SGX Nifty Down 40 Points | Why Arvind Fashions Share Price is Rising | Himadri Specialty Chemical Acquires Stake in Australian Tech firm | Top Buzzing Stocks Today

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On Wednesday Indian share markets continued their downtrend throughout the session and ended lower.

Benchmark indices fell yesterday, tracking weak global cues. Profit booking by domestic investors was witnessed during yesterday's trade with investors monitoring the annual and quarterly data of India's gross domestic product (GDP).

At the closing bell on Wednesday, the BSE Sensex stood lower by 347 points (down 0.6%).

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

Bharti Airtel and Sun Pharma were among the top gainers.

ONGC and Axis 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 ended 0.5% higher and BSE SmallCap ended 0.7% 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 ABB India and CRISIL 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 82.74 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 59,993 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the SGX Nifty was trading down by 40 points or 0.2% lower at 18,624 levels.

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

Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?

Financials as a group have been among the top performing stocks in the market. Banking stocks in particular have done very well recently.

However, the technical charts are signalling caution. Why is that so?

Chartist Brijesh Bhatia answers the question in the below video.

Top Buzzing Stocks Today

Dixon Technologies will be among the top buzzing stocks today.

On Wednesday Dixon Technologies proposed to partner with Xiaomi India for the manufacturing and exporting mobile phones.

The proposed association will be formalised, subject to the execution of the definitive agreements.

Once the partnership comes into effect, Dixon aims to start production of the Xiaomi smartphones by August. To achieve this, the company is setting up a new 320,000 square feet production facility in Noida.

Sona BLW Forgings will also be in focus today.

According to media reports, promoter Aureus Investment was likely to sell a 3.25% stake in Sona BLW Precision Forgings via a block deal.

As per the shareholding data available with the exchanges, a 33% stake in the firm is held by the promoter and promoter group, while the rest lies with the public.

Why Arvind Fashions share price is rising

Arvind Fashions share price gained over 4.5% on 31 May as the company managed to grow its top line and bottom line in the fourth quarter despite sluggish demand after the festive season.

The textile company's net profit rose 32% YoY to Rs 295 million (m) for the March 2023 quarter and revenue from operations jumped 24% to Rs 11.4 billion (bn). On the operating front, its earning before interest, tax, depreciation, and amortisation (EBITDA) jumped 70% YoY to Rs 1.2 bn and margins improved to 10.9%.

The management mentioned that the sluggish demand is expected to persist for another quarter. Despite this, the company remains optimistic about the future and expects the EBITDA to continue improving from the current levels.

They have been working on scaling up certain brands, such as Arrow, which are anticipated to contribute to higher EBITDA going forward.

The company has set a goal to expand the EBITDA margin by 100 basis points every year. For financial year 2024, the company expects the margin to be around 13%.

Himadri Specialty Chemical buys stake in Australian tech firm

On 31 May Himadri Speciality Chemical acquired a stake in a Sydney-based battery technology firm.

Himadri invested (in cash) Australian $ 10.3 m (around Rs 551.9 m) in Sicona Battery Technologies for a 12.8% shareholding.

Sicona develops next generation battery materials technology used in the anodes (negative electrodes) of lithium-ion (Li-ion) batteries that enable electric-mobility and storage of renewable energy.

Sicona is commercialising an innovative silicon-composite battery anode materials technology, developed and perfected at the Australian institute for innovative materials (AIIM).

Sicona's current generation silicon-composite anode technology delivers 50-100% higher capacity than conventional graphite anodes and its anode materials can deliver more than 50% higher cell energy density than current Li-ion batteries.

The investment by the company will accelerate product and technology development for Sicona, including engineering of its first commercial scale production plant in the US and will help to expedite the commercial development of its technology.

The technology Sicona is pioneering has strong synergies with Himadri's current and future business portfolio and will help accelerate the Australian company's business plans.

Fairchem Organics Q4 results

Fairchem Organics, the manufacturer of dimer acid and linoleic acid used in many consumer products including paints and printing ink, posted net profit of Rs 118.6 m for the fourth quarter, up 5.5% YoY.

Its revenue from operations came in at Rs 1.5 bn as against Rs 1.8 bn in the fourth quarter of financial year 2022. The total income for the quarter was at Rs 1.5 bn, while total expenses during the period was at Rs 1.4 bn.

On an annual basis, the revenue of the company flat lined at Rs 6.5 bn for financial year 2023, compared to Rs 6.4 bn last year. Net profit after tax declined by 6% YoY to Rs 4.4 bn in financial year 2023, as against Rs 6.8 bn in the previous year.

Fair Chem's earnings per share (EPS) increased to Rs 9.1 in March 2023 from Rs. 8.6 in March 2022. However, for financial year the EPS declined to Rs 33.4 from Rs 52.2.

The board of directors of the company have recommended dividend of 75% amounting to Rs 7.5 per share on face value of Rs 10 per share, which is subject to approval from the shareholders in the ensuing annual general meeting.

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

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