SGX Nifty Down 35 Points | Why Sobha Share Price is Falling | Emami Share Buyback | Top Buzzing Stocks Today

Thu, 23 Mar Pre-Open

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On Wednesday, Indian share markets continued their momentum throughout the trading session and held on to their gains.

Benchmark indices rose as concerns of a banking crisis eased further after the Credit Suisse rescue.

At the closing bell on Wednesday, the BSE Sensex stood higher by 136 points (up 0.2%).

Meanwhile, the NSE Nifty closed up by 44 points (up 0.3%).

HDFC Life Insurance, Bajaj Finance and Sun Pharma were among the top gainers.

BPCL, NTPC and Coal India on the other hand, were among the top losers.

Broader markets ended on a positive note on Wednesday. The BSE Midcap index ended flat while the BSE SmallCap gained 0.5%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, auto sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the realty sector and metal sector witnessed selling pressure.

Shares of KPIT Technologies hit their 52-week highs.

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 82.65 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 58,730 per 10 grams at the time of Indian markets closing hours on Wednesday.

At 7:50 AM today, the SGX Nifty was trading down by 35 points or 0.2% lower at 17,120 levels.

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

Speaking of stock markets, the Indian stock markets have been facing one event after the other that is making Mr Market nervous.

First it was Adani saga. The recent events of failure of SVB and Signature Bank, and now the concerns related to Credit Suisse are again feeding the fear element in the stock markets.

Last time the global banks failed, we witnessed a correction across global including Indian stock markets.

In her latest video, smallcap analyst at Equitymaster Richa Agarwal talks about how you should approach investing amid these macro events.

Top Buzzing Stocks Today

Larsen and Toubro (L&T) will be among the top buzzing stocks today.

L&T on Wednesday, secured orders for its water and effluent treatment and buildings and factories businesses.

Though the company did not disclose the total value of the orders, it indicated that they were of a 'significant' size.

The water and effluent treatment business has secured a repeat order from the Drinking Water and Sanitation Department of the Jharkhand government.

The order involves executing a Raw Water Transport System on a turnkey basis from the proposed intake at Neghra, Rajmahal.

Zydus Lifesciences will also be in focus today.

Zydus Pharmaceuticals (USA), a subsidiary of Zydus Lifesciences received final approval and tentative approval from the United States Food and Drug Administration (USFDA) for Tofacitinib tablets.

Zydus Pharmaceuticals was one of the first ANDA applicants to submit a substantially complete abbreviated new drug application for Tofacitinib tablets.

It is also indicated for the treatment of adult patients with moderately to severely active ulcerative colitis (UC).

The drug will be manufactured at the group's formulation manufacturing facility in Moraiya, Ahmedabad (India).

Why Sobha share price is falling

Sobha share price fell nearly 5% on 22 March after the real estate developer informed exchanges of an Income Tax search at its registered office and other premises.

It is down 34.4% from its 52-week high level and has bled 15% in 2023 so far.

Local media reported that the raids began on Monday by income tax officials of the Bengaluru and Chennai divisions. The company's factories making wood, aluminium, and concrete products were also searched.

Lately, troubles have been mounting for the developer. In January, the Bruhat Bengaluru Mahanagara Palike (BBMP) had cancelled the occupancy certificate (OC) of the 2,000-unit Sobha City apartment in Thanisandra Main Road. It alleged that the real estate company had submitted a fake no objection certificate (NOC) of the fire department.

Prior to that in December, the Enforcement Directorate had attached Sobha's land assets in Kerala worth Rs 2 billion (bn) under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Since then, the stock has tumbled 26%.

The company's Q3 performance was not much encouraging either. It reported a 48% YoY decline in consolidated profit at Rs 318 m for the quarter ended December of financial 2023, impacted by weak operating performance.

Revenue surged 40% on a YoY basis to Rs 8,682 m for the quarter, with highest ever quarterly sales volume of 1.5 m square feet, however, earnings before interest, tax, depreciation and amortization (EBITDA) fell 41% YoY to Rs 888 m.

Asian Energy Services bags a new order

Asian Energy Services won an order from UAE-based Svetah Energy Infrastructure FZE for Rs 1,650 m.

The order is for operations and maintenance of the Svetah Venetia, a floating production storage and offloading system for oil and gas production off the Puducherry coast.

Asian Energy has won such an order for the third time. The order win will further help Asian Energy standing in this particular segment.

Shares of Asian Energy were in focus after the company announced plans to acquire stake in oil and gas field situated at Indrora, Gujarat.

According to an exchange filing by Asian Energy, its parent company Oilmax Energy has been awarded a 20-year mining lease for the DSF Block to extract crude oil and natural gas by the Gujarat government's Energy and Petrochemicals Department. The lease will be effective from 01 April 2023.

Emami's Board mulls share buyback

Emami share price surged over 8% on 22 March on the news of the company's board weighing a share buyback.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing its supply, which essentially pushes up the share price through a better price-to-earnings (P/E) multiple.

Emami reported a 6.1% yearly increase in its consolidated net profit to Rs 2.3 bn for the Q3 of financial year 2023 from Rs 2.2 bn for the corresponding period of the last financial year.

To know what's moving the Indian stock markets today, check out the most recent?share market updates here.

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