Adani Power shares are experiencing a significant rally. This week, the stock price climbed 13.8%, reaching Rs 605 on the BSE. High trading volumes are fueling this surge. Today, the stock rose 4.7% in intraday trade. Technically, the stock is trading above its daily exponential moving averages. The stock has shown strong recovery in the shorter term.
Wakefit Innovations has filed its draft red herring prospectus with Sebi for an IPO comprising a fresh issue worth up to Rs 468.2 crore and an offer for sale of 5.83 crore shares. Promoters Ankit Garg and Chaitanya Ramalingegowda, along with key investors, will offload stakes. The Bengaluru-based firm plans to use proceeds for expansion, equipment purchases, leases, and marketing.
Indian market is expected to open higher, mirroring positive global trends. Nifty futures closed with a 1.20% gain, while India VIX decreased by 3%. Experts recommend buying RIL, National Aluminum, Bajaj Auto, Axis Bank, Shriram Finance, Union Bank, Tata Steel, ICICI Bank and SAIL for short-term gains.
Hitachi Energy India's stock price increased following a significant order from Power Grid Corporation of India. The company will supply 30 units of 765 kV transformers. This order supports India's growing energy needs and aligns with the 'Make in India' initiative. Demand for power transformers is rising due to renewable energy and industrial electrification.
Safe Enterprises Retail Fixtures debuted strongly on the NSE SME platform, listing at Rs 151, a 9.4% premium over its IPO price. The company, known for designing retail fixtures for major Indian brands, reported impressive financials with a revenue of Rs 139.73 crore and a profit of Rs 39.19 crore.
Life insurers in India are seeking regulatory approval from Irdai to invest in gold ETFs, driven by their impressive returns exceeding 30% in the last year. This move aims to diversify portfolios within ULIPs and hedge against market volatility, as traditional assets offer lower returns.
Indian equity markets soared to a nine-month peak, propelled by banking stocks and improved investor confidence due to easing geopolitical tensions in West Asia. The NSE Nifty closed at 25,549, while the BSE Sensex reached 83,755.87, marking significant gains. Experts advise investors to focus on reasonably valued large-cap stocks in sectors like banking and cement.
