SGX Nifty Up 78 Points | Adani Enterprises FPO | Bajaj Auto Q3 Results | Top Buzzing Stocks Today

Fri, 27 Jan Pre-Open

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On Wednesday, Indian share markets continued the downtrend and ended deep in red.

Benchmark indices fell to weekly low levels in volatile trading, ahead of the monthly expiry of derivatives and the Union budget 2023.

At the closing bell on Wednesday, the BSE Sensex stood lower by 774 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 226 points (down 1.3%).

Maruti Suzuki, Hindalco, and HUL were among the top gainers.

Adani Ports, SBI, and HDFC Bank on the other hand, were among the top losers.

Broader markets settled on a weak note on Wednesday. The BSE Midcap fell 1.5% while the BSE SmallCap index ended 0.9% lower.

Barring metal sector, all sectoral indices ended on a negative note with stocks in the banking sector, finance sector, telecom sector, and power sector witnessed heavy selling.

Shares of Jindal Stainless hit its 52-week high on Wednesday.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Gold prices for the latest contract on MCX were trading lower by 0.3% at Rs 56,815 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:20 AM today, the SGX Nifty was trading up by 78 points or 0.4% higher at 18,030 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

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Top Buzzing Stocks Today

Indraprastha Gas share price will be in focus today.

Indraprastha Gas a joint Venture of GAIL (India), BPCL, and government of NCT of Delhi, is a large-cap company dealing in the energy sector. The company declared its Q3 results on Wednesday along with a dividend of 150% for the financial year 2022-23.

The board of directors in its meeting declared interim dividend of 150% i.e. Rs. 3 per share for the financial year 2022-23. The record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be 7 February 2023.

Teamlease Services will also be a top buzzing stock.

Teamlease Services declared its quarterly results on Wednesday. The company reported net revenue of Rs 20.2 billion (bn) in Q3 as against Rs 17.7 bn in a year ago period, representing a YoY growth of 14%.

The company recorded a net profit of Rs 290 m in the quarter under reviews compared to Rs 300 bn recorded in the year-ago quarter, representing a fall of 5% YoY.

Market participants will also track Bajaj Auto share price.

Bajaj Auto on Wednesday reported a nearly 23% year-on-year (YoY) rise in net profit for the quarter ended December to Rs 14.9 bn. The profit numbers were above street estimates.

Revenue from operations rose 3.3% YoY to Rs 93.2 bn.

The EBITDA was the highest ever, surpassing the record set in the previous quarter, the company said in a release. The strong growth in the EBITDA and profitability was led by judicious pricing, better dollar realisation and a richer product mix, it said.

Dark clouds surround Adani group stocks

The biggest highlight this week was Adani group stocks falling because of a research report issued by Hindenburg Research.

Hindenburg Research LLC is an investment research firm with a focus on activist short-selling founded by Nathan Anderson.

Hindenburg Research, which claims it held short positions in Adani group stocks, in its latest report included 88 questions in the conclusion part.

The report said, "The 7 listed companies of Adani Group are 85%+ overvalued even if you ignore our investigation and take the companies' financials at face value... We have included 88 questions in the conclusion of our report. If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani's response."

While the company has not yet answered the 88 questions highlighted in the report, it has issued a statement saying that the claims made in the report undermine the Adani group's reputation just ahead of its upcoming follow-on public (FPO) offering.

Adani group CFO, Jugeshinder Singh said in the statement

Note that Adani Enterprises FPO is scheduled to open today for subscription and close on 31 January 2023.

It also has 5 upcoming IPOs in the pipeline.

Ahead of its FPO, Adani Enterprises raised Rs 59.9 bn by allotting shares to anchor investors. The Adani Group's flagship company has allotted 1,82,68,925 shares to over 30 institutional investors at Rs 3,276 a share, the upper end of the FPO price band of Rs 3,112-3,276 a share.

Among domestic investors, only life insurance companies participated in the anchor placement. Mutual funds stayed away from the issue.

LIC was allotted 9,15,748 shares or 5% of the total anchor portion. The life insurer is an existing shareholder of Adani Enterprises, holding 4.2% stake.

Rekha Jhunjhunwala remains bullish on this stock

Rekha Jhunjhunwala portfolio stock Metro Brands will be in focus today as the stock turns ex-dividend today.

The company has declared interim dividend of Rs 2.5 per share to eligible shareholders for the quarter ended December 2022.

Rekha Jhunjhunwala is an investor in the company and her stake remained steady in this footwear stock during October to December 2022 quarter.

As per the latest shareholding pattern of Metro Brands for Q3, Rekha Jhunjhunwala holds 14.4% stake in the company.

In the quarter ended December 2022 quarter, Metro Brands' average footwear selling price went up by around 6-7% YoY whereas it opened around 48 new retail stores during October to December 2022 quarter. As on 31st December 2022, total number of retail stores of Metro Brands stood at 720.

Operating profit was up 22% on the back of higher operating leverage, margins were down 40 basis points to 34.3%, given the operating losses at Cravetex Brands (CBL).

The company recently acquired 100% shareholding in CBL, which holds the exclusive long-term license of Italian sportswear brand FILA and also owns the sportswear brand Proline.

The stock, which has given returns of about 49% over the last six months, has outperformed its peers (Bata India and Relaxo Footwears) by a wide margin as both its rivals have seen a decline in share value over the period.

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

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