SGX Nifty Up 52 Points | Bajaj Finance Q3 Results | the Latest on Adani-Hindenburg Saga | Top Buzzing Stocks Today

Mon, 30 Jan Pre-Open

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On Friday, Indian share markets witnessed a sharp selloff and ended deep in the red.

Benchmark indices crashed to three-month lows as banking stocks witnessed a sharp selloff along with Adani group companies in the wake of a short-seller's attack on the conglomerate.

At the closing bell on Friday, the BSE Sensex stood lower by 874 points (down 1.5%).

Meanwhile, the NSE Nifty edged lower by 288 points (down 1.6%).

Tata Motors, Bajaj Auto, and ITC were among the top gainers.

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

Broader markets settled on a weak note. The BSE Midcap fell 1.3% while the BSE SmallCap index ended 1.9% lower.

Sectoral indices ended the day on a mixed note, with stocks in the power sector, banking sector, energy sector and telecom sector witnessing most of the selling.

While stocks in healthcare sector, FMCG sector and auto sector witnessed buying.

Shares of Jindal Saw hit their 52-week high on Friday.

The rupee was trading at 81.53 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.5% at Rs 57,189 per 10 grams at the time of Indian market closing hours on Friday.

At 8:20 AM today, the SGX Nifty was trading up by 52 points or 0.2% higher at 17,700 levels.

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

Speaking of stock markets, research analyst Brijesh Bhatia talks about stocks under Rs 100 to add to your watchlist in his latest video.?

The stock selection is purely selected based on technical indicators and not their fundamentals.??

He focuses on 10 technical potential stocks from the midcap and smallcap space. He also talks about a sector to keep an eye on going forward.?

Tune in to the below video for more details.??

Top Buzzing Stocks Today

DLF will be among the top buzzing stocks today.

Realty major DLF plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 75 bn as it seeks to tap strong demand for high-end apartments.

Dr Reddy's Laboratories will also be in focus today.

Dr Reddy's Laboratories on Friday announced the launch of Difluprednate Ophthalmic Emulsion.

According to IQVIA, the Durezol and generic drug had US sales of approximately US$40 m for the most recent twelve months ending in November 2022.

The Latest on Adani-Hindenburg Saga

Amid the sharp selloff in Adani group stocks, Life Insurance Corp (LIC) is putting more money into Gautam Adani’s flagship unit Adani Enterprises.

This comes even as a short seller Hindenburg has alleged the group of fraud and stock manipulation.

According to reports, LIC spent Rs 3 billion (bn) as an anchor investor in the FPO of Adani Enterprises. The investment would add to its current holding of 4.23%.

LIC is an investor in five Adani companies, with stakes ranging from 1% to 9% that was worth a total of Rs 722.7 bn.

Meanwhile, the group has said it will release a detailed response to allegations made by US short seller only after the completion of a new share sale that’s set to conclude on 31 January.

Reports state that the group has prepared a response of more than 100 pages and is also seeking legal advice on when to release it.

How the above developments pan out remains to be seen.

In the meantime, check out Equitymaster's Indian Stock Screener where you can view the fundamentals of companies within a business group.

This also includes the Adani Group. This should help you get a better grip on fundamentals, business group wise.

Bajaj Finance Q3 profit rises 40%

Bajaj Finance on Friday reported a 40% year-on-year (YoY) rise in consolidated net profit for the December 2022 quarter to Rs 29.7 bn.

Total revenue from operations increased 26.3% YoY to Rs 107.8 bn. It is the highest-ever quarterly profit reported by the non-bank finance major.

The company's net interest income (NII) increased 24% YoY to Rs 74.4 bn. New loans during the quarter were the highest ever at 7.8 m.

The total assets under management (AUM) for December 2022 quarter stood at Rs 2.3 tn, 27% YoY higher than the year-ago period.

The loan losses and provisions were lower during the quarter at Rs 8.4 bn from Rs 10.5 bn a year ago.

The gross non-performing asset ratio (GNPA) for December 2022 quarter was 1.1%, lower than 1.7% a year ago. Similarly, the net non-performing asset ratio (NNPA) improved to 0.4% from 0.8% a year ago.

The consolidated book of two- and three-wheeler finance grew 11% YoY and stood at Rs 117.8 bn at the end of the December 2022 quarter. The SME lending book saw a sharp 33% YoY growth to Rs 308.8 bn.

Consolidated deposits for December 2022 quarter stood at Rs 429.8 bn, up 4% YoY.

Bajaj Finance Ltd (BFL), a Nifty 50 company, has been a market darling for long, rewarding its loyal shareholders with generational wealth.

From a price of just Rs 3.2 on 1 January, 2002 to its 52-week high of Rs 8,043 reached on 19 January, 2022, the stock delivered an unimaginable return of 251,250%.

However, the recent sell off in Bajaj Finance shares has left investors wondering, can the stock be the multibagger that it was in the last decade? To know more check out Bajaj Finance: Death at a Funeral.

USFDA grants exception to Glenmark Pharma

The United States Food & Drugs Administration has granted an exception to Glenmark Pharma's Baddi facility for the supply of Atovaquone Oral Suspension USP 750mg / 5 to the US market.

Atovaquone is the treatment of Pneumocystis Pneumonia in adults and children aged 13 or older who cannot tolerate other medicines.

Glenmark's Baddi unit has been granted an exception as the USFDA placed it under an import alert 66-40 in October last year. An import alert 66-40 is issued when the company is not operating in conformity with current good manufacturing practices.

The exception has been granted due to medical necessity and potential drug shortage expectations, and it may be reconsidered if the market conditions change.

Glenmark's Baddi unit has been under the regulatory lens for many years. Initially, the regulator issued a warning letter for the same in October 2019.

Glenmark occupies a leadership position in the Indian market for the discovery of new molecules. It is among the top 4 pharma stocks in India.

Vedanta announces interim dividend

Vedanta on Friday recorded a 42% fall in profit to Rs 30.9 bn in the December 2022 quarter compared to the same quarter last year. Last year, the profit was Rs 53.5 bn.

The total revenue during the December 2022 quarter came marginally down to Rs 336.9 bn. The quarterly EBITDA was Rs 71 bn with a margin of 24%.

For the December 2022 quarter, the company's gross debt stood at Rs 615.5 bn.

It also announced an interim dividend of Rs 12.5 per share for its shareholders. Till now in the financial year 2023, it has announced a total dividend of Rs 81 per share.

The company has approved plans for another 941 MW of power under the group's captive RE power development program.

Also, Vedanta and Hindustan Zinc boards have taken the strategic initiative to consolidate Zinc International under Hindustan Zinc.

With forming a joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among?India's top 5 semiconductor stocks.

USFDA inspection at Zydus Lifesciences facility

Zydus Lifesciences, on Friday, announced that the USFDA inspected the manufacturing facility located at Moraiya, Ahmedabad, from 23 January 2023 to 27 January 2023.

The inspection was a Pre-Approval Inspection (PAI) for Transdermal Patch products. The inspection concluded with NIL observations.

Zydus Lifesciences is engaged in an integrated pharmaceutical company with business encompassing the entire value chain in the research, development, production, marketing and distribution of pharmaceutical products.

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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