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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News May 26, 2023
SGX Nifty Down 49 Points | Page Industries & Suven Pharma Q4 Results | The latest on Ola Electric IPO | Top Buzzing Stocks Today Fri, 26 May Pre-Open
On Thursday, Indian share markets swung between gains and losses and ended higher.
Benchmark indices on Thursday remained under pressure for most of the session but rallied in the final hour to end in the green. The negative sentiment in the first half was due to a slide in global equities after US debt ceiling talks dragged on without a deal.
At the closing bell on Thursday, the BSE Sensex higher by 98 points (up 0.2%).
Meanwhile, the NSE Nifty closed down by 36 points (up 0.2%).
Bajaj Auto and Bharti Airtel were among the top gainers.
Wipro and Tata Motors, 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 BSE SmallCap ended 0.3 higher.
Sectoral indices ended on a mixed note with stocks in the realty sector and telecom sector witnessing most of the buying.
On the other hand, stocks from the metal sector and energy sector witnessed selling pressure.
Shares of Britannia and Bajaj Auto hit their 52-week highs on Thursday.
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$.
Gold prices for the latest contract on MCX were trading flat at Rs 59,872 per 10 grams at the time of Indian market closing hours on Thursday.
At 7:40 AM today, the SGX Nifty was trading down by 49 points or 0.3% lower at 18,417 levels.
Indian share markets are headed for a negative opening today following the trend on SGX Nifty.
Speaking of stock markets, the stock price of Siemens was on a roll until about last week. However, the rally seems to have come to halt. The stock has been under pressure recently.
But what do the charts say? Is it a good time to consider the stock or is it best to avoid it? Chartist Brijesh Bhatia answers all these questions in the below video.
Top Buzzing Stocks Today
Vedanta will be among the top buzzing stocks today.
Vedanta has pledged nearly all its holdings in Hindustan Zinc.
The company created a pledge of 139.4 bn shares or 3.3% of the total equity in favour of Axis Trustee Services.
Piramal Pharma will also be in focus today.
The company on Thursday posted its highest margin and revenue in the financial year 2023 during the March 2023 quarter.
Bouncing back from a net loss of Rs 900 m in the December 2022 quarter, the drugmaker reported a net profit of Rs 500 m in the quarter under review.
Ola Electric eyes IPO by 2023-end
According to the media reports, India's Ola Electric is planning a stock market listing by the end of 2023.
The company has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale. More investment banks are likely to be added closer to the deal.
Backed by investors such as SoftBank Group Corp and Tiger Global Management, Ola Electric was valued at US$ 5 billion in its last fundraising in 2022.
The electric mobility startup, backed by some of the world's biggest private market investors, including SoftBank and Tiger Global, held meetings with several domestic and foreign investment banks in May to initiate preparations for an IPO.
Following these discussions, Kotak Mahindra Capital and Goldman Sachs are currently in advanced talks to be selected as financial advisors, with Kotak closely collaborating with the startup to determine the IPO's structure.
The company has also engaged Cyril Amarchand Mangaldas as legal advisor for the IPO.
The electric scooter company has not finalised how much it plans to raise in the initial public offering (IPO). If it sells 10% in the IPO - the minimum legally required to list - at that price, it could be India's biggest IPO this year amid tepid market conditions.
Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.
The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.
For more details, check out the current IPOs and upcoming IPOs on our website.
Page Industries Q4 Results
Page Industries on Thursday reported a 13% YoY decline in the revenue to Rs 9.7 billion (bn) during the March 2023 quarter. This was against the revenue of Rs 11.1 bn in the same quarter last year.
Net profit for the March 2023 quarter fell 59% YoY to Rs 780 million (m) for the March 2023 quarter. It was Rs 1.9 bn in the same period last year.
Operating EBITDA for the fourth quarter stood at Rs 1.3 bn compared to Rs 2.7 bn, showing a degrowth of 50%. EBITDA is down 30% sequentially.
EBITDA margins fell to 13.9% in the March 2023 quarter against 24% a year ago. Net profit margins for the reporting period were at 8.1%.
The company's board has also declared a fourth interim dividend of Rs 60 per equity share for 2022-2023. The record date fixed for the payment of the interim dividend is 2 June 2023.
Page Industries is currently in Saurabh Mukherjea's portfolio, having the biggest exposure.
Shares of Page Industries plummeted by 9% in January 2023. To know why, check out Why Page Industries' share price is falling.
Suven Pharma Q4 Profit surges 35%
Pharmaceutical company Suven Pharma reported a marginal rise in revenue at Rs 3.7 bn in the March 2023 quarter. This was against the revenue of Rs 3.6 bn in the same quarter last year.
The company reported a 35% YoY rise in the net profit to Rs 1.2 bn compared to Rs 917 m in the same quarter last year.
Its operating profit or earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 7% to Rs 1.7 bn against Rs 1.5 bn in the same quarter last year.
The company reported a margin of 46% in Q4, the highest compared to the other three quarters of the financial year 2023.
Last month, the Competition Commission of India (CCI) approved the acquisition of up to 76.10% of voting share capital of Suven Pharmaceuticals by Berhyanda.
Check out Equitymaster's stock screener for screening India's top pharma stocks.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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Biswarup Majee
May 26, 2023Stock analysis are very good