After opening the day higher, Indian share continued the momentum as the session progressed and ended on a positive note

Indian bourses were seen trading with significant gains in Wednesday's intra-day trades, ahead of the inflation and IIP data later today.

At the closing bell, the BSE Sensex stood lower by 100 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 44 points (up 0.2%).

Tech Mahindra, Coal India, and Eicher Motors are among the top gainers today.

M&M, HUL, and Adani Ports, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,371, up by 22 points, at the time of writing.

The BSE MidCap index and BSE SmallCap index ended 1% higher.

Barring the FMCG sector, all other sectoral indices are trading on a positive note with stocks in the energy sector, metal sector, and power sector witnessing the most buying.

Shares of Bajaj Auto, Trent, and Hero MotoCorp hit their respective 52-week highs today.

The rupee is trading at 83.53 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 71,466 per 10 grams.

Meanwhile, silver prices were trading 0.5% higher at Rs 89,090 per 1 kg.
 

Brightcom Group Sinks 5%

In news from the IT sector, the embattled Brightcom Group's stock price sank 5% in early trade on 12 June, after the firm reported its earnings for the quarter that ended September 2024.

On 16 May, Brightcom Group announced it was aiming to declare its quarterly results for the second and third quarters by 11 June. However, the firm has only shared the earnings report for the September quarter of 2023 so far.

However, the results of the third quarter have not been announced.

For the September quarter, Brightcom Group's revenue was flat at Rs 1.1 bn, while Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell to Rs 10 m from Rs 39.2 m during the same quarter last year.

Net profit for the period stood at Rs 6.3 m from Rs 5.9 m in the year-ago quarter, while margin narrowed to 0.9% from 3.47% last year.

Last month, the National Stock Exchange (NSE) announced that trading in shares of the Brightcom Group will be suspended from 14 June and the suspension will continue till it complies with the master circular.

After a 15-day suspension, trading will resume on a trade-for-trade basis or the 'Z' category on the first trading day of every week for the next six months.

Why Shipping Corporation of India shares surged over 7% today

Moving on to news from the shipping sector, Shares of Shipping Corporation of India (SCI) surged by 7.5% on 12 June, driven by optimism surrounding a report that suggested that the company is heading closer to divestment.

A senior government official quoted in a moneycontrol.com report highlighted the strategic sale of SCI is expected to proceed without further delays, following the approval of a stamp duty waiver by Maharashtra.

The stamp duty waiver, valued at approximately Rs 300 crore, was a significant potential obstacle for SCI's divestment. The official also mentioned that the divestment process was delayed due to the general elections, which have now concluded.

Earlier this year, SCI's non-core assets, overseen by the Ministry of Ports, Shipping, and Waterways, were demerged and separately listed on the stock exchanges as Shipping Corporation of India Land and Assets.

This demerger and subsequent listing have cleared the path for inviting financial bids for SCI's strategic sale, which is anticipated to bring in around Rs 30 billion.
 

Go Digit Shares rally 10%

Moving on to news from the insurance sector, shares of Go Digit General Insurance advanced 10% to its new all-time high of Rs 372.4 in the early trade on Wednesday after the company reported a Q4 profit after tax (PAT) of Rs 530 m, a 104% jump on a year-on-year (YoY) basis.

The gross written premium for the reported quarter for Go Digit stood at Rs 23.4 bn, up from Rs 19.6 bn reported in Q4FY23. This is a nearly 19% jump on a YoY basis.

For the full financial year, the net profit stood at Rs 1.8 bn versus Rs 360 m in FY23, a 405% jump. Meanwhile, the gross written premium for the full financial year stood at 90.2 bn versus Rs 72.4 bn in FY23. The company achieved a growth of 24.5% on a YoY basis.

As of 31 March 2024, its assets under management (AUM) stood at Rs 157.6 bn, compared to Rs 126.7 bn as of 31 March 2023, a 24.4% growth.

Go Digit recently got listed on the exchanges in May at a 5% gain over the issue price of Rs 272

The company's advanced technology platform and focus on innovation bode well for its future.

Go Digit is a digital full-stack insurance company offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.

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