Oil Prices, Neogen Chemicals IPO, and Top Stocks in Action Today

Wed, 24 Apr Pre-Open

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On Tuesday, share markets in India witnessed most of the selling pressure during closing hours and ended marginally lower after a volatile day of trading.

The BSE Sensex closed lower by 80 points to end the day at 38,565. Maruti Suzuki and Yes Bank were among the top losers.

While the broader NSE Nifty ended down by 19 points to end at 11,576.

Among BSE sectoral indices, telecom stocks fell the most by 1.4%, followed by automobile stocks and banking stocks.

Top Stocks in Action Today

Thomas Cook share price will be in focus today as the company was honored with the prestigious award of Best Tour Operator - International at the Times Travel Awards 2019, presented by VFS Global. The company has received this top award on both occasions since its inception in 2018.

Sunteck Realty share price will be in focus today as it is planning to raise funds by way of debt or equity or any other convertible securities etc. and through Qualified Institutional Placement (QIP).

Market participants will also track Aurionpro Solutions share price.

Reportedly, the company has signed a deal with a leading public-sector bank in India for setting up of self-servicing KIOSKS at various locations across India. The company shall supply, install and maintain self-servicing KIOSKS at more than 500 branches of the bank across India.

Results Corner

AU Small Finance Bank has reported a rise of 42.4% in its net profit at Rs 1182.4 million for the quarter under review as compared to Rs 830.4 million for the same quarter in the previous year.

Total income increased by 51.2% at Rs 10,074 million for Q4FY19 as compared Rs 6,661.7 million for the corresponding quarter previous year.

Tejas Networks share price has reported a rise of 32.3% in its net profit at Rs 358.6 million for the quarter ended March 31, 2019 as compared to Rs 271.2 million for the same quarter in the previous year.

Market participants will track Bharti Infratel share price, Tata Elxsi share price, Ultratech Cement share price and Hexaware Technologies share price as these companies are set to announce their Q4FY19 results later today.

You can also read our recently released Q4FY19 results: HDFC Bank, Mahindra Lifespace, Reliance Industries.

From the IPO Space...

Specialty chemical maker Neogen Chemicals is all set for its initial public offer (IPO), which opens today. This would be the fourth company coming out with a public issue in the financial year 2019-20.

Neogen Chemicals is one of India's leading manufacturers of bromine-based, and lithium-based, specialty chemicals.

Company manufactures specialty organic bromine-based chemical compounds (Bromine Compounds) and other specialty organic chemical compounds as well as specialty inorganic lithium-based chemicals compounds (Lithium Compounds and together with the Bromine Compounds the Products).

Company had commenced the business operations in 1991, at Mahape, Navi Mumbai manufacturing facility with a few Bromine Compounds and Lithium Compounds.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

Rising Oil Prices

On Tuesday, oil prices hit their highest since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.

The United States on Monday demanded that buyers of Iranian oil stop purchase by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers.

Before the imposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd.

Saudi Arabia is the world's top oil exporter and de facto leader of OPEC, which has led global supply cuts since the start of the year aimed at propping up crude prices.

The Organization of the Petroleum Exporting Countries and other producers including Russia, an alliance known as OPEC+, have been cutting output since January 1. They will decide in June whether to continue the arrangement.

On the demand-side, there is concern that an economic slowdown as well as improving energy efficiency and the emergence of alternative transport fuels will erode oil consumption.

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Read the latest Market Commentary

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