SGX Nifty Down 29 Points | Alibaba Exits India Post Paytm Stake Sale | Multibagger Stock's Bonus & Stock Split | Top Buzzing Stocks Today

Mon, 13 Feb Pre-Open

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On Friday last week, Indian share markets continued their downtrend as the session progressed and ended marginally lower.

Benchmark indices fell tracking a slide in global equities amid fears of a looming US recession, and as sentiment soured after index provider MSCI said it will cut the weightage of four Adani group companies.

At the closing bell on Friday, the BSE Sensex stood lower by 124 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 37 points (down 0.2%).

Tata Motors, UPL, and Cipla were among the top gainers.

Adani Enterprises, HCL Tech, and Hindalco on the other hand, were among the top losers.

Broader markets settled on a positive note on Friday. The BSE Midcap ended flat while the BSE Smallcap index ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the telecom sector, realty sector and capital goods sector witnessing heavy buying.

While stocks in the metal sector, energy sector, and power sector witnessed selling.

Shares of Jindal Saw, Blue Star, and Sonata Software hit their 52-week highs

To know which stocks will move the markets, check out the stocks to watch today section on our website.

Gold prices for the latest contract on MCX were trading lower by 0.2% at Rs 56,715 per 10 grams at the time of Indian market closing hours on Friday.

At 7:30 AM today, the SGX Nifty was trading down by 29 points or 0.2% lower at 17,850 levels.

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

Speaking of stock markets, OpenAI which operates ChatGPT is in talks for a tender offer that could value it at US$29 billion (bn) (about Rs 2,395.6 bn), making it one of the most valued startups.

ChatGPT's valuation is higher than the marketcap of Sensex listed companies such as Nestle, Titan and Wipro.

Could there be a similar opportunity in the making for Indian Artificial Intelligence stocks? Find out in the below video.

Also, to understand what our readers are thinking about the whole Adani - Hindenburg Saga, we recently conducted a poll on our telegram channel and here are the results:

In the past couple of days, Adani group stocks were rising and saw some respite but on Friday last week, they fell again.

Take a look at their performance:

Top buzzing stocks today

M&M share price will be in focus today.

Mahindra and Mahindra on 10 February 2023 reported a 41% YoY (year-on-year) in revenue to Rs 216.5 billion (bn) for December 2022 quarter.

The company's net profit jumped 13.5% YoY to Rs 15.3 bn from Rs 13.3 bn in the same quarter last year.

This profit growth was on the back of the robust performance of its auto division and an increased market share in the farm division.

Akzo Nobel India share price will also be a top buzzing stock.

On Friday, Akzo Nobel India announced its quarterly results.

Akzo Nobel India's consolidated net profit rose 16% to Rs 974 million (m) (about 97.4 crore) an 8% increase in revenue from operations to Rs 9.9 bn in Q3 December 2022 over Q3 December 2021.

On a consolidated basis, profit before tax (PBT) rose 19.2% YoY to Rs 1,316 bn in Q3 financial year 2023.

The board announced an interim dividend of Rs 25 per share for the year 2022-23. The record date is set on Tuesday, 21 February 2023.

Alibaba sells entire stake from Paytm

Chinese multinational Alibaba has sold its entire stake of 3.4% equity in Paytm on 10 February's block deal.

With this, Alibaba is no longer a stakeholder in Paytm. The Chinese multinational in January had sold around 3.1% of 6.3% equity in Paytm.

Prior to this, Jack Ma's founded firm had sold its stakes in Zomato and BigBasket. It is expected that the latest news of Alibaba selling its stake is most likely to bring cheer to the market as it ends the Chinese stake holding in the homegrown Paytm.

Since Paytm announced operating profitability in its Q3 results with EBITDA before ESOP cost at Rs 310 m, fintech giant's shares have been rallying in the last few days.

Why CG Power share price is rising

Shares of CG Power and Industrial Solutions continued their upward movement, hitting a new high of Rs 327 on Friday. The rally comes after MSCI decided to include the Murugappa Group company in its India index. The changes will take place at the close of 28 February 2023.

In the past nine months, the market price of CG Power has more than doubled, zooming 104% from a level of Rs 160.1 on 10 May 2022. In the past three months, the stock has rallied nearly 30%, as compared to a marginal 0.1% rise in the S&P BSE Sensex.

CG Power is engaged in the business of power conversion equipment which includes a wide spectrum for all industrial applications of medium and low voltage rotating machines (motors, generators, alternators), drives and stampings for all industrial applications. All the businesses of the company performed significantly well in October-December quarter registering a 70% growth in profit before tax (PBT) YoY. Sales and PBT recorded in the quarter were highest in recent times.

SME stocks issues bonus shares

Veerkrupa Jewellers, an SME company having a market cap of Rs 1.1 bn, has announced two distinct corporate actions: bonus shares and stock split.

The board considered and authorised the issuing of bonus shares in a 2:3 ratio as well as the split of 1 equity share with a value of Rs. 10/- each into 10 equity shares with a value of Rs. 1 per share.

On 08 February 2023, the day before the outcomes of its board meeting regarding the split and bonus, it reached its 52-week high of Rs. 136 per equity share.

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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