Bank of Baroda, PNB, SBI, Canara Bank and IDBI shares were trading 2 percent higher during the early trading session as Public Sector banks were in demand. Indian markets opened positive on Tuesday and the sentiment is looking positive from the initial trades. Market direction will be clear if NSE Nifty manages to trade above immediate resistance at 23400. NSE Nifty opened at 24,367 and touched intraday high of 24,417 at the time of publication of this report.

Bank of Baroda was trading 2.76 percent higher at Rs 253. State Bank of India was trading 2 percent higher at Rs 853 and offering support rest of the banks in public sector. Among other gainers in banking space were PNB, Canara Bank and IDBI. All stocks from public sector banking segment were trading in the green today. PSU Banking Index was up by 2.3 percent.

HEG shares were trading 10 percent higher at Rs 482.35.

Pricol Limited is set to expand its footprint through a major acquisition, while Godrej Properties strengthens its financial position with a successful QIP issue. Swiggy Limited, a new entrant in the stock market, showcases its growth trajectory with impressive revenue figures. Below, we delve into the specifics of these developments, examining their implications and future potential.

Pricol Expands Portfolio with Injection Molding Business Acquisition

Pricol Limited makes a bold move by acquiring the injection molding business of Sundaram Auto Components Limited (SACL) for Rs 215.3 crore.

Acquisition Details: Pricol, through its subsidiary Pricol Precision Products, will integrate SACL’s injection molding business into its operations. This move is expected to bolster Pricol’s consolidated revenue by Rs 730 crore annually.

Financial Strength: SACL’s robust financial parameters are projected to be value-accretive for Pricol, enhancing its profitability and market competitiveness.

Board Approvals: The Pricol board has sanctioned an additional investment of up to Rs 120 crore in shares of Pricol Precision Products in multiple tranches. Furthermore, the board approved a corporate guarantee of up to Rs 250 crore for loans to be procured by Pricol Precision Products.

This acquisition marks a strategic expansion for Pricol, solidifying its position in the automotive components sector.

Godrej Properties Raises Rs 6,000 Crore Through QIP Issue

Godrej Properties successfully concludes its Qualified Institutional Placement (QIP), raising Rs 6,000 crore to fuel its growth aspirations.

Issue Price and Allocation: The QIP was finalized at Rs 2,595 per share, reflecting a 4.86 percent discount to the floor price of Rs 2,727.44 per share. The company allocated 2.31 crore equity shares to eligible Qualified Institutional Buyers (QIBs).

Strategic Objective: The raised capital will likely be directed towards funding new projects, strengthening the company’s balance sheet, and enhancing its competitive edge in the real estate market.

This fundraising effort underscores Godrej Properties' commitment to scaling its operations and capturing growth opportunities in India’s burgeoning real estate sector.

Swiggy’s Shares Surge Ahead of Q2 Earnings Announcement

Swiggy Limited sees a nearly 10 percent rise in its stock price, trading at Rs 542, ahead of its much-anticipated second-quarter earnings report.

Market Momentum: The stock continues its upward trajectory, marking its second consecutive session of gains following its Rs 11,327-crore IPO last month.

Revenue Growth: According to Prosus, one of Swiggy’s key investors, the company reported a revenue of $750 million (approximately Rs 6,300 crore) in the first half of FY25, a 40 percent increase from the $536 million (around Rs 4,500 crore) recorded during the same period in FY24.

Upcoming Financial Report: Swiggy’s Q2 earnings report will provide crucial insights into its post-IPO performance and growth strategy.

The positive investor sentiment reflects confidence in Swiggy’s ability to maintain its growth momentum in the competitive food delivery market.