NIFTY50, Sensex trade flat: Reliance Power, Coforge, Jindal Saw among top buzzing stocks today

The equity benchmark indices are trading marginally higher during the intraday period on Tuesday, June 10, driven by a rally in the IT and media stocks.

Grasim Industries was the top contributing stock on the NIFTY50 index, rising 3.94%, followed by Adani Enterprises (3.09%), Tech Mahindra (3.01%), HCL Technologies (2.09%) and Infosys (2.05%).

Meanwhile, Trent (-1.29%), Eternal (-1.17%), ICICI Bank (-1.02%), SBI Life Insurance (-0.92%) and Bajaj Finserv (-0.77%) were the top losers on the 50-share index.

The company said it has entered into a “strategic partnership with the new-age content & tech start-up Bullet, co-founded by serial entrepreneurs Azim Lalani and Saurabh Kushwah. Bullet has developed India’s first micro-drama application focused on fast-paced, creator-driven content through short-duration vertical format episodes targeted towards younger audiences.”

Bullet will be launched within the ZEE5 ecosystem, leveraging its strong user base by enabling access to high-quality, bite-sized entertainment directly through the platform, Zee further said.

Global brokerage firm JP Morgan maintained its outlook for the firm on Tuesday. JP Morgan has said Coforge’s management was bullish with no signs of any of the macro concerns plaguing peers. This led to their outlook decision. The brokerage is also confident about industry-leading growth while sharply expanding margins.

Another reason for the rally in Coforge shares can be attributed to the US-China trade talks.

The company on Monday said it had secured a contract worth around ₹893 crore, including GST, for the construction of a berth & breakwater for the development of greenfield captive jetties in Odisha.

On Tuesday, the stock touched its 52-week high of ₹71.33 per share. Last seen, shares of Reliance Power were trading at ₹70.1 apiece, jumping 8.48%.

Investors have been gaining confidence in the company after Reliance Power’s healthy March quarter earnings for FY25. Reliance Power posted a consolidated net profit of ₹126 crore in the January-March quarter of FY25 (Q4 FY25) due to lower expenses.

The company had reported a loss of ₹397.56 crore in the quarter ended on March 31, 2024, a regulatory filing showed.

Total income dipped to ₹2,066 crore in the later fourth quarter from ₹2,193.85 crore logged in the same period a year ago. Total expenses declined to ₹1,998.49 crore in the quarter under review from ₹2,615.15 crore a year ago.

According to data, as many as 2.5 crore shares, or 5.54% of the company's outstanding equity, changed hands via block deal.

The company’s board on Monday approved three new international investments totalling up to $118 million, aimed at strengthening its presence in the Middle East.

The largest of the projects involves setting up a 100%-owned step-down subsidiary in Abu Dhabi to establish a seamless pipe manufacturing facility with a capacity of 300,000 tonnes per annum.

Last seen, shares of Jindal Saw were trading 6.5% higher on the NSE at ₹246.96 apiece.

Grasim Industries was trading at ₹2,713.90 per share during the intraday period, jumping 4.04% on the NSE.