WPI Inflation Data, BHEL's Big Order from Hindustan Aeronautics, and Buzzing Stocks Today

Tue, 15 Feb Pre-Open

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Indian share markets ended deep in the red yesterday.

Benchmark indices witnessed its worst one-day sell-off of calendar year 2022 as increasing tensions between Ukraine and Russia crushed global equities.

At the closing bell yesterday, the BSE Sensex stood lower by 1,747 points (down 3%).

Meanwhile, the NSE Nifty closed lower by 532 points (down 3.1%).

TCS was among the top gainers.

JSW Steel and HDFC Life Insurance, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 3.5% and 4.2%, respectively.

On the sectoral front, realty, metal, banking and finance stocks were among the hardest hit.

Shares of ONGC and RHI Magnesita hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 1.2% at Rs 49,694 per 10 grams at the time of closing stock market hours yesterday.

Here are 4 Factors Why Indian Stock Markets Crashed Yesterday

Rising geopolitical tensions: The conflict between Russia and Ukraine continues to rattle global markets.

As Russia continues to increase the number of troops along the border with Ukraine, it is escalating the tensions and waning hopes of any early resolution.

As a result, investors are adopting a risk-averse strategy, attempting to avoid risky equity markets and redirecting funds to safer alternatives.

Sharp rise in crude oil prices: The geopolitical crisis has led to a sharp rise in crude oil prices, which is another headwind for Indian markets.

The crude is inching past US$95 a barrel and fear of it crossing the psychological barrier of US$100 in the coming days is increasingly looking real.

Crude at an eight-year high is another major macro concern for India, which meets more than 80% of its demand through imports.

Weak global markets: The global market has been completely swept by negative sentiment.

Yesterday, Asian stock markets ended deep in the red after the US and major European markets ended the week gone by on a negative note.

US inflation and interest rate hikes: Indian stock indices along with other global markets pulled back on Monday after fresh data showed inflation in the US was at a 40 year high.

US inflation accelerated to a fresh 40-year high of 7.5% in January, with the annual core rate, excluding food and energy, running at 6%, the fastest since 1982.

Speculation appeared strong that the Fed would suggest an early rate hike and end its bond-buying programme, something markets have become accustomed to.

Hike in the US interest rates and cut down of bond buying by Fed will curtail dollar supply, leading to redemption in global funds. It would force funds to sell equities aggressively to readjust to the new liquidity scenario.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of stock markets, India's #1 trader Vijay Bhambwani discusses a very important trading topic that does not get the attention it deserves, in his latest video for Fast Profits Daily.

Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Adani Wilmar.

Adani Wilmar's Net Profit Rises 66% YoY in December Quarter

Newly-listed Adani Wilmar said its consolidated net profit for the December quarter surged 66% year on year (YoY) to Rs 2.1 bn. The firm had reported a net profit of Rs 1.3 bn in the same quarter last year.

The revenue from operations for the quarter came in at Rs 143.8 bn, up 40.6% compared to the year-ago quarter.

'We have been able to continue our business performance in line with what we have been able to showcase in the recent past. As we go forward, our focus will be to grow our food business so that it can contribute reasonably well in our overall basket,' said Angshu Mallick, Managing Director and CEO, Adani Wilmar.

The firm said its revenue from the edible oil segment stood at Rs 121.2 bn during the quarter under review, growing 40%. Volume growth stood at 9%. Food and FMCG segment saw revenue at Rs 7 bn, up 46%. Industry essential segment revenue was at Rs 15.6 bn, growing 41%.

The company said it gained edible oil market share by 9 bps in the quarter, while in the what floor market the market share gain was 140 bps.

During the nine-month of the current fiscal, Adani Wilmar's consolidated volume stood at 3.5 million metric tons (MMT), registering a growth of 4%.

BHEL share price will also be in focus today.

State-owned Bharat Heavy Electricals (BHEL) has received an order for the supply of compact heat exchanger sets for 83 LCA Tejas MK1A aircrafts, from Hindustan Aeronautics (HAL).

The order envisages manufacturing, assembly, testing and supply of Compact Heat Exchangers to be fitted in the light combat aircraft (LCA) Tejas aircraft being manufactured by HAL.

BHEL's Heavy Plates and Vessels Plant (HPVP), Visakhapatnam is the sole supplier of heat exchangers for LCA Tejas to HAL since 1996.

BHEL-HPVP and Aeronautical Development Agency (ADA), Bangalore have jointly designed and developed 13 different types of compact heat exchangers for environmental control system (ECS) and secondary power system (SPS) of LCA MK-1 programme.

BHEL is also currently working with DRDO for the development of air cycle machine based liquid cooling system (LCS) for Aircraft POD application for LCA Mk-2.

BHEL-HPVP has dedicated, intricate manufacturing and inspection facilities for manufacturing of state-of-the-art compact heat exchangers for different types of aircraft manufactured by HAL.

The same are progressively being augmented to meet International aero standards (AS9100) and BHEL is ready to meet the requirements of future programs of LCA, ALH, Sukhoi and AMCA.

BHEL has been a reliable supplier of critical equipment and services in the defence and aerospace sector for over three decades.

Indian Logistics Firm TVS Supply Chain Seeks Approval for IPO

TVS Supply Chain Solutions has sought the Indian market regulator's approval to raise as much as Rs 20 bn by selling new shares in an initial public offering (IPO).

Existing shareholders including founder TVS Mobility and investors Gateway Partners and Tata Capital Financial Services plan to sell as many as 59.48 m shares in the IPO, according to the company's draft prospectus.

The company plans to repay some of its debt and buy out minority shareholders in its UK unit from the proceeds.

TVS Supply Chain, which counts Mahindra & Mahindra (M&M), Daimler India Commercial Vehicles, Sony India and Hyundai Motor India among its customers in India, has a presence in the UK, Spain, Germany, Australia and Singapore.

JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital are the banks managing the share sale.

Note that Delhivery, another Indian logistics firm, had received the market regulator's approval last month for an initial share sale to raise as much as Rs 74.6 bn.

WPI Inflation Eases to a 3-Month Low in January

India's wholesale inflation eased further to a three-month low in January after touching a series high in November, on the back of softening prices of manufactured food products and crude petroleum and natural gas.

The rate of price rise is expected to remain in double digits for the next few months on account of elevated international crude oil and commodity prices due to geo-political tensions surrounding Russia and Ukraine.

Wholesale price index-based inflation eased to 12.96% in January as against 13.56% in the previous month, data released by the ministry of commerce and industry showed on Monday. It is the tenth straight month of double digit WPI inflation.

Food articles inflation touched double digits, on the back of unfavourable base, which economists feel is a temporary phenomenon.

Primary articles inflation inched up to 13.87% in January from 13.28% in December.

Under that head, food articles saw inflation jump to 10.33% during the month compared with a 9.56% inflation in December.

Vegetable inflation surged to 38.45% in January from 31.56% in the previous month, while the inflation in case of fruits eased to a five-month low of 12.5% during the month compared to 15.09% in December. The WPI food index, which has a nearly 25% weight in the overall index, saw inflation spike to 9.55% in January from 9.24% in the previous month.

Last week, RBI-led monetary policy committee maintained a status quo on interest rates in its latest policy meet to support economic growth.

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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