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SGX Nifty Trades Flat | SpiceJet's Restructuring Plan | Why Sanofi India Share Price is Rising | Top Buzzing Stocks Today

Tue, 28 Feb Pre-Open

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On Monday, Indian share markets continued their downtrend as the session progressed and fell sharply in the afternoon session.

Benchmark indices fell with Nifty slipping below the key long-term average level for the first time in over four months after US data reinforced fears of a prolonged high-interest rate regime.

However, markets staged a smart recovery during closing hours as banking stocks witnessed buying.

At the closing bell on Monday, the BSE Sensex stood lower by 176 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 73 points (down 0.4%).

Power Grid, ICICI Bank and Kotak Mahindra Bank were among the top gainers.

Bajaj Auto, Adani Enterprises, and UPL were among the top losers.

Broader markets ended on a negative note on Monday. The BSE Midcap index fell 0.6% while the BSE SmallCap index ended 1.2% lower.

Sectoral indices ended on a mixed note with stocks in realty sector, banking sector and finance sector witnessing most of the buying.

On the other hand, stocks from the FMCG sector, IT sector and metal sector witnessed heavy selling pressure.

Shares of IRB Infra, Cera Sanitary, and CRISIL hit their 52-week high.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.84 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.2% at Rs 55,320 per 10 grams at the time of Indian market closing hours on Monday.

At 8:20 AM today, the SGX Nifty was trading up by 4 points or 0.1% higher at 17,500 levels.

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

Speaking of stocks markets, just like everything else in the world, stock markets are also filed with the good and the bad. It is filled with sin stocks and saint stocks.

Sin stocks are shares of companies that some people consider "unethical" but what exactly is the definition of a "sin stock?"

The idea that avoiding "unethical" stocks makes the world a better place is even more questionable.

Can a hospital stock be termed a sin stock, and should investors look at this high growth sector? This sector has consistently outperformed the Sensex and it looks set to continue its momentum over the coming years.

Tune in to the video below to know more:

Top buzzing stocks today

Bajaj Auto share price will be in focus today.

The two-wheeler giant is expected to take an up to 25% cut in motorcycle and three-wheeler production across its export-focused plants next month.

The decision was triggered by uncertainties in Nigeria, which is the company's biggest market.

Bajaj Auto is a leading manufacturer of motorcycles and three-wheelers in India. The company is the flagship company of the Bajaj Group.

Spicejet share price will also be a top buzzing stock.

The company's board approved issuance of equity shares worth US $ 29.5 million (m) (about Rs 2,441.7 m) to Carlyle Aviation Partner, as part of the proposed restructuring plan.

SpiceJet's board has also agreed to enter into a Business Transfer Agreement with its subsidiary namely SpiceXpress and Logistics Private Limited (SXPL) for transfer of its cargo business undertaking as a going concern, on slump sale basis.

Adani's comeback strategy

The Adani Group is plotting a comeback strategy focused on addressing investor concerns around debt, consolidating operations and fighting off allegations with help of a top-shelf US crisis communication and legal teams.

Reportedly about a dozen global banks were to help host the investor meetings at Singapore's Capitol Kempinski hotel yesterday.

The conglomerate backed by billionaire Gautam Adani may now hold meetings in Hong Kong at the Barclays Plc office today and tomorrow. Due to attend are group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra.

Hindenburg claims the group has used a number of shell companies to inflate stock prices and flout shareholding rules, which require at least 25%of listed companies to be held by the public. It also flagged debt-driven growth and the group being "deeply overleveraged".

On 27 January, Adani group published a 413-page response, calling Hindenburg "the Madoffs of Manhattan", a reference to Ponzi schemer Bernard Madoff.

Why Sanofi India share price is rising

Sanofi India share price rose 5.5% on 27 February 2023, Monday, on the back of strong quarterly earnings.

The Indian pharma company's net profit increased 45% YoY as a strong operating performance offset the 2.3% decline in revenue. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) margin jumped 635 basis points to 24.8% on the back of a fall in input costs. One basis point is one-hundredth of a percent.

The earnings per share (EPS) of Sanofi India reached Rs 56.8 in Q3 of the financial year 2022-23 compared to Rs 39.25 recorded in year ago period.

Sanofi India's net expenses reached Rs 5,154 m in the quarter ended December 2022 compared to Rs 5,720 m reported in the corresponding period last year.

Along with financial results for the year ended 31 December 2022, the company also declared a final dividend of Rs 194 and a special dividend of Rs 183. The company had earlier paid one-time special interim dividend of Rs. 193/- per equity share on 22 August 2022.

Amanya Ventures IPO details

Amanaya Ventures, a BSE SME initial public offering (IPO), opened on 24 February and will close tomorrow for NII, and Retail Investors. The investors' portion for NII is 50%, and Retail is 50%.

The price band of the issue had been fixed at Rs 23 a share. The IPO bid is 6000 shares with Rs 138,000.

The Rs 27.6 m initial share-sale comprises 12,00,000 equity shares of the face value of Rs 10.

The IPO allotment date is 3 March and the shares of the company are expected to list on BSE SME on 9 March.

Value Stocks: For People Who Never Like Overpaying for Anything

First Overseas Capital is the book running lead managers to the issue.

Manan Mahajan is the promoter of the company.

March could bring back the interest in IPO market as many public offers are expected to hit the Street. This comes after a brief lull this month.

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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