SGX Nifty Tanks 200 Points, Adani Power Q4 Results, Tata Motors' Unveils EV Truck, and Top Buzzing Stocks Today

Fri, 6 May Pre-Open

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On Thursday, Indian share markets ended on a flat note. Markets were firm in opening trade as the Federal Reserve's less hawkish tone lifted investor sentiment.

Later in the day, benchmark indices erased most of the intraday gains and ended on a flat note in the highly volatile session.

At the closing bell on Thursday, the BSE Sensex added 33 points, ending 0.1% higher.

Meanwhile, the NSE Nifty was up 5 points, ending at 16,682.

Tech Mahindra, Infosys, and HCL Technologies were among the top gainers.

IndusInd Bank, Sun Pharma, and Nestle were among the top losers.

The broader markets ended in the red as the BSE Mid Cap index ended 0.2% lower while the BSE Small Cap index dipped 0.3%.

Stocks in the FMCG, pharma, and realty witnessed most of the selling pressure while buying was seen in IT, power, and capital goods sector.

Shares of Power Grid and ESAB India hit their 52-week high.

At 7:00 am today, the SGX Nifty was trading down by 218 points, or 1.3% lower at 16,450 levels.

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

Speaking of stock markets, Chartist Brijesh Bhatia shares his view on investing in gold and silver, in his latest video for Fast Profits Daily.

Are gold and silver prices looking reasonable at the current levels? Find out in the video below...

Top Buzzing Stocks Today

Tata Power share price will be among the top buzzing stocks today.

Tata Power Solar Systems has bagged the country's largest solar engineering procurement and construction order for 1 GW worth Rs 55 bn from state-owned hydroelectric power generation company SJVN Ltd.

The Rajasthan based project will be developed under the central public sector undertaking scheme of the Ministry of New & Renewable Energy and will be completed within a period of 24 months.

According to the company statement, the order has been designed keeping in mind the innovative use of 'Make in India' cells and modules.

The company is also set to release its March quarter results today.

Exide Industries share price will also be in focus today.

Nexcharge, an exclusive joint venture between Exide Industries Limited and Leclanche SA inaugurated its fully automated manufacturing plant at Prantij, Gujarat.

It is the largest plant in India for production of Li-ion battery packs and modules. The facility will cater energy storage systems for India's electric vehicle market and grid-based applications with its 6 fully automated assembly lines.

The facility is also equipped with testing labs having an installed capacity of 1.5 GWh.

Market participants will also track shares of Reliance, Canara Bank, and Bajaj Consumer as these companies are scheduled to announce their March quarter results later today.

Tata Motors' Electrification

Homegrown auto major Tata Motors is pursuing the electrification of its portfolio by launching the electric version of its popular mini truck, Ace.

The company has already received orders for 39,000 units of the newly launched Ace EV.

It has also signed deals to supply the minitruck with leading e-commerce players such as Amazon, BigBasket, City Link, DOT, Flipkart, LetsTransport, MoEVing, and Yelo EV.

Commenting on this, Tata Motors Executive Director, Girish Wagh said:

• Growing urbanization, digitalization and infrastructure growth together are transforming India's logistics sector rapidly.
  
  E-commerce is booming and the demand for last-mile distribution of goods is expanding significantly. This represents the next big opportunity for customized EV solutions.

The company stated that Ace EV is the first product featuring its 'EVOGEN' powertrain that offers a certified range of 154 kilometers on a single charge.

Tata Motors will also look to build platforms in the e-cargo segment to build solutions to serve market requirements.

Adani Power March Quarter Results

Adani Power shares will be in focus today as the company on Thursday garnered multifold rise in its consolidated bottom line to Rs 46.5 bn against a profit of merely Rs 130 m in the same period last year.

Consolidated earnings before interest, tax, depreciation, and amortization stood at Rs 79.4 bn in the quarter under review higher by 271% from Rs 21.4 bn in the same quarter last year.

On the topline the company reported Rs 13.3 bn up by 93% from Rs 69 bn in the same quarter last year. But the revenue for the quarter included prior period revenue from operations of Rs 29.5 bn and prior period other income of Rs 19.8 bn.

For the financial year 2022, consolidated profit stood at Rs 49.1 bn as compared to Rs 12.7 bn in the previous financial year registering a rise of 287%.

The growth was aided by prior period income recognition, greater shortfall claims due to high import coal prices, and higher merchant and short-term tariffs and volumes.

To know more about the company, check out Adani Powers' financial factsheet and its latest quarterly results.

The Latest on LIC IPO...

The largest IPO will now be available for subscription on weekends as well.

Earlier, bidding in LIC IPO was allowed only on 7 May, Saturday and then it was to be resumed on 9 May which would be the last date of the issue. However, now investors can bid for the IPO without any gap.

This would be for the first time that a special dispensation is granted to any public offer.

LIC's mega IPO was fully subscribed on Day 2.

The issue was led by policyholders and employees who respectively subscribed 3.1 times and 2.2 times the portion allocated for them.

The non-institutional investor segment gained some traction and was subscribed 0.5 times while the qualified institution segment witnessed only 0.4 subscription.

The retail segment though soured by the RBI hike was subscribed 0.93 times.

The GMP of the shares had come down from near Rs 90 to Rs 60 yesterday.

We will keep you updated on the latest developments 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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