SGX Nifty Up 140 Points, Tata Motors' Q3 Results, Airtel Buys Stake in Bengaluru-Based Tech Startup, and Buzzing Stocks Today

Tue, 1 Feb Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices witnessed sharp buying ahead of the Union Budget presentation, as investors eyed pro-reforms, pro-growth measures from the annual document.

This comes after the Economic Survey said that the Indian economy is well placed to take on the challenges of the fiscal 2022-23.

Further the survey report said that with the vaccination programme having covered the bulk of the population, economic momentum building back and the likely long-term benefits of supply-side reforms in the pipeline, the Indian economy is in a good position to witness gross domestic products (GDP) growth of 8-8.5% in FY2022-23.

At the closing bell yesterday, the BSE Sensex stood higher by 814 points (up 1.4%).

Meanwhile, the NSE Nifty closed higher by 238 points (up 1.4%).

Tech Mahindra and Tata Motors were among the top gainers.

IndusInd Bank and Kotak Mahindra, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 1.8% and 1%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, consumer durables sector and IT sector witnessing buying interest.

Shares of Bank of Baroda and Bharat Dynamics hit their respective 52-week highs.

At 8:30 am today, the SGX Nifty was trading up by 140 points, or 0.8% higher at 17,495 levels. Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

HYPERLINK "https://www.equitymaster.com/stockquotes/indices/display.asp?code=16&name=Gold" Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,550 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani shares his thoughts on taking up day trading as a profession, in his latest video for Fast Profits Daily.

Is this a good idea? Should you quit your job to start day trading for living? Vijay answers these questions in the below video.

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Steel.

The government yesterday approved the sale of Neelachal Ispat Nigam (NINL) to Tata Steel Long Products.

The Cabinet Committee on Economic Affairs have approved the highest bid of Tata Steel Long Products for 93.71% of shares of joint venture partners of four central public sector enterprises (CPSEs) and two Odisha government state PSEs at the bid enterprise value of Rs 121 bn.

The government does not hold any equity in the company.

NINL is a joint venture of 4 CPSEs - Metals and Minerals Trading Corporation of India (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals (BHEL), Metallurgical & Engineering Consultants (MECON) and 2 Odisha government PSUs - OMC and IPICOL.

NINL has an integrated steel plant with a capacity of 1.1 MT, at Kalinganagar, Odisha. The company has been running in huge losses and plant is closed since 30 March 2020.

The company has huge debt and liabilities exceeding Rs 66 bn as on 31 March last year, including huge overdues of promoters (Rs 41.2 bn), banks (Rs 17.4 bn), other creditors and employees.

The company has negative net worth of Rs 34.9 bn and accumulated losses of Rs 42.3 bn as of 31 March 2021, the statement said.

Tata Motors share price will also be in focus today.

Auto major Tata Motors has reported a net loss of Rs 15.2 bn for the quarter ended 31 December 2021, which is narrower when compared to Rs 29.1 bn reported in the last year period.

The company had reported a massive loss of Rs 44.4 bn in the September quarter.

The company's revenue from operations came in at Rs 722.3 bn in the period under review.

Jaguar Land Rover Automotive (JLR) sales remained constrained by chip shortages with retail sales of 80,126 vehicles, down 37.6% over the same quarter last year.

Tata Motors said the chip supply situation is gradually improving with production volumes of 72,184 units up 41% over previous September quarter and wholesales of 69,182 units up 8% quarter on quarter.

The demand remains strong despite near term concerns from Omicron spread. The semiconductor supply situation is improving gradually whilst inflation worries persist, Tata Motors said in a filing.

Airtel Buys 25% Stake in Bengaluru-Based Startup Lavelle Networks

Telecom major Bharti Airtel has acquired nearly 25% stake in Bengaluru-based technology startup Lavelle Networks for an undisclosed amount.

Lavelle Networks specialises in software-defined wide area network solutions and it serves a range of industry segments. Its platform has connected several thousands of Indian enterprises from the nation's largest financial institutions to e-commerce networks, Airtel said in a filing.

The agreement is subject to applicable statutory approvals.

Ajay Chitkara, Director and CEO of Airtel Business said,

• We are pleased to support Lavelle's growth journey and excited to collaborate with them to take their world-class solutions to enterprise customers in the fast-growing Indian NaaS market. With our end-to-end solutions play and brand trust, we are uniquely positioned to serve the needs of India's fast growing digital economy.

Airtel Business' Network as a service (NaaS) is a digital platform, which is built to address the emerging connectivity requirements of enterprises as they go through the cloud and digital adoption and acceleration journey.

As part of its NaaS portfolio, Airtel will offer software defined connectivity solution from Lavelle Networks and co-create a host of innovations as part of its NaaS platform.

AGS Transact Technologies Shares Make Flat Debut

Shares of AGS Transact Technologies witnessed a flat listing on Monday as the stock started trading at Rs 176 on the NSE, up 0.9% compared to its IPO issue price of Rs 175 apiece.

On the BSE, the stock made its debut at Rs 176 per share and surged over 3% to Rs 180 in minutes after listing.

The company is one of the leading payment solution providers and a big player in ATM management space with strong clientele and good network all over India with many peers and high competition.

The leading payment solutions provider's Rs 6.8 bn initial public offering (IPO) was subscribed over eight times.

The retail demand stood at 3.25 times, qualified institutional buyers 2.82 times, and the non-institutional category received 27 times subscription. It had earlier raised Rs 2 bn from anchor investors.

The issue, with a price band of Rs 166-175 apiece, opened for public subscription on 19 January and concluded on 21 January 2022. The initial share sale was purely an offer-for-sale (OFS) of equity shares worth Rs 6.8 bn by a promoter and other selling shareholders.

We will keep you updated on the latest developments from this space. Stay tuned.

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

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