SGX Nifty Tumbles 2%, India's Power Demand, OYO IPO, and Top Buzzing Stocks Today

Mon, 13 Jun Pre-Open

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On Friday last week, Indian share markets ended deep in the red as stock markets across the globe were roiled by worries over the impact of aggressive policy tightening by central banks.

Further, benchmark indices slumped as expectations of high inflation data from the US, dampened investor sentiment.

At the closing bell on Friday, the BSE Sensex plunged 1,017 points (down 1.8%).

Meanwhile, the NSE Nifty plummeted by 276 points (down 1.7%).

Asian Paints, Ultratech Cement, and Dr Reddy's Laboratories were among the top gainers.

Kotak Mahindra Bank, Bajaj Finance, and HDFC, on the other hand, were among the top losers.

The fall on broader markets was not as severe as benchmarks. The BSE MidCap index and the BSE SmallCap index ended lower by 0.6% and 0.7%, respectively.

All sectoral indices ended deep in red with stocks in the banking sector and IT sector witnessing most of the selling.

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

Amid the volatility, many stocks have hit their 52-week lows, despite strong fundamentals.

FIIs have been selling continuously, being wary of the scenario. So far this month, FIIs have pulled out close to Rs 140 bn.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

The SGX Nifty is already down around 300 points and is trading at 15,860 levels, against Nifty's close of 16,201.

Trends on SGX Nifty live chart are pointing towards a gap-down open for benchmark indices in India.

The sharp fall comes as US reported inflation numbers on Friday.

The US inflation rate for May 2022 rose to 8.6%. A surge in prices in May delivered a blow and underscored the immense challenge facing the Federal Reserve as inflation accelerated to climb at its fastest pace since late 1981.

An 8.6% increase means consumer prices rose 8.6% from a year ago and 1% from April, a monthly increase that was more rapid than economists had predicted and about triple the previous pace.

Speaking of stock markets, co-head of research at Equitymaster Rahul Shah talks about Tata Motors, in his latest video.

What should one do with the shares of Tata Motors currently? Rahul answers this question in the below video.

Tune in to find out more:

Top buzzing stocks today

RBL Bank share price will be among the top buzzing stocks today.

The Reserve Bank of India (RBI) has approved R Subramaniakumar's appointment as the MD & CEO of RBL Bank.

Subramaniakumar is a former managing director and chief executive director of state-run Indian Overseas Bank, retiring on 30 June 2019.

He was appointed the administrator of Dewan Housing Finance Co Ltd after the mortgage financier's board was superseded.

Bajaj Auto share price will also be in focus today. Bajaj Auto's board will consider buyback proposal on 14 June 2022.

Market participants will also track LIC share price.

The government last week said it is "concerned" about the temporary blip in LIC scrip and the insurer's management will look into these aspects and raise shareholders' value.

LIC share price is falling ever since it got listed on the bourses, touching new lows every day.

Rising crude oil prices

Crude oil prices have again started to rise with prices at three-month highs ever since the government slashed duties on petrol and diesel last month to lower prices and cool inflation.

With last week's rise, Brent has now risen US$10 per barrel.

This sharp rally has occurred despite forecasts of a sharp global economic deceleration.

When it comes to India, the country imports more than 85% of its crude oil needs.

Due to the steep rise in prices, the domestic rupee has hit a fresh all-time low.

India's power demand

In latest developments from the power sector, India's power demand this year has jumped by a record 40,000-45,000 MW per day as an intense heat wave sweeps through northern parts of the country, the economy expands, and electricity reaches millions of unelectrified homes.

In an interview, India's power minister said a massive addition in the generation capacity, integrating the country into one transmission grid and strengthening of the distribution system during eight years of the Modi government is ensuring the 23 to 23.5 hours of electricity supply.

India's electricity demand on 9 June was recorded at an all-time high of 2,10,792 megawatts, and 4,712 million units of electricity were consumed.

Power plants are operating at full throttle to meet this demand, and the government has ordered coal import to meet the shortfall in domestic supplies.

Coal India has already floated tenders for the import of coal.

The latest on drones

As per an article in the Economic Times, India's drone industry may play an instrumental role in public services such as agriculture, defence, healthcare and infrastructure maintenance in the future

Experts suggest that drones are set to take flight, but they also highlighted some concerns around the safety and privacy of these unmanned aerial vehicles (UAVs).

When drones first emerged on the market, they were strictly used for military purposes.

But it's high time now that we accept the fact that drones are making a stellar contribution across different industries and not just defence.

Drones are here to stay. It's evident that drones have started to deliver on the huge opportunity.

OYO IPO

According to people in the know, OYO is looking to come out with its initial public offering (IPO) this Diwali.

The hospitality unicorn had filed its draft red herring prospectus (DRHP) in October last year to raise around Rs 84.3 bn via an IPO. However, it is now looking at an issue size of US$800 m, a 33% reduction from its earlier plans.

The company is yet to receive the market regulator's nod for its IPO. It has written to the market regulator seeking approval to file fiscal 2022 financial statements, which reflect an uptick in its business post the second Covid-19 wave.

SoftBank, which has a 48% stake in OYO, will dilute its stake in the startup and its share sale is likely to constitute a majority portion of the OFS. Other investors who are likely to offload their stake in the IPO include A1 Holdings Inc (Grab) and China Lodging.

Note that a lot of companies which had plans to list this year, have either deferred or postponed their IPOs.

The delay comes as geopolitical situation due to the Russia-Ukraine war has escalated, and as a result, markets across the globe are facing uncertainty.

Startups like PharmEasy and Mobikwik, which have received approval for their IPOs, are in a wait-and-watch mode.

How these developments pan out remains to be seen. To know more, check out how you should plan with these mega IPOs around the corner.

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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