SGX Nifty Up 43 Points, How India's Export Ban Shook the Wheat Market, LIC Listing, and Top Buzzing Stocks Today

Tue, 17 May Pre-Open

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On Monday, Indian share markets inched higher 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 yesterday.

At the closing bell on Monday, 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.

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

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.

At 7:50 AM today, the SGX Nifty was trading up by 43 points or 0.3% higher at 15,890 levels.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani, in his latest video for Fast Profits Daily spells out ways to predict the market's recovery.

Wondering as to when the current phase of bearishness in the market will terminate? When will the markets bounce back?

Vijay answers all these questions and much more. Tune in to the below video to find out:

Top Buzzing Stocks Today

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

Tata Power's solar energy subsidiary, Tata Power Solar, has bagged a project worth Rs 17.3 bn from the state-owned NHPC.

The project will be built under the central public sector undertaking scheme of the Indian Renewable Energy Development Agency Limited.

Located in Rajasthan, the project is expected to be completed in eighteen months and will reduce around 0.64 m carbon emissions while producing approximately 750 m units yearly.

The project will be installed with Indian-made cells and modules. The company states that its pending order book now stands at Rs 135 bn.

GlaxoSmithKline Pharmaceuticals share price will also be in focus today.

The pharma giant on Monday reported a consolidated net profit of Rs 12.2 bn for the March 2022 quarter as compared to Rs 143.3 m posted for the corresponding period of the previous fiscal.

The company's consolidated revenue from operations was up 8.8% year-on-year and stood at Rs 8.1 bn for the quarter under review.

For the financial year 2022, the company reported a net profit of Rs 16.9 bn against Rs 3.6 bn in the preceding year.

Subject to the approval of shareholders, the board has recommended a dividend of Rs 90 per equity share for the year ended March 2022. This is inclusive of a special dividend of Rs 60.

Market participants will also track shares of Bharti Airtel, Indian Oil Corporation, and Sapphire Foods India as these companies will announce their March quarter results later today.

Wheat prices hit record high following India's surprise export ban

The price of wheat jumped to US$ 453 per tonne as the European market opened on Monday after India decided to ban exports.

Wheat prices were already high in the wake of Russia's invasion of major wheat exporter Ukraine which was the world's sixth-largest exporter of wheat in 2021 with a 10% share of the global market.

Adding to the fuel, New Delhi banned wheat exports on Saturday, as a scorching heatwave curtailed output and domestic prices hit a record high.

India said the move was needed to protect the food security of its own 1.4 bn people in the face of lower production and sharply higher global prices.

On Sunday, commerce secretary BVR Subrahmanyam stated that some parts of India have seen prices of wheat and flour jump 20% to 40% in recent weeks.

This sharp rally has tempted farmers to sell their already low produce to traders instead of the government. This got the government worried about its buffer stock of almost 20 m tonnes which was depleted by the pandemic.

Export deals agreed before the directive issued on 13 May could still be honoured but future shipments needed government approval.

The export ban has trapped some 1.8 m tonnes of grain at ports, leaving traders facing heavy losses from the prospect of selling onto a weaker domestic market.

The spike, exacerbated by fertiliser shortages and poor harvests, has fueled inflation globally and raised fears of famine and social unrest in poorer countries.

Adani group's open offer to buy 26% stake in Ambuja Cements and ACC Ltd

Day after billionaire Gautam Adani's conglomerate bought Switzerland-based Holcim AG's cement businesses in India, the Adani group on Monday made an open offer to buy a 26% stake each in its two listed firms from public shareholders.

The Adani group through its Mauritius-based subsidiary Endeavour Trade and Investment has made an open offer at Rs 385 per share for Ambuja Cements to acquire up to 516.3 m equity shares, aggregating to a total consideration of Rs 198.8 bn.

While for ACC, the offer stands at Rs 2,300 per share to acquire up to 48.9 m shares, aggregating to a total consideration of Rs 112.6 bn.

Note that this is the largest ever acquisition in India's infra and material space valued at US $10.5 bn.

The entire transaction is expected to close in the second half of 2022. It may increase Adani's stake by more than 80% in both companies.

Speaking of the Holcim-Adani buyout, we did an editorial recently explaining why it makes sense if Adani acquires Holcim's India stake.

You can read the same here: Why it Makes Sense for Adani to Buy Out Holcim's India Stake.

Paradeep Phosphates IPO

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

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

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 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.

Life Insurance Corporation of India (LIC) listing

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

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.

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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