SGX Nifty Down 45 Points | BOB & IOC Q4 Results | Paras Defence Signs Pact for Anti-Drone Systems | Top Buzzing Stocks Today

Wed, 17 May Pre-Open

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On Tuesday, Indian share markets turned negative as the session progressed and ended lower amid fag-end selling.

Benchmark indices fell on Tuesday as a slide in finance and auto stocks offset the optimism from favorable domestic inflation data and persistent foreign institutional (FII) buying in equities.

At the closing bell on Tuesday, the BSE Sensex lower by 413 points (down 0.7%).

Meanwhile, the NSE Nifty closed down by 112 points (down 0.6%).

BPCL and ONGC were among the top gainers.

Tata Motors and HDFC Bank, 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 both BSE Midcap index and BSE Smallcap index ending 0.1% higher.

Sectoral indices ended on a mixed note with stocks in the power sector, and IT sector witnessing most of the buying.

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

Shares of TVS Motors and DFL hit their 52-week highs on Tuesday.

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 82.22 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.3% at Rs 60,825 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:20 AM today, the SGX Nifty was trading down by 45 points or 0.3% lower at 18,300 levels.

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

Speaking of stock markets, Tata Motors' results came out last week. The company has turned a corner and has come back into profits for the first time after 4 years.

Little wonder, the street is happy. The stock has done well in recent weeks and looks all set to continue its good run.

The stock's up move suggests that there are more investors who want to buy the stock than the ones who want to sell. There are more people positive on the stock than negative.

And you can make that out on the social media and other platforms as well. The commentary around the stock is quite positive.

But Rahul Shah, Co-head of Research at Equitymaster has a different take. His process suggests that it is time to exercise caution.

Find out more in the below video.

Top Buzzing Stocks Today

IHCL will be among the top buzzing stocks today.

IHCL (Indian Hotels Company Limited), on Tuesday, announced the signing of a Taj-branded hotel at Indira Gandhi International Airport's Terminal 3 in New Delhi.

With this addition, the Taj brand is now present in the country's largest airports - Delhi, Mumbai and Bengaluru.

PVR Inox will also be in focus today.

Shares of PVR Inox fell 4% on Tuesday after the multiplex owner reported its first-ever quarterly results post-merger.

The revenue from operations more than doubled, reaching Rs 11.4 bn, compared to Rs 5.4 bn in the same quarter of the previous year.

Indian Oil Q4 Results

The state-owned oil marketing company's revenue from operations jumped almost 10% YoY to Rs 2.26 trillion (tn).

Indian Oil Corporation, on 16 May 2023, reported a 67% YoY jump in standalone net profit to Rs 100.6 bn for the March 2023 quarter. Net profit stood at Rs 60.2 bn in the year-ago period.

The average gross refining margin (GRM) for March 2023 quarter was US$ 19.5 per barrel, compared to US$ 11.3 per barrel in the same quarter last year.

However, the suppressed marketing margins of certain petroleum products offset the benefit of an increase in GRM.

Indian Oil has been suffering under-recoveries from the sale of domestic LPG since the financial year 2022. To compensate for this, the Union government approved a one-time grant of Rs 108 bn, and Indian Oil has recorded this under revenue from operations in the financial year 2022.

The company's board of directors recommended a final dividend of Rs 3 per equity share for the financial year 2023, subject to approval by the members of the company.

Indian Oil Corporation has been a key beneficiary of rising crude oil prices over the past twelve months.

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

Paras Defence signs pact

Paras Defence and Space Technologies, on Tuesday, entered into a pact with the research and development (R&D) laboratory of the Ministry of Electronics and Information Technology (MeiTY).

The scope of the MoU covers the design, development, and manufacturing of various technologies like anti-drone systems, atmospheric instrumentation, next-generation communication systems and networks like 6G, radars and antenna technologies.

As per the MoU, both parties will be able to propose and execute projects relating to the above technologies while also contributing towards the indigenisation of other technologies that serve national interests.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Bank of Baroda Q4 net profit soars 168%

Bank of Baroda on Tuesday reported its highest-ever quarterly net profit of Rs 47.8 bn, recording a 168% YoY rise. This was against the net profit of Rs 17.8 bn in the corresponding quarter last year.

Net interest income rose 34% YoY to Rs 115.3 bn from Rs 86.1 bn a year back.

The net interest margin (NIM) of the lender stood at 3.3% compared to 3% last year.

The bank's total deposits increased to Rs 10.5 tn and from Rs 9.3 tn YoY, growing by 13%.

Net advances grew from Rs 7.9 tn to Rs 6.8 tn YoY, growing by 16.3%.

BOB's gross non-performing assets (NPA) declined by 32% YoY to Rs 367.6 bn from Rs 540.6 bn YoY.

The GNPA ratio declined to 3.8% for the March 2023 quarter from 6.6% last year.

The net NPA ratio declined to 0.9% from 1.7% last year.

The bank's retail advances grew by 26.8%, driven by growth in auto loans (24%), home loans (19.5%) and personal loans (101%).

In calendar 2022, shares of the company rose 127% on the back of strong earnings and expansion plans, making it one of the biggest gainers of 2022.

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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