SGX Nifty Down 37 Points, Inflation's Pinch on FMCG Firms, Delhivery IPO, and Top Buzzing Stocks Today

Wed, 11 May Pre-Open

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On Tuesday, Indian share markets witnessed selling pressure during last hour of trade and ended on a negative note.

Benchmark indices took a U-turn and erased early gains as investors booked profits at higher levels.

At the closing bell on Tuesday, the BSE Sensex dipped 106 points, ending 0.2% lower.

Meanwhile, the NSE Nifty was down 62 points, ending at 16,240.

HUL, Asian Paints, and IndusInd Bank were among the top gainers.

Tata Steel, Sun Pharma, and NTPC were among the top losers.

The broader markets ended deep in red as the BSE Mid Cap index plummeted 2% while the BSE Small Cap index dipped 2.1%.

Barring banking, all sectoral indices ended in red with stocks in the metal sector, energy sector, and IT sector witnessing most of the selling.

Shares of Power Grid hit their 52-week high.

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Top Buzzing Stocks Today

Vodafone Idea will be among the top buzzing stocks today.

The company posted its March quarter results yesterday. Net losses for the quarter narrowed on the back of strong revenue growth, aided by tariff hikes.

Net loss for the quarter under review stood at Rs 65.6 bn, lower than Rs 72.3 bn reported in the December quarter and Rs 70.2 bn in the last year period.

Sequential growth of 5% and year-on-year growth of 8% was logged by the telecom company.

Ajanta Pharma share price will also be in focus today.

The company's board has approved the issue of bonus equity shares in the ratio of 1:2 which is subject to the approval of shareholders of the company.

While reporting the March quarter results, the company said that the bonus shares issue will be out of free reserves of the company as on 31 March 2022.

Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

Market participants will also track shares of Adani Ports, Lloyds Steel Industries, and Punjab national bank as these companies will announce their March quarter results later today.

Delhivery IPO

Delhivery's IPO is all set to open for subscription today. The logistics and supply chain startup will open its initial public offering today and close it on 13 May.

The grey market premium of the company's shares has fallen to Rs 7-8 apiece from Rs 35-40.

Proceeds from the issue will fund the company's organic and inorganic growth initiatives via acquisitions and other strategies.

The company cut the size of the IPO to Rs 52.4 bn from Rs 74.6 bn planned earlier. It will raise Rs 40 bn via a fresh issue of shares. The offer for sale by existing shareholders is expected to fetch Rs 12.4 bn.

The anchor portion of the IPO, which launches on 11 May, has as many as 64 investors, including several high-quality FPIs, according to reports.

Prominent investors such as GIC, Tiger Global Investments, Steadview Capital Master Fund, Omers Capital Markets Asia Holdings, Schroeder International Selection Fund and Goldman Sachs Funds are likely to participate.

How this IPO sails through remains to be seen.

Small packs drop in weight as inflation bites

In the past six months, the maker of popular Parle-G biscuits has indirectly increased prices by 7-8% in packs priced below Rs 10 by reducing weight.

The small packs help firms selling products like chips, biscuits, noodles, and salted snacks target millions of poor and low-income people who cannot afford to buy larger packets.

Packaged-goods companies claim it has become increasingly difficult to sustain low prices because of soaring input costs.

For companies such as Parle and Britannia, such packs, comprise 40-50% of their sales and help drive volumes in rural markets and low-income households.

However, higher edible oil, sugar, and wheat prices are forcing them to lower the grammage in the Rs 2 to Rs 10 packs.

Krishnarao Buddha, senior category head at Parle Products, said:

• Producing smaller packs has become extremely challenging because the yield you get from manufacturing them is not as good.
  
  We reduce the weight of the pack till it's feasible. That's how we sustain and manage inflation. Above the ?10 price pack, we tend to take a direct price increase.

Biscuit maker Surya Food & Agro, which sells biscuits under the Priya Gold brand said that even weight reduction is not enough to produce the Rs 5 pack and so it might consider taking it off the shelf.

Inflation is not only crimping the spending power of households but also hurting companies as wholesale prices are rising at a much faster pace than retail prices.

Asian Paints quarterly results

Asian Paints reported 0.5% year-on-year growth in consolidated profit at Rs 8.7 bn for the quarter ended March 2022.

Higher input costs put pressure on the operating profit margin. Exceptional loss of Rs 1.2 bn also hit the profit growth for the quarter.

Revenue from operations grew by 18.7% to Rs 78.9 bn compared to year-ago period, with domestic decorative business registering 8% volume growth.

Amit Syngle, Managing Director & CEO said:

• International business managed to deliver double-digit revenue growth for the quarter despite severe challenges in key markets.

The final dividend announced by the company is Rs 15.5 per share for the financial year 2022, in addition to dividend of Rs 3.65 per share in October 2021.

To know more, check out Asian Paints' financial factsheet and its latest quarterly results.

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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