MarketBuzz
1327: The Marketbuzz Podcast: Nifty eyes 14th day of gains, Vedanta dividend bounty continues
Good morning and welcome to CNBC TV18's Market Bus podcast. I am Garmasvatakia. Well, they say 13 is an inauspicious number but not so for the NFT. It was the 13th day of gains for the index on Monday, something that has never happened before in the history of the NFT. If it was another day of gains, it was a day of new records as well. Now, the NFT made a new record high yesterday of 23.335 and that will be the first level to watch out for in today's session. Will it be a 14th day of gains for the index today? Well, no queues coming in from Wall Street because the markets were shut on Monday. Asian markets though have opened mostly higher after inflation in South Korea fell to the lowest in 3.5 years. The gift NFT though is indicating a slightly positive start for our own markets. But is there a potential correction coming through? Even if one is, market experts believe that it will not be as steep as the one that we saw during COVID-19. Now, Kotak Mahindra AMC's Nilesha echoed the sentiment during an interaction with CNBC TV18 last week. Veteran investor Vijay Kadir also said that while there is froth in certain sections of the market, the liquidity gush will ensure that the market does not collapse. Today is also the weekly expiry of the NFT financial services index, which will keep the NFT bank in full focus as well. And that is the index that has been slowly grinding higher on its own even testing levels of 51-600. In yesterday's session, albeit could manage to hold on to those levels. Now also, you need to keep an eye out for the broader markets because there has been some bit of selling pressure coming in over the last few days. Stock specific action has been a plenty. Most of these stocks which have seen a significant run up in the last few trading sessions are seeing some selling pressure. Vodafone idea and in the towers have been a case in point. Vodafone idea down for two straight days, now almost 8% shed in the last two trading sessions. Well, there are plenty of stocks to watch out for in today's trading session. Vedanta is one of them and it declared its third interim dividend yesterday. It was 20 rupees a share and the record date for that has been fixed as September the 10th. Now, all this while Vedanta has now declared 35 rupees as dividend so far in FY24 and based on their stake, the 56% stake that the promoter entity has, they will get around 4,400 crores as a dividend payout. Updates also coming in from Bajaj housing finance, they announced their IPO price ban which is now between 66 rupees to 70 rupees a share. At the upper end of the price ban, the market cap will be well over 58,200 crore when the stock lists and retail investors can bid for one lot of 214 shares and in multiples thereafter. Block deals continue in today's session as well. Bessemer India is likely to sell shares of Mediasist health care worth up to 541 crore in this block deal. Now, the floor price has been fixed at 570 rupees a share which is a 7.7% discount to Monday's closing price. There will also be a lock-in period until the 18th of July 2025 for further sale of shares. Also watch out for HAL where the cabinet committee on security has approved procurement of 240 aero engines for IAF's Su-30MKI aircraft from the company worth 26,000 crore rupees. Brokeridge firm Antique says that the stock has the potential to test levels of 6,145 rupees saying that the valuations are attractive and although the near-term earnings trajectory is choppy, the stock is attractively valued. Premier Energy will also be listing on the bosses today. There has been much controversy over the pre-IPOs take sale that the promoters have made but the IPO saw very healthy subscription. It will be interesting to see the premium at which the stock lists. There are plenty of other stocks to watch out for as well. So stay tuned to CNBC TV 18 and CNBC TV 18 dot com for that. And that's all for today. We wish you a safe trading day. Thank you so much for tuning in. [Music] [BLANK_AUDIO]