SGX Nifty Trades Higher, Tata Motors' EV Concept Car, Axis Bank Quarterly Results, and Top Buzzing Stocks Today

Fri, 29 Apr Pre-Open

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Indian share markets ended on a strong note yesterday after extending early gains tracking positive global cues.

At the closing bell on Thursday, the BSE Sensex surged 702 points, ending 1.2% higher.

Meanwhile, the NSE Nifty added 207 points, ending near 17,250.

HUL, Asian Paints, and NTPC were among the top gainers.

Bharti Airtel, M&M, and HCL Technologies were among the top losers.

Reliance Industries surpassed the market capitalisation milestone of US$250 bn for the first time with shares hitting a record high yesterday.

In broader markets, the BSE Mid Cap index ended 0.8% higher while the BSE Small Cap index ended up by 0.1%.

Among sectoral indices, FMCG, power, auto, and capital goods witnessed most of the buying.

Shares of Fine Organic Industries and CRISIL hit their 52-week high.

At 7:40 am today, the SGX Nifty was trading up by 62 points or 0.4% higher at 17,300 levels.

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

Speaking of stock markets, Chartist Brijesh Bhatia explains why the road ahead for stock markets will be rough, in his latest video for Fast Profits Daily.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Tata Motors will be among the top buzzing stocks today.

Today, Tata Motors will unveil the concept car that it plans to build on its first electric vehicles (EV) platform, Pure EV architecture.

The company confirmed plans of launching cars built on this platform in the global markets.

The new platform represents the third phase of Tata's electrification plans that have been given a boost by a US$1 bn investment from private equity firm TPG last year.

The move is in line with Tata's plans to launch 10 EV models by March 2026.

As per a report on Reuters, Tata Motors aims to ramp up annual production of EVs to 0.08 m in the current financial year as compared to 0.02 m in previous year.

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Read more about India's Best 2-Wheeler EV Stocks here.

Moving on, Vedanta will continue to be in focus today.

Vedanta on Thursday reported about 5% decline in its consolidated profit after tax (PAT) at Rs 72.61 bn in the March 2022 quarter on account of higher expenses.

Market participants will also track shares of Wipro, Maruti Suzuki, L&T Finance, and IndusInd Bank as these companies will report their March quarter earnings later today.

Axis Bank March Quarter Results

The private lender reported its March quarter results yesterday after market hours.

Axis Bank's net profit rose 54% year on year (YoY) and stood at Rs 41.2 bn as compared with Rs 26.8 bn in the same quarter last year.

Net interest income (NII) for the quarter grew 17% YoY to Rs 88.2 bn. Net interest margin (NIM) for the quarter came in at 3.49%.

Loans growth came in at 15% YoY with retail loans rising 21% and SMEs up 26% on a YoY basis.

Asset quality improved with gross non-performing assets (GNPAs) for the quarter falling to 2.82% of total advances compared with 3.17% in the December quarter and 3.7% in the March quarter last year.

Axis Bank's board recommended a dividend of Rs 1 per equity share for the year ended 31 March 2022.

To know more about the company, check out Axis Bank's financial factsheet and its latest quarterly results.

Varun Beverages announced a bonus issue of 1:2.

Along with reporting the March quarter results, the board of Varun Beverages approved the bonus issue of equity shares in the proportion of one for every two held by investors.

The company is yet to announce the record date but confirmed that bonus shares will be issued within two months from the date of board approval (27 April 2022). Although shareholder approval for the same is yet to be received.

Coming to quarterly results, Varun Beverages follows the January to December financial year.

The PepsiCo maker reported a 26% year-on-year (YoY) rise in revenue from operations at Rs 28.7 bn for the March quarter compared with Rs 22.7 bn.

Despite the third wave of Covid-19 in January 2022, the company's total sales volume increased by 19% in the quarter under review to 180 m cases compared to 151 m cases in the same quarter last year.

Consolidated bottom-line zoomed 98% to Rs 2.7 bn during the first quarter, up from Rs 1.4 bn last year.

Commenting on the strong results, chairman Ravi Jaipuria said:

• On the demand front, we are seeing a solid uptick in consumption. The summer season in the domestic market has begun well.
  
  As we enter the peak months, we are well prepared to cater to the anticipated demand by optimizing our capacity utilization across all our plants and further enhancing our reach across established and underpenetrated markets.

Rainbow Children's Medicare IPO: Last day of subscription

The three-day Rs 15.8 bn IPO comprises fresh issue of Rs 2.8 bn and an offer for sale of Rs 13 bn.

The shares had made a debut in the grey market at a premium of Rs 50, however, were trading at a premium of Rs 20 yesterday.

The IPO started off on a slow note and as of yesterday, the IPO was subscribed 0.55 times led by retail investors who bought 0.82 times of their portion.

While the Qualified Institutional Buyers (QIBs) portion was subscribed 10%.

We will keep you updated from this space. Stay tuned!

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!

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