SGX Nifty Down 43 Points | HAL Eyes Jet Exports in Four Countries | Adani Enterprises Q3 Results | Top Buzzing Stocks Today

Wed, 15 Feb Pre-Open

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On Tuesday, Indian share markets continued their momentum throughout the trading session and ended on a firm footing.

Benchmark indices bounced back in style, on the back of supportive global cues, ease in wholesale price index (WPI) inflation, and healthy buying in heavyweight stocks. Benchmark indices snapped their two-day losing run to end nearly 1% higher.

At the closing bell on Tuesday, the BSE Sensex stood higher by 600 points (up 0.9%).

Meanwhile, the NSE Nifty closed up by 159 points (up 0.9%).

UPL, ITC, and Reliance were among the top gainers.

Eicher Motors, Apollo Hospital, and SBI Life Insurance on the other hand, were among the top losers.

Broader markets ended on a negative note with the BSE Midcap index ending 0.4% lower and the BSE SmallCap index ending 0.6% lower.

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

While stocks in power sector, and realty sector witnessed selling.

Shares of Cummins India, and Finolex Cables hit their 52-week high on Tuesday.

To get the latest news and which stocks will move the market, check out the stocks to watch today section on our website.

The rupee was trading at 82.82 against the US$.

At 7:40 AM today, the SGX Nifty was trading down by 43 points or 0.2% lower at 17,890 levels.

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

Speaking of stock markets, Brijesh Bhatia talks about a trading technique that can boost your gains in his latest video.

In the video below, he shows a technique that is effective for making higher gains from trading stocks called pyramiding.

Top Buzzing Stocks Today

Bharat Forge will be among the top buzzing stocks today.

Shares of Bharat Forge slipped into the red on 14 February 2023 after the company posted a decline in net profit for the December 2022 quarter.

The company posted a net profit of Rs 2.9 bn, down 14.3% from Rs 3.4 bn recorded a year back. The decline in net profit was due to an overseas operational loss of Rs 620 m due to issues related to a ramp-up of Al forgings capacities in Germany and the US.

Adani Enterprises will also be in focus today.

Adani Enterprises consolidated revenue zoomed 42% to Rs 266.1 bn from Rs 187.5 bn a year back.

It reported a consolidated net profit of Rs 8.2 bn for the December 2022 quarter against a loss of Rs 112 million (m) a year ago.

Adani Group Hires Grant Thornton

In a bid to discredit the allegations made by short-seller Hindenburg Research, the Adani Group has hired accountancy firm Grant Thornton for independent audits of some of its companies.

This appointment could be seen as the first major effort by the Indian conglomerate to defend itself from the sensational allegations of illegal offshore tax havens and stock manipulation made by Hindenburg Research in its report published on 24 January 2023.

Even though the Adani group has strongly denied the allegations, investors remain concerned. Shares in the Adani Group's seven listed companies have cumulatively lost about US$ 120 bn in market value in the last three weeks.

To know whether it is time to buy the dip in the Adani Group stocks, check our editorial: Adani Group stocks: should you catch this falling knives?

HAL eyes Tejas fighter jet exports in four countries

India's state-owned Hindustan Aeronautics is in talks with at least four countries to sell its light-combat aircraft, though it faces an uphill battle to win the contract in Malaysia.

This is in line with the company's plan to triple defense exports over the next two years.

Malaysia has shortlisted the Tejas light fighter jet for an order of around 10 to 20 planes, and Argentina, Egypt and Botswana have also expressed interest.

It is also in talks with the Philippines to sell its light-combat helicopters.

India has been one of the world's biggest importers of defense equipment for decades, but it has punched below its weight in the global arms export market.

Also, in line with PM's ambitions to more than triple the value of annual defense exports to US$5 bn over the next two years, government has been making diplomatic efforts to export the Tejas.

The Indian government in 2021 gave a US$6 billion contract to HAL for 83 of the locally-produced Tejas jets for delivery starting around 2023.

HAL is among the top defense stocks in India having monopoly in certain segments.

To know more, check out our detailed editorial - HAL: Ready, Set, Fly.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan?has emphasized the need of self-reliance in security space.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Grasim Industries Q3 update

Grasim Industries on 14 February 2023 reported 47% YoY decline in its profit for the December 2022 quarter, compared to a aprofit of Rs 4.9 bn a year back.

The number missed the street's expectations despite a favourable tax expense as the company decided to opt for a lower tax regime from the financial year 2022-23 in terms of the provision of Section 115BAA of Income-tax Act, 1961.

The revenue for the Aditya Birla Group flagship rose 7% YoY to Rs 6,196 crore as against a revenue of Rs 57.9 bn recorded in the year-ago period.

The revenue growth was aided by growth in its chemicals and other businesses which witnessed a YoY growth of 10% and 18%, respectively.

Its main business of viscose fibre and yarn; however, had a muted quarter with its revenue declining by 5% compared to the same period last year.

Viscose Staple Fibre (VSF) value chain partners witnessed a prolonged global demand slowdown on the back of geo-political instability, recessionary fears and consequential consumption slowdown.

Thus, exports-led demand from the value chain partners was impacted and ripples were felt across the Indian textiles market.

Further, zero import duty in India on these imports created pressure on domestic prices.

The total Capex for all other businesses was Rs 13.7 bn in the first nine months of the current fiscal against a budget of Rs 34.9 bn for the financial year 2023.

The Board has also approved an investment of Rs 3.6 bn for Chlorine derivatives projects in the Chemicals business.

Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it's also India's largest cement producer and a leading financial services player.

With over 4500% returns since 1991, it is one of the consistent compounding stocks in India.

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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