SGX Nifty Down 71 Points | Varun Beverages Stock Split | Minda Corporation to Increase Stake in Pricol | Top Buzzing Stocks Today

Wed, 3 May Pre-Open

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On Tuesday, Indian share markets extended gains as the session progressed and ended on a bullish note.

Benchmark indices climbed for the eighth straight session amid continuous foreign fund inflows and record GST collection in April 2023.

Also, a largely firm trend in Asian gauges and buying in index major Reliance Industries and IT counters added to the optimism.

At the closing bell on Tuesday, the BSE Sensex stood higher by 242 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 83 points (up 0.5%).

ONGC and Tech Mahindra were among the top gainers.

Sun Pharma and Tata Motors on the other hand, were among the top losers.

The BSE Midcap index ended 0.7% higher. While the BSE SmallCap index ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the energy sector and metal sector witnessing most of the buying.

While stocks in the telecom sector and FMCG sector witnessed selling.

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

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 81.91 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.9% at Rs 59,895 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:10 AM today, the SGX Nifty was trading down by 71 points or 0.4% lower at 18,150 levels.

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

Speaking of stock markets, Research Analyst Tanushree Banerjee, in her latest video talks about how boring steel stocks can outshine lithium.

Both India and Turkey are set to change the global supply chain. In 2021, Turkey's crude steel production exceeded 40 million (m) tonnes. Of this, more than 22 m was exported, making it an important player in the world steel trade.

After the earthquake not only will the nation be unable to meet its own demand. But Turkey may also seek to import. This will stoke both volumes and prices for largest steel producers globally.

So, understandably, the undercurrents for demand of steel is much stronger than the fancier metals needed for smartphones.

The visibility is much higher. And Indian steel companies are much better placed to cater to the demand, both domestically and for exports.

So, investors should keep the fundamental demand drivers in mind rather than getting swayed by speculative bets.

Top buzzing stocks today

Varun Beverages share price will be in focus today.

Varun Beverages hit a fresh 52-week-high after the company announces a stock split and healthy topline for the March 2023 quarter.

The company's board announced to split its shares in the proportion of 1:2. This means that each share of Rs 10, will now be converted into 2 shares of Rs 5 each. For example, if before stock split an investor had 10 shares of Rs 10, then after the stock split, he will have 20 shares of Rs 5.

The stock split is likely to be completed in two months from the date of approval of the company's shareholders.

Sun Pharma will also be a top buzzing stock.

The US Food and Drug Administration (USFDA) put a partial clinical hold on its application for an experimental dermatological drug due to the potential of thrombotic events.

The pharma giant also clarified that there have been no thrombotic events reported to date for the 8 mg BID dose and US FDA has not placed the 8 mg BID dose on hold.

No thromboembolic events were observed during Phase-2 or Phase-3 trials.

The company is working closely with the FDA to address the agency's concerns.

The US regulator is expected to state the concerns in a formal letter which is expected within the next 30 days.

Suzlon bags new order

Renewable energy solutions provider Suzlon Energy has bagged an order to develop 69.3 MW wind power project from Juniper Green Energy.

The project is located at Surendra Nagar district in Gujarat and is expected to be commissioned in 2024.

The company, however, did not disclose the financial details of the order.

The renewable energy company will install 22 wind turbine generators (WTGs) with a hybrid lattice tubular (HLT) tower of their new product with a rated capacity of 3.15 MW each.

This is the first major order for the company's largest turbine rated 3.15 MW, S144-140m from the 3 MW series.

As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

Coal India's rising productivity

Coal India has informed the exchanges that its coal production has risen 7.7% in April 2023, adding that supplies to users shot up just as summer began.

The world's largest coal miner added that it has logged a 31% jump in overburden removal (OBR) in the month on year-on-year basis. This helps in stepping up production in the upcoming monsoon months.

Coal India registered 44% growth YoY in supplies to non-regulated sector. The company said it is firing on all cylinders in anticipation of a summer hotter than the last.

In anticipation of electricity demand touching record highs this year during the summer months, Coal India is holding additional coal stocks at its pitheads, scaling up production and has issued directives to power producers to hold higher inventory at their end.

Coal India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Coal, Government of India. It is headquartered at Kolkata. It is the largest government-owned-coal-producer in the world.

Coal is one of the 5 high dividend yield stocks in India.

Minda Corporation to increase stake in automotive technology firm

Auto component maker Minda Corporation on Tuesday said its board has decided to approach the Competition Commission of India (CCI) to increase its stake in automotive technology firm Pricol to up to 24.5%.

On 17 February 2023, Minda Corporation had acquired a 15.7% stake in Pricol by purchasing over 19.1 million (m) shares of the latter from the open market.

After buying the stake in February this year, Minda had maintained that it was a mere financial investment.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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