SGX Nifty Trades Flat | L&T's Green Energy Council | Why Banking Stocks are Rising | Top Buzzing Stocks Today

Tue, 30 May Pre-Open

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On Monday, Indian share markets continued their momentum as session progressed and ended higher.

Benchmark indices ended higher on Monday tracking improved global sentiment after the US reached a tentative deal to raise the borrowing limit over the weekend.

At the closing bell on Monday, the BSE Sensex stood higher by 345 points (up 0.6%).

Meanwhile, the NSE Nifty closed up by 99 points (up 0.5%).

Titan and Tata Steel were among the top gainers.

ONGC and HCL Tech 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 higher. The BSE Midcap index rose 0.3% and BSE SmallCap ended 0.4 higher.

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

On the other hand, stocks from the IT sector and energy sector witnessed selling pressure.

Shares of TVS Motors and ITC hit their 52-week highs.

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 82.62 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 59,493 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the SGX Nifty was trading up by 10 points or 0.1% higher at 18,700 levels.

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

Speaking of stock markets, is CCI Products a multibagger in making?

The company is evolving from differentiated commodity player to FMCG brand.

Richa Agarwal talks more about the company in the below video.

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

On Monday, Larsen & Toubro (L&T) today announced the formation of L&T Green Energy Council, a think-tank comprising eminent thought leaders, in a significant step towards building a global green energy business.

The council will identify technology trends in green energy, analyze the evolving global policy developments, evaluate emerging business models, and advise on collaborations.

Affordable Robotics will also be in focus today.

On Monday, Affordable Robotics announced its collaboration with Toyota Lift Northwest. The company appointed Toyota Lift Northwest as the channel partner for its subsidiary, ARAPL Raas, in the United States.

The collaboration between ARAPL RaaS and Toyota Lift Northwest is set to boosts sales, overseeing installations, and delivering post-sales support for ARAPL RaaS products.

Lupin's Canadian arm get approval from Health Canada

On 29 May Lupin announced that its subsidiary, Lupin Pharma Canada, has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in the country.

Spiriva is a medication used for the treatment of chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema, provides relief from symptoms such as wheezing, shortness of breath, coughing and chest tightness.

Lupin's generic version of tiotropium bromide inhalation powder is expected to offer an affordable alternative for patients suffering from COPD in Canada.

The approval from Health Canada marks an important milestone for the pharma company, as it allows the company to tap into the estimated annual sales of US $ 42 million (m) (about Rs 3,469.9 m) for tiotropium bromide inhalation powder in the Canadian market.

The figure is based on data from IQVIA MAT Q4 of 2022, indicating the potential demand for generic medication.

Sundaram Finance Q4 results

Yesterday, Sundaram Finance hit its 52-week high price of Rs 2,579.5 after declaring its Q4 results.

The finance company logged its highest-ever annual disbursement besides achieving over Rs 10 bn in net profit from ordinary business in financial year 2023.

The Chennai-based non-banking finance company (NBFC) recorded a 58% year-on-year (YoY) growth in disbursements to Rs 209.7 bn in financial year 2023, against a disbursement of Rs 132.8 bn in financial year 2022.

The company declared a final dividend of Rs 15 per share in addition to Rs 12 of interim dividend for financial year 2023.

The lender's net profit grew by 20% YoY to Rs 10.9 bn during financial year 2023. The company's total revenue from operations grew 5% in the said financial year to Rs 40.5 bn, while expenses dropped marginally to Rs 26.9 bn.

Why banking stocks are rising?

The Nifty bank index scaled a record high on 29 May as investors continued buying bank stocks following better-than-expected March quarter earnings. Banks reported record high profits in financial year 2023.

The index gained over 12% in the last two months. Three stocks - State Bank of India, ICICI Bank and Kotak Mahindra Bank - accounted for over 60% of the increase in the Nifty Bank's market capitalisation over the past two months.

Both the Sensex and the Nifty climbed over 10% during this period. The Nifty PSU Bank also rallied 13%, while BSE Bankex index jumped 12%. The rally was due to better than expected earnings by most of the banks.

Except Yes Bank, which reported 45% YoY decline in net profit, Bandhan Bank, with 57% decline in net profit, and Axis Bank, with reported loss for the quarter, all listed banks have posted handsome profit. Four public sector banks reported over 100% jump in net profit compared to a year ago.

These include Bank of Baroda, Bank of India, Bank of Maharashtra and Punjab National Bank. Canara Bank, Central Bank of India, State Bank of India, UCO Bank and Union Bank reported over 80% jump in its net profit YoY.

The scene is no different in the private banking space. IDFC First Bank, Jammu and Kashmir Bank and Karnataka Bank reported 134%, 324% and 171%, jump respectively, in net profit for the March 2023 quarter.

Smaller banks such as Dhanlaxmi Bank, Karur Vysya Bank and Federal Bank reported over 60% jump in net profit.

The main contributing factors to the record profits are higher net interest income, rise in other income which includes income from treasury and lower provisions for bad assets. The positive trend in Indian banking profitability is also attributed to higher net interest margins and reduced credit costs.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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