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SGX Nifty Up 106 Points, Tata Motors' Acquisition of Ford Plant, ONGC Q4 Results, and Top Buzzing Stocks Today
Mon, 30 May Pre-Open

On Friday, Indian share markets ended in the green as easing bets about aggressive interest rate hikes by central banks lifted sentiment.

Benchmark indices ended on a firm note tracking global cues and buying in index heavyweight stocks.

At the closing bell on Friday, the BSE Sensex jumped 632 points or 1.2%.

Meanwhile, the NSE Nifty surged 182 points, ending at 16,352.

Tech Mahindra, IndusInd Bank, and Wipro were among the top gainers.

NTPC, Power Grid, and Bharti Airtel were among the top losers.

The broader markets ended on a strong note as the BSE Mid Cap index climbed 1.7% while the BSE Small Cap index zoomed 1.2%.

All sectoral indices ended on a firm note with stocks in the banking sector, IT sector, and auto sector witnessing most of the buying.

Auto ancillary stocks gained traction on Friday with Mahindra CIE Auto and Munjal Showa ending over 6% higher.

Shares of Blue Dart Express hit their 52-week highs. Meanwhile, shares of IPCA Labs and Hester Biosciences hit their 52 week lows on Friday.

In this volatile market, a few penny stocks are continuously hitting their 52-week highs. Several Indian stocks have delivered multibagger returns in a span of one month. But not all are worthy.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of penny stocks to buy for long term.

Also check out stocks trading at their 52 week lows and what has caused them to fall. We wrote about why ICICI Securities share price is falling and why IT company Newgen Software is falling.

At 7:50 AM today, the SGX Nifty was trading up by 106 points, or 0.8% higher at 16,460 levels.

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

Speaking of stock markets, co-head of research at Equitymaster Tanushree Banerjee discusses how power sector stocks are profiting from the electric vehicle gold rush, in her latest video.

If you find investing in the pricey direct EV space too risky, turn your attention to this sector that has fetched 3% return in the past decade.

Tune in to find out why:

Top buzzing stocks today

ITC share price will be in focus today.

ITC on Saturday announced the acquisition of 10.1% stake in Blupin Technologies, the company behind direct-to-consumer (D2C) brand, Mylo.

ITC has acquired 400 equity shares of Rs 10 each and 2,980 Compulsorily Convertible Cumulative Participating Preference Shares of Rs 100 each representing 10.1% of the company's share capital on a fully diluted basis.

ITC said that the investment will provide the company an early mover advantage in the evolving content-to-community-to-commerce space and will provide an expanded presence in the D2C space.

Coal India share price will also be in focus today.

State-run Coal India, the world's largest coal miner, will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages.

It would be the first time since 2015 that Coal India has imported the fuel, highlighting efforts by state and federal officials to stock up to avoid a repeat of April, when India faced its worst power cuts in more than six years.

Did you know...shares of Coal India that once traded at Rs 350 (in 2010), now trade at Rs 180, despite having a monopoly.

Market participants will also track Life Insurance Corporation, Sun Pharma, and Jubilant Foodworks as these companies will announce their Q4 results later today.

ONGC Q4 results

State-owned Oil and Natural Gas Corporation (ONGC) posted a record net profit of Rs 403.1 bn for 2022 fiscal soaring 258% from Rs 112.5 bn in the previous financial year.

For the quarter ended March 2022, the company reported a net profit of Rs 88.6 bn while revenue for the quarter under review was Rs 345 bn.

ONGC has become India's second most profitable company behind Reliance Industries on the back of the best-ever price it earned on crude oil it produces.

The company declared four discoveries -- two in onland and two in offshore -- during the year under preview in its operated acreages. Further, it has monetized six hydrocarbon discoveries during the year.

The company declared a final dividend of Rs 3.25 per equity share, taking the dividend paid this year to Rs 10.5 a share.

You can check out the companies that have announced the biggest dividend payouts this year.

Tata Motors' acquisition of Ford plant

Tata Motors has got Gujarat cabinet clearance to take over Ford Motor Company's passenger car manufacturing plant in Sanand near Ahmedabad.

According to a report, Tata Motors and Ford Motor Company would sign an MoU in the presence of Gujarat Chief Minister Bhupendra Patel today.

The report further says that Tata Motors will get the incentives and benefits given to Ford at the time of the plant's inauguration.

The news report further states that Tata Motors would make its EV at this plant after the takeover and recalibration of the manufacturing unit.

Ford had shut its operations in India last year while its Sanand's manufacturing unit stopped production of the cars in April this year.

Tata Motors may pay about US$ 100-150 m for the plant, as per the report.

This comes after Tata Motors has incorporated a wholly owned subsidiary - TML Smart City Mobility Solutions Ltd, for urban mass mobility business with a special focus on the electric vehicles (EV) segment.

Electric vehicles continue to remain the hottest and emerging trend in the market. Here are 5 mutual funds with high exposure to EV 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


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