SGX Nifty Trades Flat | Canara Bank & UPL Q4 Results | IOL Chemicals Forays in European Market | Top Buzzing Stocks Today

Tue, 9 May Pre-Open

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On Monday, Indian share markets continued their momentum throughout the trading session and ended higher.

Benchmark indices traded on a firm note amid continuous foreign fund inflows and a rally in the US equities. Investor sentiment was lifted by a recovery in financials, strong domestic earnings, and an improved outlook following robust economic data from the US.

At the closing bell on Monday, the BSE Sensex stood higher by 709 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 195 points (up 1.1%).

IndusInd Bank and ONGC were among the top gainers.

Coal India and Sun Pharma, 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 positive note with the BSE Midcap index ending 0.9% higher and the BSE SmallCap index ending 0.6% higher.

Barring the consumer durable sector, all sectoral indices ended on a positive note with stocks in the realty sector, auto sector and finance sector witnessing most of the buying.

Shares of Bajaj Auto and Nestle hit their 52-week high on Monday.

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...

Gold prices for the latest contract on MCX were trading higher by 0.5% at Rs 60,920 per 10 grams at the time of Indian market closing hours on Monday.

At 8:40 AM today, the SGX Nifty was trading down by 14 points or 0.1% lower at 18,330 levels.

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

Speaking of stock markets, India recently became the most populous country, displacing China. Of the many factors that influence whether this population becomes a demographic dividend or disaster, infrastructure in the country will be a key determinant.

In the below video, editor of Hidden Treasure, Richa Agarwal talks about a specific sector under infra, Railways. It seems the railway sector is set for massive growth, thus opening up the opportunities for the railway companies.

Tune in to the video below to know about stocks that could ride the railway capex cycle.

Top Buzzing Stocks Today

Zen Tech will be among the top buzzing stocks today.

For the March 2023 quarter, Zen Tech reported a 215% YoY jump in revenue to Rs 300 million (m). Net profit for the quarter jumped 510% YoY to Rs 200 m.

UPL will also be in focus today.

UPL on Monday reported a 4% YoY growth in the March 2023 revenue at Rs 165.7 bn from Rs 158.7 bn a year back.

Net profit for the quarter plunged 43% YoY to Rs 7.9 bn from Rs 13.8 bn in the same quarter of the previous year.

Canara Bank's net profit zooms 90%

Canara Bank on Monday reported a 90.6% YoY rise in net profit at Rs 31.8 billion (bn) for the March 2023 quarter, on healthy growth in net interest income.

Net interest income for the quarter grew 23% YoY to Rs 86.2 bn against Rs 70.1 bn a year back.

The net interest margin improved to 3.1% in the March 2023 quarter from 2.9% a year back.

Non-interest income rose by 7% YoY to Rs 47.7 bn. Its advances grew by 16.4% YoY to Rs 8.6 trillion (tn). Out of it, Retail, Agriculture and MSME advances increased by 13.2% to Rs 4.7 tn for the March 2023 quarter.

Canara Bank has guided for a moderate credit growth of 10.5% in the financial year 2024.

Total deposits increased by 8.5% YoY to Rs 11.8 tn. The share of low-cost money, current account and saving accounts (CASA)-in domestic deposits stood at 33.5% for the March 2023 quarter, down marginally from 35.8% a year ago.

Asset quality profile improved, with gross non-performing assets (NPA) declining to 5.4% in March from 7.5% in the same month in 2022. The net NPAs also declined 1.7% in March 2023 from 2.6% a year ago.

The provision coverage ratio improved to 87.3% in March 2023 from 84.2% a year ago.

With its continuous performance improvement, it is among the top PSU banks in India.

IOL Chemicals to export in the European market

IOL Chemicals and Pharmaceuticals, a manufacturer of pharmaceutical (APIs) and speciality chemicals, has received the European Directorate for the Quality of Medicines & HealthCare's (EDQM) Certificate of Suitability (CEP) to export paracetamol in the European market.

Paracetamol is utilised commonly in medication prescribed for pain relief and to treat fever.

The certification issued by the EDQM verifies the compliance of pharmaceutical substances.

In 2022, the company commenced commercial production of paracetamol at its facility located in Punjab. This facility is equipped with backward integration capabilities, allowing the company to produce the essential starting material for paracetamol in-house.

At present, IOL has a total capacity of 3,600 tonnes to produce paracetamol.

IOL is the world's largest producer of Ibuprofen API, with a 33% market share globally.

And for a fundamental analysis of IOL Chemicals and Pharmaceuticals, check out Equitymaster's Indian stock screener, which has a separate screen for top pharma companies in India.

Why Cryptos are falling

Cryptos fell on Monday after Binance halted its Bitcoin withdrawals for several hours due to heavy volumes and rising processing fees.

The halts pushed Bitcoin, the world's biggest cryptocurrency, down. Bitcoin (BTC) fell 2.81% to US$ 28,171, whereas Ethereum (ETH) was below the US$ 1,900 level.

Crypto miners, including Riot Platforms, Marathon Digital and Hut 8 Mining, declined between 4.6% and 7.2%, tracking lower bitcoin prices.

Binance, the world's largest crypto exchange, shut bitcoin withdrawals for an hour late on Sunday and about three hours on Monday, saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain, dragging cryptos down.

The global cryptocurrency market cap was trading higher around US$ 1.16 tn, falling 2.5% in the last 24 hours.

Since cryptos interest, you, check out the best cryptos to invest.

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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