SGX Nifty Indicates Gap-Down Opening, ICICI Bank Quarterly Results, Campus Activewear IPO, and Top Buzzing Stocks Today

Mon, 25 Apr Pre-Open

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On Friday, Indian share markets ended lower as global sentiment soured after the US Federal Reserve hinted at an increasingly aggressive rate hike amid high inflation concerns.

At the closing bell on Friday, the BSE Sensex plummeted 714 points, and ended 1.2% lower.

Meanwhile, the NSE Nifty dropped over 200 points, ending a little above the 17,150-mark.

M&M, Bharti Airtel, and Maruti were among the top gainers.

SBI, HUL, and IndusInd Bank were among the top losers.

In broader markets, the BSE Mid Cap index was down by 0.7% while the BSE Small Cap index ended lower by 0.4%.

All sectoral indices ended in red with banking, metal, and healthcare stocks witnessing most of the selling.

Shares of Adani Power and Reliance Industries hit their 52-week high on Friday.

At 8:30 am today, the SGX Nifty was trading down by 240 points, or 1.4% lower at 16,930 levels.

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

Gold prices were trading at Rs 52,483 per 10 grams at the time of Indian market closing hours on Friday.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster Rahul Shah tries to understand the probability of Tata Power undergoing a significant crash in the near future.

Is Tata Power's rise justified by fundamentals or too much of expectations have built up into the stock price?

Is the stock in risk of a big crash if the broader markets start turning southwards?

Rahul answers all these questions in the below video. Tune in to know more...

Top Buzzing Stocks Today

NALCO share price will be in focus today.

Indian state-run aluminium producer National Aluminium Co (NALCO) is facing a coal supply shortfall, due to supplies being diverted to priority electricity generation and a shortage of trains to deliver fuel to NALCO's power plants.

Pfizer share price will also be in focus today.

India's drug regulator has approved Pfizer's antiviral medication Paxlovid for restricted emergency use against Covid-19 amid rising infections in the country.

Hyderabad-based Hetero Labs will manufacture the generic version of Pfizer's drug, touted as a game changer in the fight against the disease.

Market participants will also track shares of Tatva Chintan Pharma and Tata Investment Corp as these companies will announce their quarterly earnings later today.

ICICI Bank Results Beat Estimates

Private lender ICICI Bank on Saturday reported a 59% jump in net profit in January-March quarter of fiscal 2022, aided by robust increase in net interest income (NII) and lower provisions.

Net profit totaled to Rs 70.2 bn in the quarter under review compared to Rs 44 bn in the year ago period.

The company's NII grew by 21% in the same period to Rs 126.1 bn versus Rs 104.3 bn in the year ago period. Net interest margins expanded by 16 basis points YoY and 4 bps sequentially to 4%.

ICICI Bank's provisions dropped 63% to Rs 10.7 bn in the same period. The bank has made contingency provision of Rs 10.3 bn in the quarter, thereby taking the Covid-19 related contingency provision to Rs 74.5 bn as of 31 March 2022.

On the asset quality front, the lender's gross non-performing asset (NPA) ratio fell by 53 bps sequentially to 3.6%. Net NPA ratio declined by 9 bps to 0.76%.

To know more, check out ICICI Bank's latest quarterly results.

HDFC Bank Declared Dividend

HDFC Bank on Saturday declared dividend of Rs 15.50 per share to its shareholders for the financial year 2021-22.

The record date for determining the eligibility of members entitled to receive dividend on equity shares is 13 May 2022.

Last Saturday, the country's largest private sector lender reported a 23% jump in standalone net profit to Rs 100.6 bn for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed.

Earlier this month, the bank also announced its parent company HDFC will be merged into HDFC Bank in about 18 months and the combined balance sheet will reach Rs 17.87 lakh crore.

Campus Activewear IPO Update

In news from the IPO space, footwear brand Campus Activewear is all set to open its initial public offering (IPO) tomorrow and close on 28 April.

The company is looking to raise Rs 14 bn through the public issue of shares. The price band of the IPO is Rs 278 - Rs 292 per share.

The IPO is a complete offer for sale (OFS) of 47.9 bn shares by promoters and shareholders of the company.

Meanwhile, shares of the company are demanding a premium of Rs 60 per share in the grey market.

Started in 2005, Campus Activewear claims to be India's largest sports and athleisure footwear brand. It manufactures a variety of footwear at affordable prices. Campus Activewear sells its products through both online and offline platforms.

The company has five manufacturing facilities across India with an installed annual capacity for assembly of 25.6 m pairs as of September 2021.

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

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