From the Sensex stocks, JSW Steel, M&M, Tata Steel, Bharti Airtel, and ICICI Bank opened with gains, while Infosys, TCS, Power Grid, Nestle India and Tech Mahindra opened with cuts.
JSW Steel, part of the JSW Group, is planning to borrow $750 million for capital expenditure as it targets major capacity expansion, aiming to almost double its steel output to 50 million tons by the end of the decade. The Mumbai-based company recently started work on a $7.8 billion complex in eastern India and is reportedly interested in a 20% stake in Whitehaven Coal s Blackwater coal mine.
JSW Steel price surged 2.79%, and open interest saw an increase of 0.2%.Oberoi Realty stock rose 2.56%, and the open interest saw an increase of 1.66%.
Aditya Welekar of Axis Securities discusses the Novelis IPO s potential uses of funds, including capex and acquisitions. Hindalco aims to unlock Novelis value and raise cash without increasing net debt. The stock s performance and valuation will depend on the IPO s outcome. Welekar says "let us hear from the management how they want to use the proceeds and based on that, we will take a call on the stock."