SGX Nifty Up 46 Points | HAL's New Aircraft Order | Why Mahindra CIE Share Price is Falling | Top Buzzing Stocks Today

Tue, 14 Mar Pre-Open

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On Monday, Indian share markets recovered losses in early trade, helped by gains in heavyweight IT stocks. However, benchmark indices soon took a sharp 'U-turn' and witnessed a selloff.

Benchmark indices crashed on the back of mixed global cues as investors remain watchful on the fallout of Silicon Valley Bank (SVB) and its impact on domestic markets while also awaiting inflation data.

At the closing bell on Monday, the BSE Sensex stood lower by 898 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 259 points (down 1.5%).

Tech Mahindra and Apollo Hospital were among the top gainers.

SBI and M&M, on the other hand, were among the top losers.

Broader markets settled on a weak note. The BSE Midcap fell 1.8% while the BSE SmallCap index ended 2% lower.

All sectoral indices ended in red with stocks in the telecom sector, auto sector, and banking sector witnessing most of the selling.

Shares of Mahanagar Gas hit its 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 82.2 against the US$.

Gold prices for the latest contract on MCX were trading higher by 1.1% at Rs 56,778 per 10 grams at the time of Indian market closing hours on Monday.

At 8:50 AM today, the SGX Nifty was trading up by 46 points or 0.3% higher at 17,220 levels.

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

Speaking of stock markets, with interest rates rising up, both in India and globally, a good number of stocks have seen their PE multiples compress.

In some cases, such as in case of loss-making new age companies, this was long due.

When PE multiples correct, it is a good time for investors to lap up wonderful businesses at a fair, if not wonderful price. So that's exactly what Richa Agarwal talks about in the below video...how to assess growth quality and how much you should be willing to pay up for growth to not compromise margin of safety.

She talks about 3 stocks where growth potential seems good. Tune in to the below video to know more:

Top buzzing stocks today

Nazara Technologies share price will be in focus today.

Two subsidiaries of the Indian gaming platform are holding cash balances at the crisis-hit Silicon Valley Bank (SVB) in the US.

The balances held at SVB by Kiddopia Inc. and Mediawrkz Inc cumulatively account for US$ 7.75 million (around Rs 640 million).

SVB is now under the receivership of the Federal Deposit Insurance Corporation (FDIC).

Kiddopia Inc is a subsidiary of Paper Boat Apps (owned 51.5% by Nazara), while Mediawrkz Inc is a subsidiary of Datawrkz Business Solutions (owned 33% by Nazara).

IndusInd Bank share price will also be a top buzzing stock.

The Reserve Bank of India (RBI) approved the re-appointment of Mr. Sumant Kathpalia as the Managing Director (MD & CEO) for a period of two years as against the board's approval for 3 years.

The reappointment of Kathpalia is effective from 24 March 2023. His current term ends on 23 March 2023.

HAL bags a new order

Defence major Hindustan Aeronautics (HAL) yesterday announced winning a Rs 6.7 billion (bn) (about Rs 667 crore) order from the defence ministry.

In the past few weeks, order inflow has been decent. Earlier this month, the Union Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from HAL for Rs 68.3 bn. In February, the company signed a contract with the Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopters.

HAL chairman and managing director CB Ananthakrishnan recently said that the defence equipment maker had an order book position of Rs 840 bn and another Rs 500 bn worth of orders were in the pipeline.

With government initiatives like Atmanirbhar Bharat and geopolitical tensions, the outlook for defence equipment makers has turned brighter. HAL's stock has skyrocketed over 400% in the past three years and has given over 100% returns in the past one year.

HAL is one of the top 5 defence companies in India.

Why Mahindra CIE Automotive share price is falling

Mahindra CIE Automotive share price plunged 7.7% in the morning trade on 13 March following reports of promoter Mahindra & Mahindra selling a 4.6% stake in the auto ancillary.

Reportedly, the floor price for the stake sale was likely to be set at Rs 355 a share. The base size of the block deal was likely to be Rs 6.2 bn with a 60-day lock-up period on further sale of shares.

In the quarter ending December 2022, the auto major held a 9.3% stake in the auto ancillary. This was after M&M had reduced its holding by 2.2% from 11.4% in September 2022.

Over calendar year 20222, CIE has increased the stake in Mahindra CIE from 60.8% to 65.7% and approved the change of name from MCIE to CIE Automotive India. In the fourth quarter earnings call, the company's management had said that the name change will take effect in a few months after all the regulatory approvals were in place

Why Elgi Equipment share price is rising

Elgi Equipment share price nudged higher on 13 March after the company announced that its wholly owned US subsidiary Elgi Compressors USA Inc entered into an operating agreement to pick up 33.3% in CS Industrial Services LLC, a North Carolina limited liability company.

CS Industrial Services is yet to commence business operations, hence, the subsidiary will acquire Class A shares of the company for US $ 100,000 (about Rs 82.2 m) and Class B shares at a total of US $ 25,000 (about Rs 2.1 m).

Class A shares typically come with more voting rights than Class B shares. Under the agreement, the acquisition will make CS Industrial Services the exclusive dealer and distributor of Elgi-branded compressors in the Western New York region.

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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