SGX Nifty Trades Flat, Maruti Suzuki Acquires Stake in AI Firm, Zomato Q4 Results, and Top Buzzing Stocks Today

Tue, 24 May Pre-Open

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On Monday, Indian share markets failed to keep up early gains and ended marginally lower.

Benchmark indices erased all the intraday gains and ended in the red as metal stocks came under pressure.

At the closing bell on Monday, the BSE Sensex ended 38 points or 0.1% lower.

Meanwhile, the NSE Nifty was down by 51 points, ending at 16,215.

Maruti Suzuki, M&M, and HUL were among the top gainers.

Tata Steel, Ultratech Cement, and ITC were among the top losers.

Tata Steel share prices slumped over 12% and hit a 52-week low in yesterday's trade. Here's why...

The broader markets ended on a weak note as the BSE Mid Cap index slipped 0.3% while the BSE Small Cap index plunged 0.6%.

Among sectoral indices, stocks in the metal sector and pharma sector witnessed most of the selling. While stocks in the auto sector and IT sector witnessed buying.

Shares of ESAB India and Ratnamani Metals hit their 52-week high.

For more details about 52-week high stocks, check out our recent article on the stocks hitting 52-week high and whether it's time to exit them.

Also, as the markets have turned volatile, penny stocks are losing their touch. However, there are select few stocks that have rallied to their 52-week highs and delivered multibagger returns.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of multibagger penny stocks for 2023.

At 7:50 AM today, the SGX Nifty was trading up by 16 points or 0.1% higher at 16,240 levels.

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

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about a simple exercise that could give you a great lead in picking the most promising stocks, in her latest video.

In the video, Richa talks about insider buying and which stocks to keep on your watchlist to help polish your stock picking process.

Tune in to the below video to find out more:

Top buzzing stocks today

ONGC share price will be in focus today.

State-owned exploration and production company, ONGC, announced that it has become the first gas producer to trade domestic gas on the Indian Gas Exchange (IGX).

The oil and gas company stated its intention of enhancing the quantity sold through the country's first automated national level Gas Exchange. Although it did not specify the current volumes that were sold.

Speaking on the occasion, ONGC Director, Anurag Sharma said that ONGC is ready to realise higher value for every molecule of gas available for sale.

Zomato share price will also be in focus today.

The food delivery giant reported a nearly three-fold increase in net losses to Rs 3.6 bn during the March 2022 quarter as against a loss of Rs 1.3 bn in the year-ago period.

Meanwhile, the revenue has grown by 75% to reach Rs 12.1 bn as compared to Rs 6.9 bn recorded in the same quarter last year.

At the same time, the food aggregator increased its presence in around 300 more cities and is now present in more than 1000 towns and cities across India.

Market participants will also track shares of Adani Ports and Special Economic Zone, Grasim Industries and Bank of India as these companies will announce their March quarter results later today.

Investment incentive agreement signed between India-USA

On Monday, India and US signed the agreement in Japan, which is expected to boost investment in India by US International Development Finance Corporation (DFC).

According to the Ministry of Finance, proposals worth US$ 4 bn are under consideration by DFC for providing investment support in India.

Covid-19 vaccine manufacturing, healthcare financing, renewable energy, SME financing, financial inclusion, and infrastructure are among the sectors in which DFC provides investment.

Furthermore, the ministry informed that IIA supersedes the Investment Incentive Agreement signed between India and US in the year 1997.

DFC or their predecessor agencies are active in India since 1974 and have so far provided investment support worth US$ 5.8 bn of which US$ 2.9 bn is still outstanding.

Maruti Suzuki acquires stake in artificial intelligence firm

The auto giant has agreed to acquire 12.1% equity stake in AI firm Sociograph Solutions for Rs 20 m.

Sociograph Solutions specializes in a visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business.

According to the company, the investment would help Maruti to strengthen its offering to customers by creating a customized sales experiences on the web, virtual reality, and augmented reality.

Maruti Suzuki isn't the only company that is trying to leverage AI. These companies have the top AI plays in India.

'Expectation of a rate hike is a no-brainer' - RBI Governor

The governor indicated that the central bank would continue to raise interest rates in coordinated moves with the government's fiscal measures to tame inflation.

The central bank wants to remove the overhang of liquidity in the system over two to three years.

The governor's latest comments come after the government cut the excise duty cut on petrol by Rs 8 per liter and diesel by Rs 6 per liter last week.

According to economists this will lead to a revenue loss of close to Rs 1 tn in the current fiscal and will further widen the nation's fiscal deficit, requiring additional market borrowing.

The required borrowing will pull out excess money supply from the economy and will help control inflation.

For most companies, a rise in interest rate leads to downward pressure on margins, but these 4 companies stand to win big as rates rise.

Aether Industries IPO

Aether Industries' initial public offering will open for subscription today and will be available for public subscription till 26 May.

A price band of Rs 610 to Rs 642 per equity share at a face value of Rs 10 each has been fixed. The bid lot is 23 equity shares and in multiples thereof.

The IPO includes a fresh issue of Rs 6.3 bn and an offer for sale of up to 2.8 m shares by promoter Purnima Ashwin Desai.

The proceeds of the issue will be utilized for funding capital expenditure requirements for the proposed Greenfield project, prepayment of certain outstanding borrowings, and funding working capital requirements.

Ahead of the public offer, Aether has garnered over Rs 2.4 bn from anchor investors from about 25 investors including Goldman Sachs, Nomura, and SBI Mutual Fund among others.

What response does the IPO get from the public after the dismal listing of Life Insurance Corporation remains to be seen.

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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