SGX Nifty Down 85 Points | the Latest on Vedanta's Fundraising | Tata Motors Announces Price Hike | Top Buzzing Stocks Today

Mon, 17 Apr Pre-Open

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On Thursday last week, Indian share markets reversed the trend as the session progressed to end flat.

Benchmark indices ended marginally higher on Thursday after remaining in the red for most of the session. IT stocks fell after weak quarterly earnings and a cautious outlook weighed on sentiment, but a late rally in bank stocks lifted the market in the second half.

At the closing bell on Thursday, the BSE Sensex stood lower by 38 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 15 points (up 0.1%).

Eicher Motors, Apollo Hospital and HDFC Life Insurance were among the top gainers.

Infosys, Tech Mahindra and HCL Technologies, on the other hand, were among the top losers.

The BSE Midcap index rose 0.2% while the BSE SmallCap index ended 0.3% higher.

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

On the other hand, stocks from the IT sector, healthcare sector and energy sector witnessed selling pressure.

Shares of Bajaj Auto, HDFC and Godrej Consumer hit their 52-week high on Thursday.

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...

Gold prices for the latest contract on MCX were trading higher by 0.5% at Rs 60,920 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:30 AM today, the SGX Nifty was trading down by 85 points or 0.5% lower at 17,780 levels.

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

Speaking of stock markets, a travel and a pharma stock can be turnaround stories in 2023. Mouthwatering valuations coupled with a turnaround in financials is a strong combination for re rating in the stock market.

In the below video Aditya Vora talks about top two stocks- one in the travel sector and other in the pharma sector as probable re rating candidates. He talks about what factors can trigger a rerating in these stocks.

To know more watch the video below.

Top Buzzing Stocks Today

Nelco will be among the top buzzing stocks today.

Tata Group's satellite services firm Nelco has withdrawn its application for offering personal satellite communication services to consumers in the country and plans to apply for a new license under New Space Policy.

Jindal Steel & Power will also be in focus today.

Jindal Steel & Power, on Thursday, announced its plan to commission a state-of-the-art 1.2 million tons per annum rail & heavy structure mill at its steel complex at Angul, Odisha.

With the commissioning of this capacity, the company's total rail-making capacity will be 2.2 million tons per annum.

Infosys Q4 results & dividend

Infosys, on 13 April 2023, reported a 16% YoY rise in its revenue at Rs 322.7 billion (bn). Total revenues sequentially dropped 2.3 %, down from Rs 383.1 bn in September 2022 quarter.

Net profit for the quarter came in at Rs 61.3 bn, up 7.8% YoY. It reported a net profit of Rs 65.9 bn in the same quarter last year. The profit declined 6.9% on a sequential basis.

In constant currency terms, its revenue from North America, the largest market for Infosys, grew merely 6% YoY, while those from Europe were up 20.3% YoY.

Its performance in the fourth quarter of FY23 was subdued owing to unplanned project ramp and downs and delays in decision-making by the company's clients.

For the financial year 2023, the board recommended a final dividend of Rs 17.5 per share.

With the interim dividend of Rs 16.5 per share, the dividend per share for the financial year 2023 sums up to Rs 34.

Shares of Infosys have been under pressure in the past few days, as the market was expecting the company to report a weak Q4 show.

Even before quarterly results, Infosys share price was under pressure in January 2023. Back then, we wrote you a detailed editorial explaining - why Infosys share price is falling.

Vedanta in talks for syndicated loan

Resources conglomerate Vedanta is in talks with Barclays Bank PLC to syndicate a Rs 15 bn loan. The loan will be used for business purposes such as repayment of existing debt, capex, general corporate purposes and related expenses.

The loan has a tenor of 15 months, an all-in cost of 11.5% IRR split into a running coupon of 10.5% per annum, payable monthly, and a 0.5% upfront fee.

The loan will have a first exclusive charge over the fixed assets of Vedanta's Tuticorin plant in Tamil Nadu and an exclusive pledge over Hindustan Zinc shares.

Vedanta and Barclays are yet to make a statement on the loan.

This development comes after media reports on Vedanta's talks with US-based Farallon Capital Management to raise at least US$ 1 bn. The structure of the fundraising hasn't been finalised, and discussions are ongoing.

Apart from Barclays, Vedanta was also in talks with JPMorgan Chase & Co and Standard Chartered Plc for a syndicated dollar-denominated loan.

Vedanta's share price have been reeling under pressure recently, to know why check out our editorial - Why Vedanta share price is falling.

With forming a recent joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among?India's top 5 semiconductor stocks.

Also as China tries to move up the technology supply chain with advanced chips, the US is getting wary, this makes semiconductor the top Indian megatrends.

Tata Motors announces second price hike

Tata Motors, on Friday, announced its decision to increase the prices of its passenger vehicles, citing rising input costs and regulatory changes that have made car production more expensive.

This marks the second time in 2023 that the Indian automaker has implemented such a price hike.

The Indian automaker has stated that the weighted average prices increase for its passenger vehicles will be 0.6%, depending on the model and variant. The price hike is set to take effect from 1 May 2023, as per its recent press release.

Additionally, the implementation of Bharat Stage VI norms at the start of this month has led to an increase in the cost of vehicles across segments in India. The government has mandated that automakers must equip their vehicles with a special device to monitor emissions, resulting in additional expenses.

Tata Motors is the country's leading player in the commercial vehicle segment.

However, in the EV market, the company is leading the EV revolution with more than 80% market share in passenger EV sales.

The company witnessed exponential sales growth in 2022 as it sold close to 20,000 units, driving the e-mobility practically independently. This has made tata motors among the top 5 EV manufacturer to add to your watchlist.

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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