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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News April 19, 2023
SGX Nifty Down 31 Points | Jindal Stainless Special Dividend | Why Quick Heal Share Price is Falling | Top Buzzing Stocks Today Wed, 19 Apr Pre-Open
On Tuesday, Indian share markets ended lower tracking weakness in IT and power stocks.
At the closing bell on Tuesday, the BSE Sensex stood lower by 184 points (down 0.3%).
Meanwhile, the NSE Nifty closed lower by 47 points (down 0.3%).
HCL Tech, Nestle and Cipla were among the top gainers.
Power Grid Corporation, Reliance and Adani Enterprises on the other hand, were among the top losers.
The BSE Midcap index rose 0.5% while the BSE SmallCap index ended 0.2% higher.
Sectoral indices ended on a mixed note with stocks in the realty sector, metal sector and healthcare sector witnessing most of the buying.
On the other hand, stocks from the telecom sector, power sector and FMCG sector witnessed selling pressure.
Shares of DLF, ITC and Aditya Birla Capital hit their 52-week highs on Tuesday.
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 82.04 against the US$.
Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 60,324 per 10 grams, at the time of Indian market closing hours yesterday.
At 7:10 AM today, the SGX Nifty was trading down by 31 points or 0.2% lower at 17,690 levels.
Indian share markets are headed for a negative opening today following the trend on SGX Nifty.
Speaking of stock market, IEX trades at a lofty PE multiple of close to 48x its trailing twelve-month earnings.
The stock is in a bit of a comeback mode lately having gone up 20% from its 52-week lows.
To know whether the worst is really behind for one of India's most favourite multibaggers of the past few years, check out Rahul Shah's latest video.
Top buzzing stocks today
IHCL share price will be among the top buzzing stocks today.
IHCL (Indian Hotels Company Limited), on Tuesday, signed two new hotels in Dhaka, Bangladesh.
The Taj and Vivanta branded hotels will be part of an integrated complex that will be included in hi-end retail. These are greenfield projects.
Scheffler India share price will also be in focus today.
Vehicle components maker Schaeffler India on Tuesday posted its smallest quarterly profit growth since June 2020, hit by a drop in demand and margin contraction.
The company's profit climbed 6% to Rs 2.2 billion (bn), while revenue from operations rose 8% to Rs 16.9 bn.
Tata Steel to raise offshore green loan
India's Tata Steel is in talks to raise as much as US$ 400 million (m) in what could become the company's first green loan.
The debt could have a tenor of about five years, and the proceeds would be used for capital expenditure.
According to the media reports, the lenders include Bank of America Corp, HSBC Holdings Plc, JPMorgan Chase & Co and Mitsubishi UFJ Financial Group Inc.
No final decision has been taken yet.
According to a 2022 McKinsey Quarterly report, steelmaking is carbon-intensive, and the sector will require fresh financing to improve its environmental footprint.
A global shift to low-emissions productions would require outlays of about US$ 4.4 trillion (tn) over the next 30 years.
However, the company lags behind its peers on several environmental metrics, including greenhouse gas emissions, air quality, and water and waste management.
Tata Steel is Asia's first integrated private steel company.
Its share price was under pressure after the company released its quarterly numbers for the December 2022 quarter.
To know what holds next for the company, check out our editorial on why Tata Steel share price is falling.
Why Quick Heal share price is under pressure
Shares of cybersecurity software company Quick Heal Technologies experienced a decline of more than 13%, hitting a 52-week low, on Tuesday, as its revenue for the March 2023 quarter halved compared to the same period last year.
The company reported a 52.5% YoY drop in revenue, amounting to Rs 492.8 m, compared to Rs 1 bn in the same quarter of the previous year. Moreover, it was down 26% sequentially.
Quick Heal usually performs better in the fourth quarter, reporting operational revenue of Rs 1 bn in the previous two fiscal years. However, a sudden decrease in IT spending since the second half of the financial year 2022, which continues to date, triggered the topline drop. The company foresees the trend to persist in the upcoming quarter as well.
It reported an operating loss of Rs 161.7 m against an operating profit of Rs 348.7 m last year. Additionally, Quick Heal posted a net loss of Rs 66.4 m, compared to a net profit of Rs 281 m last year.
Quick Heal Technologies on Tuesday also announced Ankit Maheshwari as the Chief Financial Officer from 26 April 2023. Quick Heal Technologies is one of the leading providers of IT Security and Data Protection Solutions with a strong footprint in India and an evolving global presence.
The company has evolved into a 360-degree cyber security solutions provider in India.
With an established presence in the cyber security market, it is among the top cybersecurity stocks in India.
Jindal Stainless announces special dividend
Jindal Stainless on Tuesday announced a special interim dividend of Rs 1 per share through an exchange filing.
The record date for the same has been set as 26 April 2023, with the payment date as 17 May 2023.
This dividend was upon the successful completion of the merger process and consequent listing of new shares of the merged entity.
Further, the company also announced the re-appointment of Abhyuday Jindal as the managing director of Jindal Stainless for the next five years from 1 May 2023.
This was done based on the recommendation of the Nomination and Remuneration Committee.
For a fundamental analysis of Jindal Stainless, check out Equitymaster's Indian stock screener which has a separate screen for top steel companies in India.
And 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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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