SGX Nifty Tanks 204 Points, Why Tata Group Companies Cut Global Exposure, the Latest on LIC IPO, and Buzzing Stocks Today

Fri, 22 Apr Pre-Open

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On Thursday, Indian share markets extended gains as the session progressed as buying was seen across all sectors.

Tracking firm global cues, benchmark indices surged as index heavyweight stocks Reliance and Asian Paints added firepower.

At the closing bell on Thursday, the BSE Sensex stood higher by 874 points, up 1.5%.

Meanwhile, the NSE Nifty climbed 256 points, ending close to the 17,400-mark.

Eicher Motors, Coal India, and Maruti Suzuki were among the top gainers while Cipla, Tata Steel, and ONGC were among the top losers.

In broader markets, both the BSE Mid Cap index and the BSE Small Cap index ended up by 1.3%.

All the sectoral indices ended in green with banking, IT, auto, and pharma stocks witnessing most of the buying.

Shares of AU Small Finance Bank and Reliance Industries hit their 52 week high.

At 8:00 am today, the SGX Nifty was trading down by 204 points, or 1.2% lower at 17,200 levels.

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

Gold prices were trading down by 0.6% on MCX at Rs 52,315 per 10 grams, at the time of Indian market closing hours yesterday.

Speaking of stock markets, Chartist Brijesh Bhatia talks about the life insurance sector, in his latest video for Fast Profits Daily.

Brijesh is bearish on the sector and in the below video, he explains why. Tune in to find out more:

Top Buzzing Stocks Today

ITC share price will be in focus today.

ITC will acquire 10.1% stake in Blupin Technologies which owns the direct-to-consumer (D2C) mother and baby platform Mylo.

Mylo, is a full-stack community eco-system focused on parenting and child-related content, health tools, and community sharing features.

Mylo's product range includes Mylo Care which offers natural personal care products, Mylo Essentials which are everyday use products for the family, and Mylo Veda, an ayurvedic range of personal care products.

HDFC Bank share price will also be in focus today.

Private lender HDFC Bank said it will open 150 new branches across Uttar Pradesh this year, creating more than 1,000 direct jobs. Majority of these branches will be opened in rural areas, said Akhilesh Kumar Roy, branch banking head of UP, HDFC Bank.

Market participants will also track shares of Hindustan Zinc, Tata Metaliks and Tejas Networks as these companies will report their March quarter results today.

LIC IPO Dates to be Finalized this week

In latest developments from the IPO space, the government is likely to take a call on the timing of Life Insurance Corp. of India's (LIC) initial public offering (IPO) this week.

The IPO that was originally planned to be launched in March got derailed due to the Russia-Ukraine war.

If the IPO is delayed beyond 12 May, it will be deferred to august or September since fresh papers with updated quarterly results and valuations would have to be filed with markets regulator.

At a 5% stake dilution, the LIC IPO would be the biggest ever in the history of the Indian stock market, and once listed its market valuation would be comparable to top companies like Reliance Industries and Tata Consultancy Services.

Fertilizer Subsidy

As per rating agency CRISIL, the fertiliser subsidy is likely to touch an all-time high of Rs 1.65 lakh crore this financial year against the budget estimate of Rs 1.05 lakh crore due to an unprecedented rise in the cost of raw materials and fertilisers globally.

India's fertiliser subsidy is set to touch a record of Rs 1.65 lakh crore and an additional subsidy and revision in the nutrient-based subsidy (NBS) rates are crucial in order to sustain the credit profiles of fertiliser makers.

According to the report, in the past two fiscals, the government has paid an additional Rs 1.2 lakh crore and increased the budgeted subsidy.

However, the steep rise in raw material prices has been negating this and another intervention may be needed in 2022-23, the Crisil report noted.

PLI Scheme Draws Rs 2.34 lakh crore in Investments

India's production-linked incentive (PLI) scheme has encouraged domestic manufacturing and generated investment commitments of Rs 2.34 lakh crore across 14 sectors, according to data collated from various ministries.

Automobile and auto components, advanced chemistry cell batteries, specialty steel and high-efficiency solar panels have attracted the maximum interest.

The government expects the scheme to generate additional output worth Rs 28.15 lakh crore and 6.45 million new jobs over the next five years.

There has been a tremendous response across all the sectors for which the scheme has been implemented, according to a senior government official. Total outlay for the scheme across the 14 sectors is Rs 1.97 lakh crore.

What's new at Tata Group Companies?

Tata group companies have begun actively cutting exposure to international markets by exiting subscale businesses to reinvest capital and intensify their local focus, according to top executives of the group.

The companies have been mandated to retain businesses that are profitable and not a distraction to their main consumption market, India, with stricter capital allocation on scalable profitable businesses.

In recent months, companies including Tata Consumer, Tata Power and Tata Steel among others have been merging or selling their smaller businesses outside India, or else are seeking buyers for them.

Tata Consumer exited two US-based joint ventures last year, selling its stake to joint partner Harris Tea Company LLC. The company also divested its MAP Out-of-Home coffee business in Australia to Buccheri Group Pty Ltd, a boutique coffee manufacturer established in Australia in 2007 and led by Santo Buccheri and his family.

Meanwhile, Tata Power is looking to sell its stakes in joint ventures in South Africa and Zambia in order to cut its financial liabilities and focus on the domestic market.

It's looking for buyers to divest its 50% stake each in wind energy company Cennergi in South Africa and Itezhi Tezhi Power Corp. (ITPC) in Zambia.

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

Speaking of the Tata group, Co-head of Research at Equitymaster recorded a video last year discussing whether the group is a genuine wealth creator.

You can watch the video here: Tata Group: A Genuine Wealth Creator.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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