SGX Nifty Down 40 Points | Nestle Plans Tenth Factory in India | UltraTech Cement Q4 Results | Top Buzzing Stocks Today

Tue, 2 May Pre-Open

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On Friday last week, Indian share markets picked up steam as the session progressed and ended the day on a firm note.

Benchmark indices rose for the eighth straight session in a row buoyed by foreign inflows and healthy buying in heavyweight stocks like Reliance Industries, L&T, and ITC.

At the closing bell on Friday, the BSE Sensex stood higher by 463 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 150 points (up 0.8%).

Adani Ports and Nestle were among the top gainers.

Axis Bank and Titan on the other hand, were among the top losers.

The BSE Midcap index ended 1.3% higher. While the BSE SmallCap index ended 0.9% higher.

Baring consumer durables, all sectoral indices ended the day on a positive note, with stocks in the FMCG sector, IT sector and power sector witnessing most of the buying.

Shares of Bajaj Auto and L&T hit their 52-week high on Friday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 81.83 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.2% at Rs 59,757 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading down by 40 points or 0.2% lower at 18,230 levels.

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

Speaking of stock markets, the chemical and specialty chemical stocks in the last one year were on a downtrend.

Increase in the raw material prices, rising fuel and freight costs, demand moderation especially in export markets due to geopolitical issues, and inventory build-ups are some of the reasons weighing over the specialty chemical stocks.

However, these may be short term disruptions.

The chemical industry in India is one of the biggest beneficiaries of China plus one factor, and its long-term story, especially for niche market leaders, remains intact.

Richa Agarwal, smallcap analyst at Equitymaster has divided the specialty chemical segment into different niches.

In the below video she talks about two key domestic players in the aliphatic amines, i.e, Balaji Amines and Alkyl Amines.

UltraTech Cement Q4 results

UltraTech Cement, on 28 April 2023, reported an 18.4% YoY rise in revenue to Rs 186.6 bn. This was Against the revenue of Rs 157.6 bn a year back.

Net profit for the quarter came in at Rs 16.7 bn, down 32.3% against a profit of Rs 24.6 bn recorded in the same quarter of the previous fiscal.

The numbers fell because of much higher tax outgo for the quarter against credit in the corresponding quarter last fiscal.

The company's board of directors has recommended a dividend of Rs 18 per share for the financial year 2023.

Despite the decline in net profit, UltraTech Cement remains optimistic to achieve 100 m tons of production and sales in the financial year 2023.

The company is also planning to increase its capacity by 19.5 million tonnes per annum in the next two years.

Work on its next phase of growth of 22.6 mtpa has already commenced.

The company said that civil work is in full swing at most sites. Commercial production from these new capacities is expected to go on stream in a phased manner by the financial year 2025-2026.

With the company being the leading player in the industry, it stands among the top 5 cement companies in India by growth.

In March 2023, UltraTech Cement's share price rose 4.9% due to rising cement prices, making it the top gainer for March 2023.

Nestle Plans 10^th factory

Nestle India, the Indian arm of the Swiss FMCG giant, is planning to expand its production capabilities by setting up its 10th factory in the country.

The new factory will be established in Gujarat with an investment of Rs 7 billion (bn) and is expected to be operational by 2022.

This would be the tenth factory for Nestle India, which last year announced to invest Rs 50 bn in the country by 2025 to accelerate its core business.

At Sanand, its latest plant, construction of the second phase has been started, and the third phase also has been approved. It is also expanding capacity at other plants.

The company is also investing in increasing the capacity of its existing factories by 30-50%.

The expansion of production capabilities will enable Nestle India to cater to the growing demand for its products and increase its market share in the country.

Nestle India is committed to sourcing locally and has been working with farmers to increase the yield and quality of raw materials. The company has also been investing in sustainable packaging solutions to reduce its environmental impact.

Being an established player in milk and nutrition products, chocolates and confectionary, Nestle India stands among top FMCG stocks in India.

With a history of paying frequent dividends since 1997, Nestle India is also one of the Top 3 stocks paying big quarterly dividends.

M&M Finance Q4 Profit jumps 8%, company declares dividend

NBFC Mahindra and Mahindra Finance, on Friday, reported a 7.8% YoY rise in net profit at Rs 6.8 bn for the March 2023 quarter. This was against a net profit of Rs 6 bn in the corresponding quarter last fiscal.

Meanwhile, its net interest income (NII), the difference between interest earned and expended, rose 10.2% YoY to Rs 16.6 bn from 15.1 bn a year back.

The total income for the quarter under review came in at Rs 30.6 bn, up 24% YoY, while the net interest margin for the quarter was at 7.4%.

The disbursement for the quarter at Rs. 137.8 bn, up 50% YoY. Consequently, the loan book increased by 27% to Rs 827.7 bn.

The board has recommended a dividend of Rs 6 per share on equity shares of Rs 2 each, i.e. 300%. This translates to a dividend payout ratio of 37% for the financial year 2023.

For the financial year 2023, total income increased by 13% to Rs 128.3 bn as against Rs 114 bn last year. The net profit came in at Rs 20.7 bn, growing 80% YoY compared to a net profit of Rs 11.5 bn a year back.

For a fundamental analysis of the company, check out Equitymaster's Indian stock screener which has a separate screen for the best finance companies in India.

Jet Airways CEO resigns

Grounded airline Jet Airways' CEO-designate Sanjiv Kapoor quit the airline, effective from 1 May 2023.

The aviation veteran joined Jet Airways as their Chief Executive Officer (CEO) on 4 April 2022.

Earlier in January this year, the airline, which shuttered operation in 2019, announced that Sanjiv Kapoor would remain the CEO-designate of the company till the airline's ownership was transferred to the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital by the lenders.

The ownership transfer of the airline under the insolvency resolution plan has been facing hurdles over differences between the winning bidder and lenders.

Jet Airways is India's leading private airline. It boasts a market share of about 45%.

The entire airline sector took a beating when the first covid wave hit in 2020.

But with the onset of 2022, the industry has picked up the pace and started to recover. To know whether it is wise time to invest in airline stocks, check out Airlines stocks: time to deplane?

And to know what's moving the Indian stock markets, 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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