EV Sales Amid Rising Battery Cost, Coal India's Increased Supplies, and Top Buzzing Stocks Today

Wed, 20 Apr Pre-Open

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On Tuesday, Indian share markets witnessed heavy selling in the last hour of trade and ended over 1% lower.

Benchmark indices plummeted during the last hour of trade after Ukraine said that a long-expected offensive push into the Donbas region in eastern Ukraine has started, with intensified assaults in the north and east of the country.

At the closing bell on Tuesday, the BSE Sensex tanked 704 points, down 1.2%.

Meanwhile, the NSE Nifty slumped 215 points and ended below 17,200, the lowest level since 15 March 2022.

Apollo Hospital, Coal India, and Reliance were the top gainers while HDFC twins, Infosys, Nestle, and ITC were among the top losers.

In broader markets, the BSE Mid Cap index, as well as the BSE Small Cap index, ended down by 1.2%.

All sectoral indices ended in the red. The Nifty IT index fell 3%. While FMCG, media, pharma, and realty were among other top losers.

Shares of GAIL (India) hit a 52-week high yesterday, ahead of ex-date for share buyback on 21 April 2022.

On the contrary, INEOS Styrolution India slumped to hit its 52-week low and closed at Rs 860.8. This was led by the promoter's proposal to sell stake via OFS.

Gold prices on MCX were trading up by 0.1% at Rs 53,315 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster Tanushree Banerjee discusses disruptive stocks and the must have rule to spot them.

Tune in to the below video to find out more:

Top Buzzing Stocks Today

Among the buzzing stocks today will be Rail Vikas Nigam (RVNL).

RVNL has signed a Memorandum of Understanding (MoU) with Mahanadi Coalfields.

Dabur India share price will also be in focus as the homegrown FMCG major plans to induct a fleet of 100 electric vehicles (EVs) in its supply chain for last-mile product distribution in the next 12 months.

All the 100 vehicles would be inducted within the next 12 months across the nation, Dabur India CEO Mohit Malhotra said in a statement.

Market participants will also track shares of Glenmark Life Sciences and Tata Elxsi as these companies will report their March quarter earnings later today.

Sugar Stocks on the Rise

Yesterday, sugar stocks rallied backed by expectation of strong operational performance, favourable mix of ethanol towards B-heavy/juice (feedstock), and higher sugar realizations.

Earlier this month, the government extended the timeline for disbursement of loan for ethanol projects under different schemes till 30 September 2022 in order to boost domestic production and achieve ethanol blending of 20% by 2025.

The above move is aimed at facilitating entities to complete their projects and avail benefits of interest subvention.

Rating agency ICRA remains optimistic about the industry's inventory levels for the current season due to favourable international sugar realisations.

Coal India Supplies Rise amid Surging Demand

Amid the looming power crisis, Coal India has come out as a winner.

The company posted some operational updates yesterday suggesting a head-on start for this year.

In the first half of April, supplies to thermal power station are up around 14% reaching 1.6 m tonnes however the production is up close to 27%. This puts the company in line with its target of 700 m tonnes for the year 2023.

The pinching point from the company financials, receivables, also seem to come down to Rs 123 bn. In the month of March only, the receivable took a dive by around Rs 25 bn.

E-auction premiums, which constitute 15% of sales but much more towards profitability scaled by over 200%.

The company supplies around 80% of its production to the power sector. The off-take to the power sector is up by 21% from the last financial year, and up around 10%-15% from non-covid years.

No wonder Coal India shares jumped by 4.9% yesterday, almost touching its 52-week high.

EV Sales amid Rising Battery Costs

Buyers around the world are lining up to purchase EVs this year even as battery prices are surging.

This year, EV demand has stayed strong even as the average cost of lithium-ion battery cells soared to an estimated US$160 per kilowatt-hour in the first quarter from US$105 last year.

Costs rose due to supply chain disruptions, sanctions on Russian metals and investor speculation.

Framework for Cryptos

As per a leading financial daily, India has pitched for a global framework to regulate cryptocurrencies identifying their use in money laundering and terror financing as the biggest risks for all countries.

At a discussion hosted by the International Monetary Fund (IMF) in Washington DC, finance minister Nirmala Sitharaman said,

• I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror.

She added that no country could handle these alone and they can be only regulated when countries come on board together.

The minister said that India had introduced a 30% tax on cryptocurrency to keep a track on who was transacting in these assets.

She is also scheduled to meet business leaders in San Francisco and will also interact with the faculty and students at Stanford University.

We will keep you updated on the latest developments from this space. Stay tuned.

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