SGX Nifty Down 68 Points | Why Tyre Stocks Are Racing Ahead | Havells India Q4 Results & Final Dividend | Top Buzzing Stocks Today

Thu, 4 May Pre-Open

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On Wednesday, Indian share markets traded on a bearish note throughout the session and ended marginally lower.

Benchmark indices snapped an eight-day rally, tracking weakness in global markets ahead of the US Fed's monetary policy decision.

Meanwhile, the bankruptcy of Go First airline dampened sentiment.

At the closing bell on Wednesday, the BSE Sensex stood lower by 161 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 65 points (down 0.4%).

HUL and Tata Motors were among the top gainers.

ONGC and UPL on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The BSE Midcap index ended 0.3% higher. While the BSE SmallCap index gained 0.2%.

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

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

Shares of ITC and DLF hit their 52-week highs.

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 81.82 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 60,760 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the SGX Nifty was trading down by 68 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, what do the charts say about energy stocks?

Energy stocks have been in the news recently. The fall in crude oil prices last year followed by OPEC's decision to cut production, have caused volatility in the market. And that has affected Indian energy stocks as well.

So, should you be bullish or bearish on them? Chartist Brijesh Bhatia answers all these questions in the below video.

Top buzzing stocks today

Godrej Properties share price will be in focus today.

Yesterday, Godrej Properties reported its Q4 results. the real estate development arm of the Godrej group, reported a 23.7% YoY rise in revenue to Rs 16.5 billion (bn) for the March 2023 quarter. It reported a revenue of Rs 13.3 bn a year back.

Net profit for the quarter came in at Rs 4.1 bn, up 58.2% YoY against Rs 2.6 bn in the quarter a year back, aided by strong sales and robust demand for housing.

Adani Wilmar will also be a top buzzing stock.

Adani Wilmar on Wednesday reported a 7% YoY decline in revenue at Rs 138.7 bn compared to Rs 149.2 bn a year back.

Net profit for the quarter came in at Rs 936 million (m), down 60% YoY. In the same quarter of last year, it posted a net profit of Rs 2.3 bn.

The edible oil segment's branded sales volume grew by 4 % during the quarter on the back of good consumer demand due to softened edible oil prices. However, overall oil sales volume dragged due to lower demand from the bakery and frying industry.

Havells India Q4 results

Havells India on Wednesday reported a rise of 1.4% in consolidated net profit to Rs 3.6 bn in the quarter ended March 2023. This is against a net profit of Rs 3.5 bn in the corresponding quarter last financial year.

The consolidated revenue from operations rose by 9.8% to Rs 48.6 bn for the quarter under as compared to Rs 44.3 bn in the year ago period.

The company's board has recommended a final dividend of Rs 4.5 per equity share of Re 1 each for the financial year 2022-23.

The company saw moderate revenue growth amid sluggish consumer demand environment.

JSW Steel to upgrade its US manufacturing operations

JSW Steel USA Ohio Inc, an offshore arm of homegrown JSW Steel, will invest US$ 145 million to upgrade its manufacturing operations at Mingo Junction, in Ohio.

On the objective behind the move, JSW Steel USA Ohio said it aims to meet the demand for quality steel products that are melted and manufactured in the US.

This is in alignment with President Joe Biden Administration's Buy America policies.

The proposed investments include various projects to upgrade its operations including the installation of one of the largest vacuum tank degasser (VTD) in the world and upgrade of supporting facilities including the manufacturing infrastructure.

The VTD has substantially lower carbon emissions profile compared to a traditional steam ejector vacuum technology. It will help the steel company to reduce hydrogen content in its steel products through electrification of metallurgical processes.

As part of this investment plan, JSW Steel USA is also implementing dynamic soft reduction (DSR) technology in its casting operations.

These new projects are expected to be completed and commissioned in financial year 2026.

Tyre stocks are speeding up

Shares of tyre companies rallied up to 8% yesterday after MRF posted strong results.

MRF's consolidated profit after tax more-than-doubled to Rs 3.4 bn in the March 2023 quarter. The company had posted net profit of Rs 1.7 bn in the year-ago quarter.

Revenue from operations increased 10% to Rs 58.4 bn, as against Rs 53.1 bn in the corresponding period of last financial year.

MRF's board has recommended a final dividend of Rs 169 per share of face value of Rs 10 each. The company has already declared and paid two interim dividends of Rs 3 per share each for the financial year ended March 31, 2023.

Reacting on strong performance other tyre stocks like Ceat, JK Tyre & Industries, TVS Srichakra, and Goodyear India also surged between 5% and 8%.

According to JK Tyre's management the automobile industry is witnessing huge tailwinds on the back of the government's push towards infrastructure development, higher GDP growth, and large allocation of funds towards capital expenditure in India.

Improved vehicle utilisation, due to last mile connectivity and vehicle scrappage policy, is leading to a cyclical uptrend in the automobile and tyre industry.

Meanwhile, Apollo Tyres hit a fresh 52-week high of Rs 357. In the past one week, the stock has gained 8% on expectation of a robust performance in March 2023 amid QoQ decline in realised raw material prices.

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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