SGX Nifty Up 195 Points, UltraTech Cement's Massive Capex Plan, Why Raymond Share Price is Rising, and Top Buzzing Stocks Today

Fri, 3 Jun Pre-Open

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On Thursday, Indian share markets extended gains as the session progressed and ended on a firm note despite mixed global cues.

At the closing bell on Thursday, the BSE Sensex rallied 437 points, up 0.8%.

Meanwhile, the NSE Nifty closed higher by 105 points.

Reliance Industries, Bajaj Finserv, and Sun Pharma were among the top gainers.

HDFC, HUL, and Power Grid, on the other hand, were among the top losers.

The BSE Midcap index ended on a flat note while the BSE Smallcap index ended higher by 0.6%.

On the sectoral front, energy sector, metal sector, and IT sector witnessed huge buying interest.

Automobile sector stocks, on the other hand, were among the hardest hit.

Shares of Blue Dart Express and Fine Organic Industries hit their respective 52-week highs.

Greaves Cotton surged 14% yesterday before erasing gains as the company's EV arm got a big bang investment.

M&M share price is also rising for the past couple of days on health earnings outlook.

With stocks rising across the board, you must be excited to see that volatility has eased and things are going back to normal. Several Indian stocks have delivered multibagger returns in a span of one month.

But remember that not all are worthy. Many could be trading in uncharted territory and may be overvalued.

If you're new and on the lookout for fundamentally strong stocks, check out the debt free stocks and the ones which pay high dividend.

Also, read about the multibagger penny stocks for 2025 to get started in the world of penny stock investing.

At 7:50 AM today, the SGX Nifty was trading up by 195 points or 1.2% higher at 16,800 levels.

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

Gold prices for the latest contract on MCX were trading at Rs 50,788 per 10 grams at the time of Indian market closing hours yesterday.

Speaking of stock markets, chartist Brijesh Bhatia talks about commodity supercycle and the commodity stocks to buy, in his latest video for Fast Profits Daily.

As per Brijesh, the charts indicate that the rally will continue and commodity stocks will benefit.

Tune in to the below video to find out more:

Top Buzzing Stocks Today

Wheat stocks will be in focus today as India has allowed wheat shipments of 469,202 tonnes since banning most exports last month.

However, at least 1.7 m tonnes is lying at ports and could be damaged by looming monsoon rains, according to government and industry officials.

Delhivery share price will also be in focus today. Yesterday, shares of the logistics company surged 15% after global brokerage Credit Suisse initiated coverage on the stock.

Market participants will also track ITC share price.

The company's software arm ITC Infotech on Thursday said it has paid an amount of US$ 33 m to PTC as part of an agreement to acquire a substantial portion of the American company's product lifecycle management implementation services.

UltraTech Cement's Capex Plans

On Thursday, UltraTech Cement said its board has approved an investment of Rs 128.9 bn to increase the cement maker's annual capacity by 22.6 m tonnes with a mix of brown field and green field expansion.

This would be achieved by setting-up integrated and grinding units as well as bulk terminals. The additional capacity will be created across the country.

Kumar Mangalam Birla, the chairman of Aditya Birla Group said:

• This ambitious capacity expansion plan is a significant milestone in the ongoing transformational growth journey of UltraTech.
  
  The company has more than doubled its capacity over the last five years and is committed to meeting India's future needs for housing, roads, and other infrastructure.

Note that this investment comes at a time when Adani Group recently announced a deal for Holcim AG's cement businesses in India for US$10.5 bn.

Why Raymond Share Price is Rising

Textiles sector company Raymond has surged 43.5% in one week as against 3% gain in benchmark indices.

In the past six months, the stock almost doubled after the company delivered strong quarterly performance consecutively for the last two quarters.

For the March 2022 quarter, the company reported over four-fold jump in its consolidated net profit to Rs 2.6 bn, helped by buoyant demand and strong consumer sentiments during the period.

The company capitalized on brand's strength, and expansive network, and leveraged the spurt in demand across domestic and global markets.

Branded textile segment sales, which accounted for 45% of total sales, recorded healthy 23% YoY growth, driven by strong momentum in secondary sales led by wedding related purchases and higher footfalls in retail outlets.

Back in April 2022, Equitymaster had listed Raymond in the editorial 5 stocks to watch out for in this wedding season.

What's the latest update on privatization?

From the privatization space, the government is in favour of inviting fresh bids for the divestment of state-owned Central Electronics (CEL) following discussions with the law ministry.

The government will, however, wait until July, when a case filed by CEL employees on the matter is scheduled to be heard.

As for the divestment of Pawan Hans, stuck over a matter involving a member of the winning consortium, the Centre is planning to hold discussions with other entities that had submitted bids.

The Department of Investment and Public Asset Management (DIPAM) is in favour of holding discussions with the winning consortium and other bidders this month.

Bank credit to NBFCs rises

As per a report published by rating agency Care Ratings, bank credit to NBFCs grew in double digit in fiscal 2022 with outstanding bank credit to them rising by 10.4% to Rs 10.5 lakh crore on the back of improvement in overall economic activities and banks' renewed focus on the NBFC sector.

In absolute terms, bank credit to NBFCs expanded by Rs 990 bn.

This does not include liquidity given by banks to them through securitization route and also banks' investments in NBFCs' debt instruments.

Stay tuned for more updates from this space.

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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