Paytm Shares Continue Freefall, Looming Coal Shortage, and Top Buzzing Stocks Today

Wed, 16 Mar Pre-Open

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On Tuesday, Indian share markets witnessed heavy selling in the afternoon session and ended on a weak note.

Benchmark indices snapped their 5-day winning run as Ukraine-Russia talks reached 'crossroads'. From here on, either there will be an agreement or Russia will go on offensive, said Ukraine's presidential advisor.

Sentiment also soured ahead of the US Fed meeting where the Federal Open Market Committee (FOMC) is expected to initiate a rate hike.

The Sensex tanked sharply in the fag-end of the session, sinking 1,302 points from the day's high and hit a low of 55,419.

At the closing bell on Tuesday, the BSE Sensex stood lower by 709 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 208 points (up 1.2%).

Tata Consumer Products and M&M were among the top gainers.

Tata Steel and Hindalco, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 0.7% and 0.8%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector, oil & gas sector and energy sector witnessing most of the selling.

Auto stocks, on the other hand, witnessed buying interest.

Shares of Linde India and Cipla hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading at Rs 51,777 per 10 grams at the time of India market closing hours yesterday.

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Top buzzing stocks today

Housing finance stocks will be in focus today. As per a report by PropTiger.Com, affordable segment share in housing sales dipped to 43%.

43% of the total housing sales in India's eight leading housing markets was within the price bracket of Rs 45 lakh, a cap essential to avail of certain government subsidies on home purchase in India.

Policy support from the government is seen fueling the attraction for affordable homes in India in 2021, data show by digital real estate brokerage firm.

Ruchi Soya share price will also be the top buzzing stock today.

Shares of the edible oil company surged 18% yesterday, zooming as much as 42% in the past two trading sessions after the company announced plans to launch Rs 43-bn follow-on public offering (FPO) next week.

Market participants will also track Avantel share price.

The company has received a supply order worth Rs 1.3 bn for Loco devices for implementation of RTIS phase - 2. Following this news, the stock had rallied 20% yesterday.

Auto PLI scheme attracts huge investment proposals

In news from the automobile sector, Maruti Suzuki, Hero MotoCorp, Bosch, Lucas-TVS, Mitsubishi Electric, Motherson Sumi, Tata Autocomp, and Toyota Kirloskar are among the 75 companies that have secured an approval under the PLI scheme for auto and auto component industry in India.

Bharat Heavy Electricals (BHEL) and Ceat are the two new non-automotive investor companies that have got an approval under the scheme.

The scheme attracted investment of Rs 748.5 bn against the target estimate of Rs 425 bn over a period of five years. This is a 76% higher investment than the planned target.

This year in January, 115 companies had applied for the Rs 259.4 bn PLI scheme for the automotive and the auto component sector notified by the government in September last year.

Of the applicants, 13 were original equipment manufacturers (with the exception of 2W and 3W), 7 are 2W & 3W OEMs, 83 were component companies, 9 were new non-automotive (OEM) investor companies and 3 were new non-automotive (component) investor companies.

The PLI scheme for automobile and auto component industry proposes financial incentives to boost domestic manufacturing of Advanced Automotive Technology (AAT) products and attract investments in the automotive manufacturing value chain.

Paytm continues downtrend

Following a 13% decline on Monday, shares of Paytm crashed another 12% on Tuesday as investors continue to desert the stock on rising concerns over its business model and path to profitability.

The latest tumble comes on account of a ban by the Reserve Bank of India (RBI) on Paytm Payments Bank from onboarding any new customers. RBI has said last week on Friday that it had taken the action on the basis of certain "material supervisory concerns".

Adding to worries were reports stating that RBI's diktat banning the company's payments bank from onboarding customers was likely linked to sharing of local data with Chinese servers and for failing to properly verify customers.

Even though the company's CEO Vijay Shekhar Sharma said this ban will have no major impact, several analysts are concerned that the ban will lead to a significant impact on the revenue of the business.

Note that since its listing in November last year, Paytm's shares are down over 70% from the issue price of Rs 2,150 apiece.

Note that the rout in global tech stocks, aggressive pricing during IPO, pure offer for sale issues, and valuation concerns have pressurized newly listed companies. The fall is not just with Paytm but other companies too.

For example, CarTrade Tech has also tanked over 65% from its issue price. Meanwhile, Zomato and PB Fintech have eroded more than half of investors' wealth from their peak.

It remains to be seen when the tech stocks rout will end. We will keep you updated on the latest developments from this space.

Concerns of coal shortage

The government is expecting a touch-and-go situation in terms of availability of coal to power stations in the coming summer and rainy seasons even as all departments are fighting odds to prevent a crisis similar to August last year.

In a recent meeting chaired by cabinet secretary Rajiv Gauba, Indian Railways admitted that it has exhausted its rake availability capacity.

Coal India and the railways are operating at record levels to ensure adequate inventory build-up at power plants.

As many as 81 projects have critical stocks of less than 25% normative stock, including 10 imported coal projects and 9 non-operational plants.

Power stations have an aggregate coal stock of 26 m tonnes, while the same at Coal India mines is at 45 m tonnes.

Speaking of coal, we published an interesting article on the element last week. We wrote how governments are looking at fossil fuels once again as they scramble to meet their needs amid the energy crisis and how this has renewed the focus on coal.

You can read the entire article here - King Coal: The Return of the Prodigal Son.

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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