Axis Bank Quarterly Results, Tube Investments' Acquisition in EV Startup, and Buzzing Stocks Today

Tue, 25 Jan Pre-Open

   Previous Close   

   10:30 am   

   Closing   

Indian share markets ended on a weak note yesterday.

The sell-off continued for the fifth straight session with benchmark indices losing nearly 3% each.

Panic selling due to the uncertainty around the quantum of a rate hike by the US Fed spooked the markets. Besides, geo-political tensions between Russia and Ukrain, rising dollar index, and surging oil prices and bond yield added to the woes.

At the closing bell yesterday, the BSE Sensex stood lower by 1,546 points (down 2.6%).

Meanwhile, the NSE Nifty closed lower by 468 points (down 2.7%).

Cipla and ONGC were among the top gainers.

JSW Steel and Tata Steel, on the other hand, were among the top losers.

The broader market also witnessed sell-off.

The BSE Mid Cap index and the BSE Small Cap index ended down by 3.8% and 4.4%, respectively.

On the sectoral front, realty stocks, metal stocks and consumer durables stocks were among the hardest hit.

Shares of Adani Transmission and Cholamandalam Investment hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 48,528 per 10 grams at the time of closing stock market hours yesterday.

Here are 5 Factors Behind Yesterday's Market Crash

FPIs sell-off and rising crude oil prices: Foreign Institutional Investors (FIIs) pulling out money from the Indian markets, and crude oil prices shooting up for the past few months have added to worries.

Geopolitical conflict: Fear of a potential invasion of Ukraine by neighbouring Russia felt across a number of markets today.

Russian aggression on its border with Ukraine has triggered one of the greatest security crises in Europe since the Cold War.

In 2014, Russia had seized Crimea, an important port region in Ukraine. Conflicts between the two militaries continue till this day but the recent Russian build-up of 1 lakh troops along the border has escalated tensions to unprecedented levels.

Rate hike worries, US Fed speech: Indian markets were dragged down by inflation worries. The US Fed speech this week will be eyed.

Tumbling tech stocks: New-age firms that have listed on the stock market in the last few months at high valuations have taken a beating, dampening investor sentiment.

Retail and high net-worth investors bet big on these stocks but the possibility of the Fed going for multiple rate hikes this year has soured the sentiment.

Globally, too, the tech sector is under pressure, especially in the US.

In India, shares of One97 Communications, the parent of Paytm, CarTrade, PB Fintech, and Fino Payments Bank have slipped between 10 and 50% from their listing price.

Zomato and Nykaa parent FSN E-commerce have sunk 21% from their highs after listing on the bourses in 2021.

Covid cases: Rising Covid cases in India, which have remained above 3 lakh cases for some days now, are also causing concern.

Many states have announced or extended restrictions, which may hamper economic activity in the near term.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains how you can find out if your stocks are going to fall or not, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be HDFC.

India's largest mortgage lender HDFC's wholly-owned subsidiary HDFC Capital is planning to invest around US$2 bn in affordable housing through its third fund focused on this segment.

The fund, HDFC Capital Affordable Real Estate Fund - 3 (H-CARE-3), is one of the largest funds raised to invest in the residential real estate sector anywhere in the world.

The fund has achieved its first close with investors already committing over US$1.2 bn.

The primary investor of the fund is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

The total corpus of the H-CARE-3 will be around US$2 bn including the potential reinvestments by the fund.

Axis Bank share price will also be in focus today.

Private lender Axis Bank said its net profit for the December-ending quarter was at Rs 36.1 bn, a jump of 224% from Rs 11.2 bn in the corresponding quarter last year.

The bank said net interest income (NII) grew 17% year on year (YoY) and 10% sequentially to Rs 86.5 bn.

Fee income grew 15% YoY and 3% quarter on quarter (QoQ) to Rs 33.4 bn. The trading profits and miscellaneous income for the quarter stood at Rs 3.7 bn and Rs 1.3 bn respectively. Overall, non-interest income at Rs 38.4 bn, up 31% YoY and 1% QoQ.

The operating profit for the quarter grew 17% YoY and 4% QoQ to Rs 61.6 bn.

Amitabh Chaudhry, MD&CEO, Axis Bank said,

• As part of our digital strategy, we continue to focus on 'OPEN' Banking initiatives to enhance user experience through constant innovation in our offerings to both retail and corporate banking customers.
  
  In retail, we continue our growth focus, with the economy turning around and the limited impact of the virus. We are optimistic about the future and plan to leverage every sustainable growth opportunity that is available to us.

Tube Investments to Acquire 70% Stake in this EV Startup

Muruguppa group firm Tube Investments of India (TII) on Monday said it will acquire 70% stake in start-up Cellestial E-Mobility firm for Rs 1.6 bn

Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment and other electric machinery.

It has already designed and developed two tractor prototypes for production, TII said in a regulatory filing.

TII, which has recently embarked on an electric 3-wheeler initiative, as part of its foray into clean mobility, said it is also setting up a new 100% subsidiary and will be infusing initial capital to the extent of Rs 3.5 bn on it.

TII Chairman M A M Arunachalam said,

• The formation of a separate subsidiary and acquisition of a controlling stake in Cellestial will enable the company to bring required focus to the emerging growth opportunities in electric vehicles (EVs).

These new EV products along with the existing product portfolio of bicycles and e-bicycles will further strengthen the company's efforts towards climate change and sustainability, he added.

FabIndia Files for Over Rs 40 bn IPO

FabIndia is planning to raise up to Rs 40 bn through an initial public offer (IPO) and in a novel approach, the company's promoters also plan to gift more than 700,000 shares to artisans and farmers.

With this, the company is aiming to raise money from the markets at a valuation of more than Rs 200 bn.

The lifestyle retail brand on Saturday, filed the draft red herring prospectus (DRHP) with market regulator for the offer that will include fresh issue of shares worth up to Rs 5 bn. While the offer for sale (OFS) will be of up to 2,50,50,543 shares.

In the DRHP, the company has mentioned about its ESG initiatives, saying it believes that enabling and uplifting the people we work with, taking care of the environment, and being ethical in our conduct with have a long and lasting positive impact.

The six-decade-old FabIndia runs more than 300 Fabindia-branded outlets and more than 70 organic India stores nationwide. It sources products from over 2,200 farmers directly and deals with over 10,300 farmers through their associates.

Note that FabIndia is the latest among a host of retailers including Go Fashions and Biba that have either tapped the markets or targeting their IPOs later this year.

How FabIndia's IPO sails through remains to be seen as it comes at a time when retailers are reeling under low sales and dwindling footfalls in stores amid a threat of third wave.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers