SGX Nifty Indicates Positive Start | Paytm Q4 Results | Aditya Birla Fashion Acquires Stake in TCNS | Top Buzzing Stocks Today

Mon, 8 May Pre-Open

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On Friday last week, Indian share markets fell sharply in the afternoon session, plunging nearly 1%.

Benchmark indices declined on Friday and erased weekly gains amid weakness in financials stocks due to declines in HDFC and HDFC Bank shares, and persistent fears over the US banking sector.

At the closing bell on Friday, the BSE Sensex stood lower by 695 points (down 1.1%).

Meanwhile, the NSE Nifty closed down by 187 points (down 1%).

Nestle and Titan were among the top gainers.

HDFC and Hindalco on the other hand, were among the top losers.

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

Broader markets ended on a negative note with the BSE Midcap index ending 0.5% lower and the BSE Smallcap index ending 0.4% lower.

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

On the other hand, stocks from the financial sector and metal sector witnessed selling pressure.

Shares of MRF and TVS Motor 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 81.73 against the US$.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 61,259 per 10 grams at the time of Indian market closing hours on Friday.

At 7:30 AM today, the SGX Nifty was trading up by 34 points or 0.2% higher at 18,160 levels.

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

Speaking of stock markets, have valuations in rail stocks run ahead of the fundamentals?

The Sensex has returned a little under 5% over the last one year, not a bull market by any stretch of imagination.

However, what about returns like 220%, 253%, 106% and even 57% over the last one year? Can you call this a bull market? We do think so.

These are the returns earned by Titagarh Wagons, RVNL, IRCON and RITES respectively in the last one year. And if their magnitude is anything to go by, there is definitely a bull market underway here.

The below video is not about whether you should buy railway stocks, especially after their crazy run-up in the last one year or so.

In the below video, Rahul Shah, Co-head of Research at Equitymaster, talks about the right exit strategy for them.

Top Buzzing Stocks Today

CEAT will be among the top buzzing stocks today.

The tyre company reported a 10.9% YoY growth in revenue to Rs 28.7 bn, driven by OEMs and speciality & passenger category tyres.

Net profit for the quarter came in at Rs 1.3 bn, up 420.7% YoY, against Rs 254 m in the year-ago period.

Symphony will also be in focus today.

Symphony reported a 19.8% YoY decline in revenue at Rs 3.1 bn, against Rs 3.8 bn.

Net profit for the March quarter declined 75% YoY to Rs 160 million (m) for the March 2023 quarter. It had posted a profit of Rs 640 in the corresponding quarter of the previous financial year.

Paytm Q4 net loss narrows, revenue jumps 52%

For the March 2023 quarter, Paytm's revenue rose 52% to Rs 23.4 bn, while net loss narrowed down to Rs 1.7 bn from Rs 7.6 bn in the year-ago period.

The company's payments services revenue grew by 41% YoY to Rs 14.7 bn. Excluding prior quarters UPI incentive from the government, payments revenue grew 28% YoY.

The company announced notable improvements in its payments segment profitability during the March 2023 quarter.

The net payment margin witnessed substantial year-on-year growth, expanding by 158% to reach Rs 6.8%.

Furthermore, excluding the UPI incentive from the previous quarters, the net payments margin stood at Rs 5.5 bn, reflecting a significant YoY increase of 107%.

With a focus on creating additional payment monetisation, the company's subscription revenues continue to grow, with 6.8 million (m) merchants paying for device subscriptions as of March 2023, almost doubling its growth YoY from 2.9 m as of March 2022.

Its contribution margin stood at 55%, driven by continued improvement in payments profitability and an increasing mix of high-margin businesses like credit distribution.

The user engagement on the platform continued to grow with average monthly transacting users for March 2023 quarter, increasing by 27% YoY to 90 m.

With over 12% return (between 1 January 2023 and 10 March 2023), Paytm is among the top performing largecap stock of 2023.

Aditya Birla to acquire stake in TCNS

Aditya Birla Fashion and Retail, on Friday, entered into definitive agreements to acquire a 51% stake in TCNS Clothing, owner of the listed women's branded apparel retailer that owns brands such as W, Elleven and Aureli.

The value of the promoter stake and open offer consideration for TCNS is Rs 16.5 billion (bn) for a 51% stake, making this one of the largest deals in the Indian fashion space.

The transaction will be carried out through the acquisition of the founding promoter's stake through a SPA and a conditional public open offer followed by a merger between the two entities.

As part of the transaction, Aditya Birla Fashion will make a conditional open offer to acquire up to a 29% stake at Rs 503 per share from public shareholders and acquire the remaining stake from the founder promoters to reach an overall shareholding of 51% in TCNS.

According to this, TCNS will be amalgamated with ABFRL under the merger scheme wherein public shareholders of TCNS (as of the effective date) will receive 11 shares of ABFRL for every 6 shares held in TCNS.

The acquisition comes when the company has been expanding it's ethnic and occasion wear portfolio aggressively. In the past few years, the company has also acquired stakes in Indian luxury designers like Sabyasachi, Tarun Tahiliani, and Masaba Gupta, among others.

With this acquisition, Aditya Birla's ethnic wear portfolio is expected to reach Rs 50 bn in the next three years.

To filter the best quality stocks from the retail sector, check out Equitymaster's Indian stock screener.

ONGC to commence KG Basin oil production

India's state-run oil and gas exploration company, ONGC, is gearing up to commence oil production in the Krishna-Godavari (KG) Basin by June.

The production of hydrocarbons from the block was initially expected to produce oil by March 2020 and gas by June 2019. However, the operations were delayed amid the pandemic.

The company expects to start production of 10,000-12,000 barrels per day and the anticipated peak of 45,000 barrels per day may be reached in the next few months.

The total oil production from the block is expected to be 23.526 million metric tonnes and total gas production is likely to be 50.7 billion cubic metres.

The company has diligently worked on developing the necessary infrastructure and drilling wells to extract valuable resources in the region. This move is expected to boost India's energy security and reduce its dependence on oil imports.

ONGC's efforts in the KG Basin align with the government's vision of achieving self-sufficiency in oil and gas production, which is crucial for the nation's economic stability and growth.

Oil & Natural Gas Corp (ONGC) has been a key beneficiary of rising crude oil prices over the past twelve months. To know why investors should add this undervalued stock to their watchlist, check out our editorial - ONGC share price: oil is well!

Also take a look at the detailed editorial we covered last year on why ONGC share price was falling and what lies ahead for the PSU company.

And 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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