Gift Nifty Down 44 Points | Foxconn & HCL Group's Chip Packaging Venture | Asian Paints Q3 Results | Top Buzzing Stocks Today

Thu, 18 Jan Pre-Open

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On Wednesday, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Weak global sentiment, coupled with bear hammering of HDFC Bank, dragged benchmarks sharply lower Wednesday.

At the closing bell on Wednesday, the BSE Sensex closed lower by 1628 points (down 2.2%).

Meanwhile, the NSE Nifty closed down by 460 points (down 2.1%).

TCS, Infosys and HCL Tech were among the top gainers.

Tata Steel, Hindalco and Axis Bank on the other hand, were among the top losers.

Broader markets ended on positive note. The BSE MidCap index and BSE SmallCap index ended 1% lower.

Sectoral indices ended mixed with stocks in the media sector, IT sector and consumer durables sector witnessed buying. Meanwhile, stocks in banking sector and metal sector witness selling pressure.

The rupee was trading at 83.14 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 61,934 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the Gift Nifty was trading 44 points lower at 21,406 levels.

Indian share markets are headed for a negative note opening today following the trend on Gift Nifty.

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

Top buzzing stocks today

L&T share price will be in focus today.

L&T scaled a 52-week high of Rs 3,614, gaining nearly 1% after the company's buildings and factories (B&F) business won an order in India and Oman.

The residential business of B&F has secured a significant repeat order from the Government Planning and Development Authority, Maharashtra, to build EWS housing, 14 towers and related infrastructure in Navi Mumbai.

MRF will also be a top buzzing stock.

Madras Rubber Factory, popularly known as MRF, touched the Rs 1.5-lakh mark, extending gains for the sixth trading session in a row on the bourses. At this price, MRF became the most expensive Indian stock.

Foxconn & HCL Group's Chip Packaging Venture

Foxconn, also known as Hon Hai Precision Industry, said it is partnering with India's HCL Group to start a chip packaging and testing venture in the country.

Foxconn Hon Hai Technology India Mega Development, a unit of the Taiwanese contract manufacturer, will invest US$ 37.2 million for a 40% stake in the joint venture.

The chip packaging and testing venture, known as OSAT in industry lingo, comes after Foxconn abandoned a joint venture with India's Vedanta in July.

HCL Group previously said it was holding active discussions with the Karnataka state government to set up an OSAT facility.

The development comes just after it submitted a fresh application to establish a semiconductor fabrication unit in India under the modified scheme for setting up of semiconductor fabs in India, a government initiative aimed at boosting the electronics manufacturing sector in the country, including semiconductors.

The Ministry of Electronics and Information Technology (MeitY) is verifying Taiwanese contract manufacturer Foxconn's application to set up a semiconductor factory in the country.

Both developments come after its exit from a joint venture with the Vedanta Group, which had plans to set up a chip plant in Gujarat with an investment of around Rs 1.5 trillion (tn).

Foxconn, the world's largest assembler of iPhones and other electronics for global brands, is expanding in India as geopolitical tensions and economic uncertainty begin to disrupt its primary operations in China.

Foxconn has been India's leading manufacturer of iPhones, contributing 68% of total production, followed by Pegatron at 18% and Wistron [Tata] at 14%.

Foxconn exported nearly 58% of its total production of iPhones, while Pegatron and Wistron exported 80% and 96% of their iPhone production, respectively, from their India factories.

For more, check out The Chip Race is About to Heat Up. Watch Out for this Semiconductor Stock in 2024.

Asian Paints Q3 Results

Asian Paints on 17 January reported a consolidated net profit of Rs 14.8 bn for the third quarter of the financial year 2023-24, up 34.4% from Rs 10.9 bn in the year-ago period. Sequentially the profit was up 19.7%.

The paint manufacturer reported a 5.4% year-on-year (YoY) up in consolidated revenue at Rs 91 bn in the December quarter against Rs 86.4 bn in the year-ago period.

The revenue was up 7.4% from the September quarter. The company witnessed 12% volume growth and 5.5% value sales in Decorative Business for India.

The earnings before interest, tax, depreciation, and amortization (EBITDA) came in at Rs 20.6 bn against Rs 16.1 bn in the year-ago quarter.

The EBITDA margin stood at 22.6% against 18.7% in the year-ago period.

Further, in Q3FY24, sales remained flat for the international business at Rs 7.8 bn compared to Rs 7.7 bn, over macro-economic headwinds and inflation in key markets of South Asia and Egypt. However, in constant currency terms, sales increased by 5.2%.

The PBT before exceptional items for Q3 FY24 stood at Rs 583 million (m), marking a rise from Rs 370 m in the same period last year.

The company's bath fitting business experienced a 5% decline in sales, dropping to Rs 854 m from Rs 898 m due to weak industry demand.

The kitchen business, after four consecutive quarters of de-growth, saw flat sales in Q3 FY24 at Rs 1 bn. On a positive note, White Teak's sales in Q3 FY24 rose by 18.3% to Rs 337 m, and Weatherseal witnessed a significant increase, with sales more than doubling to Rs 137 m.

Additionally, brownfield expansions at both Khandala and Kasna have been successfully completed, resulting in an increased installed production capacity from 300,000 KL pa to 400,000 KL pa and from 80,000 KL pa to 100,000 KL pa, respectively.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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