Indian Share Markets End Marginally Higher; Automobile & Banking Stocks Witness Buying

Mon, 16 May Closing

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Indian share markets inched higher today tracking Asian peers as they tried to hold onto small gains after weak data from China showed that lockdowns hit the world's second-largest economy.

Benchmark indices snapped a six-day fall and ended on a positive note after trading in a volatile session today.

At the closing bell, the BSE Sensex jumped 180 points, ending 0.3% higher.

Meanwhile, the NSE Nifty added 60 points, ending at 15,842.

NTPC, SBI, and Bajaj Finance were among the top gainers today.

Ultratech Cement, Asian Paints, and ITC were among the top losers today.

The broader markets ended in the green as the BSE Mid Cap index climbed 1.5% while the BSE Small Cap index jumped 1.2%.

Among sectoral indices, buying was seen in the auto sector, realty sector, and power sector while stocks in the IT sector and FMCG sector witnessed selling.

Outside the home ground, Asian share markets ended marginally higher today, following a Wall Street bounce that was sparked by a rally in tech stocks.

At the close in Tokyo, the Nikkei 225 rose by 0.5%, while the Hang Seng ended on a flat note. The Shanghai Composite was down 0.3%.

The SGX Nifty was trading 0.4% higher at the time of writing.

The rupee is trading at 77.77 against the US$.

Gold prices are currently trading up 0.1% at Rs 49,929 per 10 grams while silver is up 0.9% at Rs 59,874 per kg.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

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In news from the consumer durables sector, Amber Enterprises hit a lower circuit of 20% today after posting weak March quarter results.

Amber Enterprises is a market leader in the Indian Room Air Conditioner (RAC) industry and has a diversified portfolio that includes RACs, RAC components, and air conditioning solutions for railways, metros, defence, bus & commercial segments.

The company reported a 24.2% decline in consolidated net profit to Rs 572.2 m in the March quarter as compared to Rs 754.6 m in the same quarter previous year.

Net sales stood at Rs 19.4 bn for the quarter March 2022 as against Rs 16 bn during the same period in the previous year, registering a growth of 21.2%.

On a full-year basis, the company reported a 33.8% increase in net profit and a 38.8% rise in net sales in financial year 2022.

For fiscal 2022, RAC sales contributed 47% of total revenue while components & mobility application contributed 53% of total revenue.

Commenting on the performance, the chairman and CEO, Jasbir Singh said:

• The geopolitical tensions have led to inflationary pressure on commodity prices and the covid induced lockdowns in China have led to supply chain disruptions which has further added to the pain of the economy.
  
  Despite this, we have been able to pass on majority of price increases and have been largely able to maintain our profitability.

The company has acquired a majority stake in Pravartaka Tooling Services Private Limited and is set to provide more diversified solutions of injection molding tools and components for industries such as automotive, electronics & consumer durable.

The early arrival of summer in India coupled with an overall increase in consumer sentiment across the country can drive revenue growth for fiscal 2023.

Speaking of midcap stocks, we recently recorded a video on Equitymaster YouTube channel talking about the 5 most undervalued midcap stocks to add to your watchlist.

In the last two years, while the Nifty 50 gave a return of 81%, the Nifty midcap 100 index has given 126% return.

Wish to find out the attractive midcap stocks amid the recent sell-off? Tune in to the below video to find out:

Moving on to news from the IPO space, Paradeep Phosphates is all set to launch its maiden public offer tomorrow.

Paradeep Phosphates is the country's second largest manufacturer of non-urea fertilizers and Di-Ammonium Phosphates in the private sector.

The company aims to raise Rs 15 bn by a combination of fresh issue of equity shares aggregating up to Rs 10 bn and an offer for sale (OFS) of 118.5 m equity shares of Rs 10 each aggregating up to Rs 5 bn.

The offer will open for subscription on 17 May and the last day to subscribe to the public offer is 19 May.

The price band for the offer has been fixed between Rs 39-42 per equity share having a face value of Rs 10 each. Investors can bid for a minimum lot size of 350 shares and in multiples thereof.

The net proceeds from the fresh issue will be utilized to part-finance the acquisition of the manufacturing facility in Goa, repayment/prepayment of part of its borrowings, and general corporate purposes.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution, and sales of a variety of complex fertilizers. Their fertilizers are marketed under some of the key brand names in the market 'Jai Kisaan - Navratna' and 'Navratna'.

The company's network includes over 4,500 dealers and 65,00 retailers serving more than five million farmers in India.

The Indian fertilizer industry is highly fragmented and competitive. The company is in direct competition with strong names such as IFFCO, Hindalco, and Gujarat State Fertilizers.

Though the company is well-positioned to capture the advantages of favorable government regulations, what response the IPO garners remains to be seen.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to another news from the IPO space, Life Insurance Corporation of India (LIC) will get listed on the stock exchanges tomorrow.

As per market observers, LIC shares continue to trade at a discount of Rs 19 in the grey market today. The grey market discount indicates that the stock may have a moderate to discounted listing.

The initial share sale of the insurance behemoth closed on 9 May and shares were allocated to bidders on 12 May.

The government sold over 221 m shares or 3.5% stake in the state-run insurer through the IPO at a price band of Rs 902-949 a share.

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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