SGX Nifty Down 32 Points | Upcoming IPOs to Watch This Week | Axita Cotton Share Buyback | Top Buzzing Stocks Today

Mon, 22 May Pre-Open

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On Friday, Indian share markets traded on a volatile note and regained lost ground in late noon deals, ending higher.

Benchmark indices ended higher amid positive trends in the global stock markets and foreign fund inflows. However, both benchmark indices shed around 0.8% overall last week.

At the closing bell on Friday, the BSE Sensex stood higher by 298 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 73 points (up 0.4%).

Tata Motors, Tech Mahindra and Infosys were among the top gainers.

NTP, ONGC and Britannia 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 and the BSE SmallCap ended flat.

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

On the other hand, stocks from the metal sector and Oil & gas sector witnessed selling pressure.

Shares of Cyient and Hitachi Energy 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 82.66 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 59,854 per 10 grams at the time of Indian market closing hours on Friday.

At 8:00 AM today, the SGX Nifty was trading down by 32 points or 0.2% lower at 18,200 levels.

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

Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?

Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.

Top Buzzing Stocks Today

Gland Pharma will be among the top buzzing stocks today.

The drugmaker's revenue from operations declined 29% YoY to Rs 7.9 billion (bn) during the March 2023 quarter. This decline was due to a shutdown in the production line during the quarter at its Pashamylaram (Telangana) Penems manufacturing facility due to line upgradation.

The company's net profit plunged 72% To Rs 786.8 million (m) from Rs 2.8 bn in the same quarter last year. The net profit was also impacted by a one-off expense worth Rs 564.6 m towards an impairment loss.

Axita Cotton will also be in focus today.

The board of Axita Cotton is scheduled to meet tomorrow, on 23 May 2023, to consider the proposal for the buyback of fully paid-up equity shares of the company.

Axita Cotton has been exporting raw cotton & cotton yarns to Asian countries, including Bangladesh, China, Vietnam and some European countries in the last six years. The company is among the leading raw cotton manufacturers and exporters in India.

LT Foods Q4 results

LT Foods share price delivered strong performance for the quarter ended March 2023.

In Q4, the parent company of the Daawat rice brand showcased a robust financial performance with substantial growth across all three key indicators of profit, revenue and profitability.

The rice company's net profit witnessed a surge of 79.3%, reaching Rs 1,282 m compared to Rs 720 m in the same period last year. This significant increase was triggered by an increase in market share and uptake in volumes.

Additionally, the company's revenue grew by 19.3% YoY to Rs 18.214 m aided by accelerated brand investments across all three business segments - basmati and other specialty rice, organic and convenience and health business.

The operational performance also improved as the earnings before interest, tax, depreciation, and amortisation (EBITDA) margin expanded 80 basis points to 10.8% in January-March from 10% in the year-ago period.

Abbott India declares dividend

Abbott India, a large-cap company, is a subsidiary of Abbott's international pharmaceutical business in India and one of the country's fastest-growing pharmaceutical firms.

The company has declared a whopping dividend of Rs 325 per share for its eligible shareholders.

The pharma company reported a net income of Rs 13.9 bn during March 2023 quarter up by 9.2% YoY from Rs 12.8 bn in March 2022 quarter. The company's revenue from operations stood at Rs 13.4 bn during the quarter ended March 2023 compared to Rs 12.5 bn during the March 2022 quarter.

The net profit of Abbott India reached Rs 2.3 bn during the quarter under review up by 9.5% YoY from Rs 2.1 bn during March 2022. In March 2023 quarter the earning per share (EPS) of Abbott India stood at Rs 108.9 compared to Rs 99.5 in the corresponding quarter of previous year.

Power Grid quarterly update

Power Grid reported a 4% YoY rise in its consolidated net profit for the March 2023 quarter to Rs 43.2 bn. The company had reported a profit of Rs 41.6 bn in the year-ago period.

The board has recommended a final dividend of Rs 4.75 per share for the financial year 2022-23.

In March 2023 quarter, the consolidated revenue from operations rose 14.8% YoY to Rs 122.6 bn from Rs 106.9 bn in March 2022 quarter.

Other income during the quarter fell 23% on year to Rs 2.9 bn. The total expenses during the quarter rose 6.4% on year to Rs 71.4 bn from Rs 67.2 bn.

EBITDA rose nearly 16.8% YoY to Rs 109.1 bn, and operating margin improved 750 basis points to 89%.

Hemant Surgical Industries SME IPO to open this week

The subscription of Hemant Surgical Industries' initial public offering (IPO) will start on 24 May. The three-day subscription window will end on 26 May. The company has fixed the price band for the offer at Rs 85-90.

The issue comprises up to 2,760,000 equity shares having a face value of Rs 10 each. This IPO constitutes a fresh issue of equity shares.

The Book Running Lead Manager to the IPO.

The portion of the issue is not less than 35% has been reserved for the retail investors. The company has fixed qualified institutional buyers quota at 50% and non-institutional investors quota at 15%.

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

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