Gift Nifty Up 100 Points | Cyient & JSW Steel Q3 Results | BLS E-Services IPO | Top Buzzing Stocks Today

Mon, 29 Jan Pre-Open

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On Thursday, Indian share markets recovered losses as the session progressed and ended the day lower.

Benchmark indices nursed losses Thursday, amid profit booking in large and mid-cap stocks, and monthly F&O expiry of the January derivatives series.

At the closing bell on Thursday, the BSE Sensex closed down by 360 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 101 points (down 0.5%).

Bajaj Auto, NTPC and Adani Ports were among the top gainers.

Tech Mahindra, Cipla and Bharti Airtel on the other hand, were among the top losers.

Broader markets ended on mixed. The BSE MidCap index ended 0.4% lower and BSE SmallCap index ended 0.5% higher.

Sectoral indices ended mixed with stocks in FMCG sector and telecom sector and media sector witness selling pressure. Meanwhile stocks in power sector and metal sector witnessed buying.

The rupee was trading at 83.11 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 61,950 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:20 AM today, the Gift Nifty was trading 100 points or 0.5% higher at 21,640 levels.

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

Speaking of stock markets, ndia'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

HPCL share price will be in focus today.

State runner oil marketing company HPCL posted 207% standalone growth, or over a three-fold jump, in profit at Rs 5.3 bn for the December quarter of fiscal 2023-24 as against Rs 1.7 bn reported a year back.

HPCL's standalone total income rose 2% on-year to Rs 1.2 tn in Q3FY24 from Rs 1.1 tn last year. Segment-wise, revenue from downstream petroleum contributed to the total income

SBI Life will also be a top buzzing stock.

In the December 2023 quarter, SBI Life Insurance company posted a net profit of Rs 3.3 bn, up 6% year-on-year (YoY) from Rs 3 bn posted in the same quarter last year.

Meanwhile, its net premium income in the third quarter jumped 16% YoY to Rs 223.2 bn.

JSW Steel Q3 Profit Surges Five-Fold

JSW Steel's net profit for the December quarter was Rs 24.5 bn, marking a 12% QoQ decrease but a substantial increase from Rs 4.7 bn a year ago.

The revenue for the quarter reached Rs 419.4 bn, with operating EBITDA at Rs 71.8 bn, down 9% sequentially.

This decline was attributed to lower sales volumes and increased costs of iron ore and coking coal, partially offset by higher EBITDA from overseas operations.

Strong economic activity and government capex are fueling steel demand growth in India. However, the firm expresses concern about the increasing influx of steel imports into India, attributed to relatively weak global markets, as mentioned in an earnings release.

In the quarter, consolidated crude steel production reached 6.87 million tonnes, up 8% QoQ and 12% YoY, driven by increased capacity utilisation at Indian operations. Steel sales were at 6 million tonnes, down 5% QoQ but up 7% YoY. Domestic sales were 5.27 million tonnes, down 4% QoQ and up 2% YoY. Net debt increased to Rs 792.2 bn due to additional working capital investments.

The firm also said its board approved raising Rs 20 bn via bonds for refinancing debt and capex. It also re-appointed Jayant Acharya as full-time director.

In Q3, the firm reported a capex of Rs 51 bn in India and Rs 52.5 bn consolidated. The anticipated consolidated capex for FY24 is now Rs 180 bn, revised down from the earlier planned Rs 200 bn.

The Phase II expansion at BPSL from 3.5 MTPA to 5 MTPA is progressing well expected to be completed in FY24. JSW Steel Coated Products Ltd's 0.12 MTPA colour-coated steel line in J&K is set to commence commissioning activities from Q1FY25.

Cyient Q3 Profit Declines

Cyient posted a 17.4% sequential decline in consolidated net profit to Rs 1.5 bn in the December quarter from Rs 1.8 bn in the September 2023 quarter.

The revenue from operations rose about 2.4% to Rs 18.2 bn in the third quarter, up from Rs 17.8 bn in the last quarter.

On a year-on-year basis, Cyient recorded a net profit decline of 5.6%, and revenue rose 12.6%.

The company won eight large deals of about US$ 1.4 bn in the Digital, Engineering and Technology (DET) segment in the December 2023 quarter.

The operating margin, or earnings before interest and tax as a percentage of tax, decreased by 0.5% points to 16%.

The headcount of the company increased by 240 employees to 15,678 for the December quarter. The attrition rate on a last-twelve-month basis decreased by 2% points to 18.4%.

This midcap IT stock is capitalising on the burgeoning growth of AI sector. Several things suggest the stock has more headroom to grow. For more, check out Artificial Intelligence Stock Cyient Keeps Rising. Why the Rally is Far from Over...

BLS E-Services IPO

Technology-backed service provider BLS E-Services Ltd has set a price band of Rs 129-135 per share for its initial public offering (IPO), which will open for bidding on 30 January.

The issue will open for public subscription on 30 January.

The firm is offering up to 23 m equity shares, excluding pre-IPO placement in the offering.

Anchor investor bidding will be on 29 January.

Investors can bid for a minimum of 108 equity shares and in multiples of 108 thereafter.

The company proposes to utilise net proceeds from fresh issue of equity shares to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms; funding initiatives for organic growth by setting up of BLS Store.

The minimum lot size for an application is set at 108 shares, requiring a minimum investment of Rs 14,580 for retail investors.

About 75% of the shares have been set aside in the public issue for qualified institutional buyers (QIB), 15% for non-institutional Institutional Investors (NII), and the remaining 10% of the offer is reserved for retail investors.

For more information on IPOs, check out the list of upcoming IPO's.

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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