SGX Nifty Up 34 Points | Kaynes Technology Q4 Results | Rane Madras to Divest Stake in Subsidiary | Top Buzzing Stocks Today

Thu, 18 May Pre-Open

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On Wednesday, Indian share markets extended losses throughout the trading session and ended weak.

Benchmark indices fell for the second straight day as sentiment turned cautious ahead of the looming US debt default on 1 June 2023, as the standoff on raising the borrowing limit continues.

At the closing bell on Wednesday, the BSE Sensex stood lower by 372 points (down 0.6%).

Meanwhile, the NSE Nifty closed up by 105 points (down 0.6%).

ITC, UPL and BPCL were among the top gainers.

TCS, HCL Tech and Apollo Hospital 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 mixed note. The BSE Midcap index ended 0.2% lower while the BSE SmallCap gained 0.2%.

Sectoral indices ended on a mixed note with stocks in the auto sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the realty sector and metal sector witnessed selling pressure.

Shares of TVS Motors and Bharat Dynamics hit their 52-week highs.

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 82.37 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 60,266 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the SGX Nifty was trading up by 34 points or 0.2% higher at 18,260 levels.

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

Speaking of stock markets, 'sell in May and go away', is an old saying in the stock market.

But does it have merit? Does it work in the Indian market? What do the charts say?

In the below video chartist Brijesh Bhatia answers all these questions.

Top Buzzing Stocks Today

Jindal Steel & Power will be among the top buzzing stocks today.

Yesterday the steel maker posted a 79% slump in its consolidated net profit to Rs 4.6 billion (bn) for Q4 due to higher expenses. Revenue was down 4.5% YoY to Rs 136.9 bn.

The company's operating margin also contracted to 15.9% in the quarter under review from 21.4% a year ago.

Suzlon Energy will also be in focus today.

Yesterday, the renewable energy company received an order from Vibrant Energy for 33 wind turbine generators (WTGs) featuring its new 3 MW series with a Hybrid Lattice Tubular (HLT) tower for a 99 MW wind power project which is expected to be commissioned by the financial year 2025.

This order is for the new 3 MW series, specifically the S144-140m wind turbine model. The agreement with Suzlon Energy includes the supply of wind turbines, erection and commissioning services, and comprehensive operations and maintenance services after commissioning.

Rane (Madras) divestment plans

Rane (Madras) share price moved higher by 19% to Rs 578.5 on Wednesday, in an otherwise weak market, after the company announced that its board has decided to explore options for divestment / disposal of Rane Light Metal Casting, US (LMCA).

LMCA is a wholly owned step-down subsidiary of the company acquired in 2016. The company is engaged in the business of manufacturing high pressure aluminum die casting for automotive and non-automotive applications.

LMCA accounts 9.8% (Rs 2,319.4 m) of total consolidated turnover and 13.3% (Rs 322 m) net worth of Rane (Madras).

RML is a leading manufacturer of steering and suspension products and light metal casting components.

The automobile company posted consolidated profit after tax of Rs 95 m for March 2023 quarter as against net loss of Rs 25 m in Q4 of the financial year 2022. Total revenue increased 23.5% to Rs 6,301 m from Rs 5,103 m in the year-ago quarter.

Kaynes Technology Q4 results

Kaynes Technologies India hit a record high of Rs 1,185, soaring 19% on Wednesday, after the company reported robust earnings for the March 2023 quarter, with consolidated profit after tax (PAT) jumping 108% year-on-year (YoY) to Rs 413 m.

The company's revenue increased 53% YoY to Rs 3,646 m. Reported consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) grew 48% YoY at Rs 594 m; EBITDA margin remained flat 16.8%.

The market price of the company has more-than-doubled, zooming 102%, over its initial public offer (IPO) issue price of Rs 587 per share. The company's share were listed on 22 November 2022.

For the financial year 2022-23, Kaynes delivered revenue growth of 59% YoY at Rs 11,260 m as the company witnessed strong demand across the automotive, railways, IT/IoT and consumer verticals.

With an executable order book of over Rs 2,648 crore, the management said the company has visibility of strong growth.

Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, having capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) services.

Why Vodafone Idea share price is falling

Vodafone Idea share price declined over 2% on 17 May 2023 after British multinational parent Vodafone Plc said its carrying value of investment in the Indian listed firm is zero. Hence, the group is recording no further share of losses in respect of VIL.

There are significant uncertainties in relation to Vodafone Idea's ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the group as of 31 March 2023.

According to the company the group's potential exposure to liabilities within Vodafone Idea is capped, and thus, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are not reported.

The government of India is now the largest shareholder in the telecom company with 33.1% stake, followed by UK's Vodafone Plc at 31%, Grasim Industries at 6.8% and Hindalco Industries at 1.5%.

The stock saw an uptick in April after Kumar Mangalam Birla made a comeback to the company's board as an additional director. All eyes are now on the board's fund raising plans to help the debt-ridden telco ahead of 5G rollout in the country.

To know what's moving the Indian stock markets today, check out the most recent?share market updates here.

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