to a new all-time high of Rs 466 each on 29 August, hitting the 5% upper circuit limit.This remarkable gain came after the company announced its arm secured new orders worth Rs 44.7 bn. With these new contracts, the company’s total order book now stands at a robust Rs 325 bn.Trading activity was exceptionally high on this day, with around 2.5 m equity shares changing hands on both the BSE and NSE.This volume was significantly higher than the 0.7 m shares traded during the previous session.This order is for the appointment of advanced metering infrastructure service providers, covering the design, supply, installation, commissioning, and management of about 5.6 m smart prepaid meters, including distribution transformer (DT) meters with energy accounting.The contract will be executed on a Design-Build-Finance-Own-Operate-Transfer (DBFOOT) basis.In recent weeks, the company has secured three major contracts, totaling Rs 110 bn. This includes orders worth Rs 29.3 bn and Rs 36.1 bn awarded in the third week of August, in addition to the new Rs 44.7 bn order.Genus Power is one of India’s leading providers of electricity metering solutions, commanding approximately 27% of the market.More By This Author:Sensex Today Trades Marginally Lower; Nifty Holds 25,000 Sensex Today Ends 14 Points Higher; Nifty Holds 25,000Nifty Holds 25,000; Medi Assist Healthcare Services Jumps 7%
