After opening the day on the higher, Indian benchmark indices continued the trend as the session progressed but ended the day higher.Benchmark indices maintained their winning ways on Tuesday aided by a strong rally in financial and information technology (IT) shares.At the closing bell, the BSE Sensex stood higher by 378 points (up 0.5%).Meanwhile, the NSE Nifty closed higher by 100 points up (0.4%).HDFC Life, Bajaj Finserv, and Shriram Finance are among the top gainers today.ONGC, Bharti Airtel, and Cipla on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,713, up by 104 points, at the time of writing.The BSE MidCap index ended 0.9% higher and the BSE SmallCap index ended 0.5% higher.Sectoral indices were trading positive with socks in the metal sector and the power sector witnessed buying speed.Shares of TCS, Trent, and Colgate hit their respective 52-week highs today.The rupee is trading at 83.79 against the US$.Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 72,063 per 10 grams.Meanwhile, silver prices were trading 1.1% higher at Rs 85,266 per 1 kg.
Why Allcargo Logistics Share Price is RisingIn news from the logistics sector, shares of Allcargo Logistics zoomed nearly 12% as investors cheered the company’s healthy business update for July.On 20 August, the stock was trading around 9% higher at Rs 66.98 on the National Stock Exchange (NSE).In an exchange filing, the company informed that its LCL (less than container load) volume for July stood at 8.18 lakh cubic meters, a 6% month-on-month (MoM) increase and a 5% year-on-year (YoY) increase. The volume was similar to its highest-ever monthly volume recorded in August 2022.Allcargo Logistics’ combined surface and air express volume reached 1.08 lakh tonnes in July, marking an uptick from June 2024. This growth is attributed to early preparations for the upcoming festive season, which typically drives higher demand for logistics services.The management anticipates continued growth as the festive season approaches, expecting this upward trend to persist.Allcargo Logistics is a multinational company engaged in providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, and container freight station operations.
Nucleus Software Hits Upper Circuit
Moving on to news from the IT sector, shares of Nucleus Software Exports were locked in 20% upper circuit at Rs 1,411 apiece on August 20 as the company plans to mull the buyback of its equity shares two days later. This will be the third buyback, if approved, for Nucleus after 2017 and 2021.The buyback offer could either be done via the tender offer route or open market value. A share buyback benefits the company by reducing the number of outstanding shares, thereby, increasing the earnings per share or share price of the company. Additionally, it helps improve the financial ratios of the company like return on equity (RoE) or return on asset (RoA).The last buyback by Nucleus Software was done in 2021 at Rs 700 per share. Since then, the stock has risen over 69%. However, the stock of this IT services company has declined nearly 4% so far this year, underperforming benchmark Nifty 50’s 12% rise.The order book position is Rs 8.1 bn, including Rs 7.5 bn of product business and Rs 612 m of project and services business.Going ahead, the management expects to recover strongly in upcoming quarters.
Sunlite Recycling Industries Lits at 90% PremiumMoving on, shares of Sunlite Recycling Industries made a robust start on its stock market debut on 20 August after its shares got listed at Rs 199.5 apiece, a premium of 90% over the issue price of Rs 105 on the NSE SME platform.The listing gains beat grey market estimates where shares were trading at a premium of over 75%.The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.The Rs 302.4 m public offer, which is a fresh issue of 2.9 m shares, received robust investor interest as the issue was subscribed a massive 282 times. Non-institutional investors or high-networth individuals were at the forefront, buying 584 times their allotted quota.Retail investors followed, purchasing over 250 times. QIBs, also known as qualified institutional buyers, had bid for over 100 times the portion reserved for them.Established in 2012, Sunlite Recycling specialises in manufacturing copper rods, wires, earthing wires, earthing strips, conductors, and wire rods by recycling copper scrap.These products cater to the power generation, transmission, distribution, and electronics industries.More By This Author:Sensex Today Trades Higher; Nifty Above 24,600Sensex Today Ends 12 Points Lower; Nifty Above 24,500Sensex Today Trades Higher; BPCL & ONGC Top Gainers
