SGX Nifty Trades Flat | Why Paytm and Zomato Shares are Rising | Adani Power Q3 Results | Top Buzzing Stocks Today

Thu, 9 Feb Pre-Open

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On Wednesday, Indian share markets traded on a positive note throughout the session and ended higher.

Benchmark indices closed in the green as the Reserve Bank of India delivered a smaller interest rate hike as widely expected, while Adani Group shares recouped losses for a second straight day.

At the closing bell on Wednesday, the BSE Sensex stood higher by 378 points (up 0.6%).

Meanwhile, the NSE Nifty closed lower by 150 points (up 0.9%).

Adani Enterprises, Adani Ports, and HDFC Life Insurance were among the top gainers.

Power Grid Corporation, Coal India, and L&T on the other hand, were among the top losers.

Broader markets settled on a firm note on Wednesday. The BSE Midcap ended 1% higher while the BSE SmallCap index rose 0.8%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, IT sector and metal sector witnessing buying.

While stocks in the telecom sector, and capital goods sector witnessed selling.

Shares of M&M Financial services, and Jindal Saw hit their 52-week highs.

The rupee was trading at 82.52 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 57,270 per 10 grams at the time of Indian market closing hours on Wednesday.

At 8:10 AM today, the SGX Nifty was trading up by 14 points or 0.1% higher at 17,900 levels.

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

Speaking of stock markets, for equity investors who were hopeful that in 2023, the Sensex would resume its bull run, unfortunately, the new year has not got off to a good start.

The war in Ukraine has got only worse, recession fears have emerged stronger, layoffs are happening at an alarming pace and now the Adani group fiasco has wiped off trillion of rupees in market capitalisation for investors.

In such a scenario, particularly after the recent sell-off in Adani group stocks, it's best to avoid high PE stocks and instead look at stocks using the price/earnings to growth ratio (PEG).

In the below video, Yazad Pavri talks about three undervalued stocks using the PEG ratio.

Top Buzzing Stocks Today

TCS share price will be in focus today.

The Tata group company on 8 February 2023 announced the expansion of partnership with existing United Kingdom-based client Phoenix Group in a £ 600 million (m) (about Rs 59.9 bn) deal.

This is its biggest deal win in the financial year 2023.

This is also the biggest banking, financial services and insurance (BFSI) products and platform deal for TCS in the past three years.

Wonderla Holidays share price will also be a top buzzing stock.

Yesterday, Wonderla Holidays announced its quarterly results.

The company reported double digit revenue growth across units, driven by robust footfall numbers. In Q3 of the current financial years, footfalls for the quarter were 0.9 m as against 0.7 m during Q3 of financial year 2019-20 (the year before lockdown).

Revenue from operations increased 71% quarter-on-quarter (QoQ) and 134% YoY to Rs 1.1 bn. The earnings before interest, depreciation, tax and amortization (EBITDA) came at Rs 564.5 m, up 190% QoQ and 295% YoY, with EBITDA margin of 33.1%.

Adani Power Q3 results

Adani Power - one of the BSE power stocks, on Wednesday said its consolidated net profit dipped by 96% on-year to Rs 87 m for the quarter ended 31 December 2022. The company had reported a profit of Rs 2,185 m in the same quarter last year.

In the September quarter of this financial year, Adani Power had reported a 401.6% rise in consolidated profit after tax (PAT) at Rs 6,955.3 m as against Rs 2,306 m loss in the corresponding quarter last year.

The Adani Group firm's revenue from operations rose 44.8% to Rs 77.6 bn as compared to Rs 53.60 bn a year ago.

Meanwhile, consolidated operating profit, calculated as EBITDA came in at Rs 14.7 bn, down 17% as against Rs 17.7 bn in the same period a year ago.

The firm's total expenses surged to Rs 80.8 bn in the quarter under review from Rs 53.9 bn. Total income rose stood at Rs 82.9 bn from Rs 55.9 bn in the same period a year ago.

New age tech stocks in focus

Shares of beaten down tech stocks rallied up to 10% on Wednesday, supported by heavy volumes, on expectation of improvement in financial performance.

Shares of digital financial services firm One97 Communications, which owns Paytm; PB Fintech, the parent company of Policybazaar; food aggregator platform Zomato; and Nykaa's parent company - FSN E-Commerce Ventures zoomed in the range of 5% to 10%. In the past one year, these stocks have underperformed the market by falling between 30-50%.

In Q3 of financial year 2022-23, Paytm's EBITDA improved to Rs 310 m. It narrowed its consolidated net loss to Rs 3.9 bn in the said quarter. The company had posted a net loss of Rs 7.8 bn crore in the same period a year ago.

Its revenue from operations jumped about 42% to Rs 20.6 bn crore during the quarter from Rs 14.6 bn in the year-ago period.

The board of directors of Zomato is scheduled to meet on Thursday, 9 February 2023, to consider and approve the unaudited financial results for the quarter and nine months ended 31 December 2022. Management, in its recent commentary, indicated that the firm is working to enhance its profitability.

Why Cements stocks are rising

Shares of cement manufacturers were trading higher on Wednesday after Finance Minister Nirmala Sitharaman said that the government will consider a review of the 28% Goods and Services Tax (GST) levied on cement.

Finance Minister Nirmala Sitharaman on Tuesday this week indicated that the government could be open to considering a reduction in the GST on cement, a long-standing demand of the infrastructure sector, if the GST Council agrees.

Cement companies are attempting price hikes of Rs 5-15 per bag across regions in February 2023. Absorption of such hikes will be revealed over the next few days.

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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