Rising Crude Oil Prices, Upcoming IPOs and Top Buzzing Stocks Today

Wed, 10 Feb Pre-Open

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On Tuesday, Indian share markets erased gains during closing hours to end on a flat note led by a decline in automobile and FMCG stocks.

At the closing bell on Tuesday, the BSE Sensex stood lower by 20 points. Meanwhile, the NSE Nifty ended down by 7 points.

Asian Paints was among the top gainers. M&M, on the other hand, was among the top losers.

The BSE Mid Cap index ended down by 0.2%. The BSE Small Cap index ended lower by 0.3%.

Sectoral indices ended on a mixed note with stocks in the consumer durables sector witnessing buying interest.

Automobile stocks and FMCG stocks, on the other hand, witnessed selling pressure.

Gold prices were trading up by 0.7% at Rs 48,189 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani talks about whether the Indian stock market will face a taper tantrum, in one of his videos for Fast Profits Daily.

In the video below, Vijay shows where you need to look for hints of a correction and why you need to be prepared for it

Tune in to find out more:

Top Stocks in Focus Today

Ircon International share price will be among the top buzzing stocks today. The company's board is scheduled to meet on February 15 to consider bonus issue and interim dividend.

Titan share price will also be in focus today as the country's largest watchmaker has expanded its portfolio within the wearable category by launching its new smart fitness gear brand TraQ.

Market participants will also track 3M India share price and GAIL share price as these companies are scheduled to announce their December quarter (Q3FY21) results later today.

December Quarter Results

State-owned mining major National Mineral Development Corporation (NMDC) has reported a consolidated net profit of Rs 21.1 billion for the quarter ended December. The company had posted a net profit of Rs 13.7 billion during the same quarter a year ago.

The company's operating profit for the quarter rose to the highest in eight years as the nation's largest iron ore miner lowered employee benefit costs. As a result, the state-run company's EBITDA jumped 73.9% year-on-year (YoY) to Rs 27.7 billion during the quarter.

Torrent Pharma has reported a 24% year-on-year (YoY) decline in sales in the US, owing to price erosion and base impact of the Sartan portfolio discontinuation. The US business, according to the drug maker's FY20 annual report, contributes 19% to its overall sales.

However, sales in India market rose 7% YoY to Rs 9.9 billion. This growth was driven by market recovery, continued momentum in chronic brands and a strong recovery in the sub-chronic brands.

The company in its conference call said India and Germany are on the recovery path, while the Brazil division offered a positive surprise. The company's Germany revenues were up 21% YoY to Rs 2.6 billion whereas its Brazil revenues were down 8% YoY for at Rs 1.7 billion the quarter under consideration.

Overall, the company reported an 18.3% YoY rise in its consolidated net profit to Rs 2.9 billion for the quarter ended in December. The company had posted a net profit of Rs 2.5 billion for the corresponding period of the previous fiscal.

The board of the company also approved an interim dividend of Rs 20 per equity share of Rs 5 fully paid up.

Balaji Amines' net profit more-than-doubled to Rs 701.6 million in the October-December quarter (Q3FY21) on the back of healthy revenue. The specialty chemicals company had posted a profit of Rs 267.3 million in the year-ago quarter.

Total income increased 63.7% year-on-year (YoY) to Rs 3.7 billion as sales volume jumped 34% YoY.

Balkrishna Industries posted robust December quarter results with 46% YoY growth in standalone profit after tax at Rs 3.2 billion.

Revenue increased by 27% YoY to Rs 15 billion as sales volume jumped 26% YoY.

The board at its meeting approved the capex plan of up to Rs 19 billion, which includes Brownfield project at Bhuj to increase tire capacity, increase carbon black capacity including advance carbon black and power plant at Bhuj and modernization, automation and technology upgradation capex at existing facilities.

Upcoming IPO: Nureca

In news from the IPO space, Nureca's Rs 1 billion IPO will open for subscription on February 15, 2021. The shares of Nureca, which owns the Dr Trust brand, will be sold in the price band of Rs 396-400 apiece.

The public offer will close on February 17, 2021.

According to the Red Herring Prospectus, the company plans to utilise the net proceeds of the issue for funding incremental working capital requirements of the company and general corporate purposes.

Nureca is engaged in the business of home healthcare and wellness products. It sells its products through its own website as well as online channel partners such as e-commerce players, distributors and retailers.

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

Crude Oil Prices at 13-Month High

Crude oil prices advanced on Tuesday to their highest in 13 months, as supply cuts by major producers and optimism over a recovery in fuel demand support energy markets.

Brent crude futures for April gained 50 cents, or 0.8% to US$ 61.06 a barrel. US West Texas Intermediate crude (WTI) for March was at US$ 58.37 a barrel, up 40 cents, or 0.7%.

Both Brent and WTI touched their highest since January 2020 earlier in the session. Front-month prices for both contracts were up for the seventh session on Tuesday, the longest winning streak since January 2019.

Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.

Investors are also pinning hopes on oil demand recovery when Covid-19 vaccines take effect.

Speaking of crude oil, in one of his videos, India's #1 trader Vijay Bhambwani talks about a recent geo-political event which will cause a lot of volatility in the price of crude oil.

Vijay shares in detail all you need to know about this event and when you can expect the next crude oil trade.

You can watch the video here: Don't Go Short On Crude Oil

Bitcoin Tops US$ 48,000 for the First Time

Bitcoin extended gains on Tuesday to a record high as the afterglow of Tesla Inc's investment in the cryptocurrency had investors reckoning it would become a mainstream asset class for both corporates and money managers.

Bitcoin traded at a record high of US$ 48,216 while rival cryptocurrency Ethereum also made a record high of US$ 1,784.85.

Earlier, it was announced that Tesla bought bitcoins worth US$ 1.5 billion in January 2021 after the company updated its investment policy to invest in digital assets.

In another significant move, the company said that it will start accepting Bitcoin as payment for its product and services in the future.

In India, the government is aiming to bring a bill in the Parliament to ban the use of private cryptocurrencies. The government plans to introduce a central bank digital currency created by the Reserve Bank of India (RBI).

The central bank recently said that an internal panel is working on the model for a digital currency to rival private cryptocurrencies like Bitcoin.

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

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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