Gift Nifty Down 25 Points | Bajaj Auto Q3 Results | Why Steel Stocks are Rising | Top Buzzing Stocks Today

Thu, 25 Jan Pre-Open

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On Tuesday, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian equity benchmarks Sensex and Nifty rebounded after Tuesday's selloff amid buying in index heavyweights. The global market mood was mixed.

At the closing bell on Tuesday, the BSE Sensex closed higher by 689 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 215 points (up 1%).

Hindalco, HCL Tech and Tata Steel were among the top gainers.

ICICI Bank, Axis Bank and Asian Paints on the other hand, were among the top losers.

The BSE MidCap index and BSE SmallCap index ended 1.7% higher.

Barring banking sector, other sectoral indices are trading on positive note, with socks in Telecom sector, metal sector and oil & gas sector witnessing most buying.

The rupee was trading at 83.1 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 62,122 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 25 points or 0.1% lower at 21,441 levels.

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

Speaking of stock markets, India's three leading exchanges, BSE, MCX and IEX operate in different genres.

One is a stock exchange (operating in financial sector).

The second is a commodity exchange (operating in manufacturing sector).

The third is an energy exchange (operating in infrastructure sector).

All three exchanges are listed. Also, they are perceived by investors as the gateway to the long-term prosperity of the underlying sector they operate in.

Which one could be a future multibagger?

Tanushree Banerjee co-head of research at Equitymaster, answers these questions in below video.

Top buzzing stocks today

Bharat Dynamics share price will be in focus today.

Ammunition and missile manufacturer Bharat Dynamics reported a consolidated net profit of Rs 1.4 billion (bn) for the October-December quarter, up 61% year-on-year (YoY) to Rs 1.4 bn from Rs 840 m recorded in the year-ago period.

Consolidated revenue from operations grew 30% YoY to Rs 6 bn in Q3FY24, from Rs 4.6 bn in the previous fiscal.

DLF will also be a top buzzing stock.

DLF 24 January 2024 reported a consolidated net profit of Rs 6.5 bn in the third quarter of this fiscal, up by 26% YoY, the company said in a regulatory filing. It added that DLF recorded highest quarterly sales booking of Rs 90.5 bn backed by multiple launches during the quarter.

Company's consolidated revenue rose to Rs 16.4 bn in October-December of 2023-24 from Rs 15.6 bn in the year-ago period.

Bajaj Auto Q3 Net Profit Up 37%

Bajaj Auto reported a 37% YoY increase in net profit for Q3 at Rs 20.4 billion (bn) driven by robust sales of its two-wheelers, price hikes and higher realisations amid consistent demand. Its PAT during the corresponding period last year stood at Rs 14.9 bn.

Aided by a better product mix in favour of premium vehicles, leading to a higher average selling price (ASP), the Pune-based automaker's revenue also increased by 26% to Rs 121.1 bn during October-December 2023. Its turnover during Q3FY23 stood at Rs 93.2 bn.

The estimates had projected the company's revenue to rise 28.5% on-year to Rs 119.7 bn.

Furthermore, its earnings before interest, tax, depreciation and amortisation (EBITDA), jumped 36.8% YoY to Rs 24.3 bn in the third quarter as against Rs 17.8 bn in the year-ago period. Its operating margin also increased to 20.1% from 19.1% in Q3FY23.

The company claimed that the domestic business delivered an even stronger quarter with volume-led revenue growth of nearly 50% year-on-year (YoY).

On the back of strong momentum in the domestic market, the automaker reported a 32% YoY growth in sales at 12,00,997 units in the December quarter. The company reported a total sales of 3,26,806 units in December 2023, registering a growth of 16% from 2,81,514 units sold in December 2022.

Why steel stocks are rising

Steel stocks were fired up during January 24's trading session after the Chinese central bank governor announced plans to cut the Bank Reserve Requirement Ratio to provide liquidity for the ailing economy.

Shares of companies like Tata Steel, Hindalco, NMDC and Steel Authority of India were up between 3% and 5%.

Hindalco was up 4.7%, while Steel Authority of India jumped 5.6% and Tata Steel gained 3.7%.

China is the largest consumer of metals in the world, and the market is betting that a reduction in interest rates will spur economic activity, particularly in infrastructure and housing.

If that happens then Chinese steel companies will be able to sell a good quantity of their production locally, instead of dumping them in international markets.

For the last many months, global steel prices have been subdued, due to a combination of weak demand as well dumping by China. Weak global prices hurt exports for Indian steel makers.

Sharda Cropchem Q3

Crop protection and chemical company Sharda Cropchem Limited reported a 95.8% decline in net profit at Rs 46.4 m in the October-December quarter, as against Rs 1.1 bn last year.

The company's revenue from operations slumped 38% to Rs 6.3 bn from Rs 10.2 bn in the corresponding period of the preceding fiscal.

After the results, shares of the company were trading at Rs 406, down by Rs 19.6 or 5%, on the NSE. In the last year, the counter has declined over 13% compared to Nifty's 20% gain over the same period.

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!

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