SGX Nifty Up 54 Points, Import Relief For Edible Oil Imports, Cap on Sugar Exports, and Top Buzzing Stocks Today

Wed, 25 May Pre-Open

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On Tuesday, Indian share markets ended on a negative not as global cues remained weak.

At the closing bell on Tuesday, the BSE Sensex ended 236 points or 0.4% lower.

Meanwhile, the NSE Nifty was down by 90 points, ending at 16,125.

Dr. Reddy's Laboratories, HDFC, and Power Grid were among the top gainers.

Tech Mahindra, HUL, and HCL Technologies were among the top losers.

The primary markets witnessed some action amid two listings and one new IPO in the offering. The Rs 8.1 bn initial public offering (IPO) of Aether Industries opened for subscription yesterday.

Furthermore, Zomato shares marked its biggest intraday jump yesterday since listing. Earlier this month, Zomato came close to this value investor's buy price.

The broader markets ended on a weak note as the BSE Mid Cap index slipped 0.9% while the BSE Small Cap index plunged 1.1%.

Barring banking stocks, all sectoral indices remained under pressure. Stocks in the IT sector, pharma sector, metal sector, and FMCG sector witnessed most of the selling.

Amid the recent correction in metal stocks, smaller counterparts have been severely hammered. Godawari Power & Ispat is down over 25% in the last week.

Shares of KSB and Adani Power hit their 52-week high.

Divi's Lab share price has been falling since the start of 2022 and we analysed why this could have happened.

At 7:50 AM today, the SGX Nifty live index was trading up by 54 points or 0.3% higher at 16,170 levels.

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

Speaking of silver, India's #1 trader Vijay Bhambwani talks about silver and why the silver bull market will continue, in his latest video for Fast Profits Daily.

Meanwhile, also take a look at the video we recorded on undervalued stocks.

In the video, we highlight the 5 most undervalued smallcap stocks to add to your watchlist.

Top buzzing stocks today

Bank of India share price will be in focus today.

Public sector lender Bank of India on Tuesday reported over two-fold increase in net profit to Rs 6.1 bn in the March 2022 quarter as compared to the same period last year.

The jump in profits was attributed to higher net interest income (NII) and a decline in provisions. The NII stood at Rs 39.9 bn during the quarter under review, up 36% from the same period last year.

On a sequential basis, the domestic net interest margin - a key indicator of profitability, was up 39 basis points.

Grasim Industries share price will also be in focus today.

Grasim Industries while reporting Q4 results yesterday, announced that it has accelerated the execution of its paints business with the commissioning of plants to start by fourth quarter of financial year 2024.

In August last year, Grasim Industries' board had approved a Rs 50 bn capital expenditure plan to set up a paint business. For the project, the company has doubled its expenditures to Rs 100 bn to be spent by financial year 2025.

For fiscal 2022, the revenue from operations stood at Rs 957 bn.

Market participants will also track shares of Bharat Petroleum Corporation, Coal India, and NHPC as these companies will announce their March quarter results later today.

Aditya Birla Fashion and Retail to raise Rs 22 bn

The fashion retailer announced yesterday that its board has approved raising upto Rs 22 bn from an affiliate of GIC, Singapore's sovereign wealth fund.

GIC will currently invest Rs 7.7 bn towards subscription of equity and warrants, followed by up to Rs 14.3 bn in one or more tranches in eighteen months.

Post the entire investment, GIC will own a 7.5% equity stake while the Aditya Birla Group will hold 51.9% stake in the company.

The company has been widening its portfolio of brands both through acquiring licenses for international brands in India as well as investing in homegrown ethnic wear labels.

The managing director, Ashish Dikshit, Aditya Birla Fashion and Retail said that the capital infusion will allow the company to accelerate the growth of its platform of strong brands and well-established retail formats in the fast-growing branded apparel market.

Another tax cut in the views?

In a fortnight after banning wheat exports, the government on Tuesday announced curbs on exports of sugar effective June 1 and allowed duty-free import of 20 lakh metric tonnes of crude soyabean oil and crude sunflower oil a year for two financial years (2022-23 and 2023-24).

Meanwhile, the government is considering cutting an import levy on soybean and sunflower oils. This would be another step in a series of measures the country has taken to curtail local food prices.

A decision is expected within the week about the agriculture infrastructure and development cess, which is currently 5%. As per reports, the cess could be either reduced or abolished completely.

India has already scrapped base import levies on most cooking oils, including palm oil and soybean oil, and imposed inventory limits to prevent hoarding.

Edible oil prices in India, which relies on imports for 60% of its needs, have surged this year along with international prices following Russia's invasion of Ukraine that have choked supply.

Speaking of edible oils, here are top 5 edible oil stocks to watch out for.

Potential cap on sugar exports

The Indian government has planned to potentially cap this season's sugar exports by 10 m tonnes.

Shares of sugar companies took a sharp knock after a news report said that the Government of India is looking to limit exports of sugar.

The new move to curb sugar export is being seen as a new risk to global food prices. While according to sources the step comes to prevent a surge in domestic sugar prices.

This would be the first such restriction in six years while this step comes just days after the Centre had restricted the export of wheat.

Alongside the potential export restriction, here's why sugar stocks are taking a dive.

And 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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