SGX Nifty Down 43 Points | Nykaa & Hindalco Q4 Results | Deepak Nitrite's Investment Plan | Top Buzzing Stocks Today

Thu, 25 May Pre-Open

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On Wednesday, Indian share markets erased early losses but remained subdued throughout the session and ended lower.

Benchmark indices fell, snapping a three-day winning streak, as gains in pharma, FMCG shares failed to offset losses in financials and metals.

At the closing bell on Wednesday, the BSE Sensex higher by 208 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 59 points (down 0.3%).

Sun Pharma, ITC and Titan were among the top gainers.

Adani Ports, HDFC Bank and ICICI 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. The BSE Midcap index and BSE SmallCap ended marginally higher.

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

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

Shares of Ceat and TVS Motors hit their 52-week highs on Wednesday.

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 82.67 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 60,192 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the SGX Nifty was trading down by 43 points or 0.2% lower at 18,241 levels.

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

Speaking of stock markets, the stock price of Siemens was on a roll until about last week. However, the rally seems to have come to halt. The stock has been under pressure recently.

But what do the charts say? Is it a good time to consider the stock or is it best to avoid it? Chartist Brijesh Bhatia answers all these questions in the below video.

Top Buzzing Stocks Today

Dixon Technologies will be among the top buzzing stocks today.

The company's consolidated revenue stood at Rs 30.7 billion (bn), up 3.8% YoY against Rs 29.5 bn a year ago.

Dixon Technologies reported a 27.7% YoY jump in consolidated net profit at Rs 806 million (m) for the March 2023 quarter.

Polyplex Corporation will also be in focus today.

Polyplex Corporation agreed to sell a 24.2% stake in the Noida headquartered firm to Dubai-based AGP Holdco on Wednesday.

The deal is valued at Rs 13.8 bn and includes a binding term sheet and provisions for put and call options, allowing AGP Holdco to increase its stake in the future.

Hindalco's Q4 net profit slumps 37%

Hindalco Industries on Wednesday reported a 37% YoY decline in consolidated net profit for the March 2023 quarter at Rs 24.1 billion (bn) from Rs 38.6 bn in the same quarter a year ago.

Its revenue for the March 2023 quarter came in at Rs 558.6 bn, up marginally from Rs 557.6 bn in the same quarter last year.

The company reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 58.2 bn in Q4, down 23% YoY, due to higher input costs and unfavourable macroeconomic conditions, which were partially offset by the better operational performance of Copper Business.

EBITDA increased 48% sequentially because of improved performance from Novelis and the India Aluminium and Copper Business.

The company's copper business delivered exceptional results, recording its highest-ever EBITDA, driven by robust market demand, stable operations and higher value-added product sales.

Its Indian aluminium downstream business experienced its highest-ever EBITDA growth in FY23.

The board of directors of the company has recommended a dividend of ?3 per equity share of Re 1 each for the financial year 2023.

Hindalco Industries is an Indian aluminium and copper manufacturing company. The company is a subsidiary of the Aditya Birla Group.

With a huge cash balance of Rs 116.3 bn, it is among the 5 Indian Companies with insane cash reserves to watch out for big dividends.

Nykaa Q4 net profit tumbles 71.8%

FSN E-Commerce Ventures, which operates the beauty and fashion platform Nykaa, on Wednesday reported a 33.8% YoY rise in revenue at Rs 13 billion (bn) from Rs 9.7 bn in the same quarter last year.

While the net profit for the quarter slumped 71.8% to Rs 24.1 m from Rs 85.6 m in the same quarter a year ago.

Nykaa's EBITDA shot up 84% to Rs 706 m during the quarter ended March 2023, from Rs 384 m in the corresponding quarter last fiscal.

The total tax expense of Rs 43.5 m during the quarter took a toll on the bottom line. In the corresponding quarter of last year, Nykaa reported a tax benefit of Rs 17.6 m crore.

The online beauty platform's Business Planning and Consolidation (BPC) business has seen higher on-year growth rates in Q4 compared to the previous quarter.

Consumer pullback in discretionary spending has had some impact on the company's fashion business. Fashion business revenue growth in the quarter under review was seen in the late teens.

Nykaa share price witnessed a steep correction in January 2023, to know why, check out the entire editorial here: Why Nykaa Share Price is Falling.

Also, for what to do with the stock of Nykaa if you are a shareholder or looking to invest in it, check out our editorial: Zomato, Paytm, and Nykaa: Buy, Avoid, Hold, or Sell?

Deepak Nitrite's Investment plan

Deepak Nitrite's wholly owned subsidiary Deepak Chem Tech on Wednesday signed a contract with the Gujarat government to invest around Rs 5,000 crore in the next four years for setting up various projects.

The company aims to manufacture specialty chemicals, phenol/acetone and bisphenol at Dahej and Nandesari in Gujarat.

The pharmaceutical and agrochemical industries rely on specialty chemicals to meet their needs. Acetone and phenol are utilized in a variety of end-user industries, including laminates, plywood, pharmaceuticals, paint, and adhesives.

The proposed investment is expected to generate around 1,500 direct and indirect employment opportunities.

With a 5 year average ROCE of 30%, Deepak Nitrite is among the 10 Fast Growing Companies with High ROCE.

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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