SGX Nifty Trades Flat, Bajaj Auto Defers Buyback Plan, Why Asian Paints Hit 52-Week Low, and Top Buzzing Stocks Today

Wed, 15 Jun Pre-Open

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On Tuesday, Indian share markets extended losses for the third trading session.

Benchmark indices ended the volatile session on a weaker note while investors were spooked by Wall Street hitting a bear market milestone on fears of a looming recession.

However, domestic markets restrained from heavy sell-off as CPI data moderated on a monthly basis.

The wholesale-based inflation surged to 15.88% in May as against 15.08% in April and 13.11% in the corresponding period of last fiscal.

The surge was mainly driven by vegetable inflation and increased prices of mineral oils, crude petroleum & natural gas, food and non-food articles, and chemical and chemical products.

At the closing bell on Tuesday, the BSE Sensex declined 153 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 42 points (down 0.3%).

NTPC, Ultratech Cement, and Bharti Airtel were among the top gainers.

IndusInd Bank, Tech Mahindra, and Reliance Industries, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended lower by 0.2% and 0.4%, respectively.

Among the sectoral indices, stocks in the auto sector, FMCG sector, and banking sector witnessed most of the selling.

On the other hand, some buying was seen among stocks in the metal sector, IT sector, and pharma sector.

Shares of Varun Beverages hit their 52-week high.

The stock market is falling as there are inflation worries and geopolitical tensions remain overhang.

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

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

At 7:55 AM today, the SGX Nifty was trading down by 14 points or 0.1% lower at 15,700 levels.

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

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 50,461 per 10 grams, at the time of Indian market closing hours on Monday.

Investors in crypto markets are not having a good night's sleep as Bitcoin tumbled to an 18-month low, falling below US$21,000.

Investors shunned risky assets in the face of a global market selloff.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Speaking of stock markets, in the second episode of Investor Hour podcast, CEO of Equitymaster Rahul Goel talks to Ramesh Damani, arguably one of the most successful investors in India.

In the podcast, they discuss what could lead the next wave in the stock market, training the next generation for managing the Damani portfolio and why shopping for expensive handbags is not a good idea if you want to get rich with stocks.

Tune in to the interesting hour-long podcast to find out more:

Top buzzing stocks today

Dr Reddy's Laboratories share price will be among the top buzzing stocks today.

The drug major yesterday announced the launch of Sorafenib tablets, a generic equivalent of Nexavar tablets in the US market as approved by the United States Food and Drug Administration.

Sorafenib is an antineoplastic (cancer) agent. It is used to treat late-stage kidney cancer, liver cancer, that cannot be treated by surgery, and differentiated thyroid cancer that has come back or spread to other parts of your body.

Life Insurance Corporation of India share price will also be in focus today.

LIC has increased its stake in non-banking finance company Capri Global Capital, to over 7% from 5% earlier.

The investment was made during the February-June period with an influx of over Rs 2.2 bn through open market purchase transactions at an average cost of Rs 624.6.

Capri Global is an NBFC with presence across different segments like MSME, construction finance, affordable housing, and indirect retail lending segments.

Note that LIC share price had been continuously falling before marginally rising yesterday, making the company one of the biggest wealth destroyers among Asia's initial public offerings (IPOs) this year.

Bajaj Auto May sales data

Bajaj Auto, notably, reported lower-than-expected sales data for May. It clocked a total sales of 0.28 m units during the month.

Sales volumes in May grew merely 1% on a year-on-year basis and were down by more than 34% from the pre-pandemic levels, as recorded in May 2019.

The muted sales performance was led by a weak month for exports for the company.

On yearly basis, two-wheeler exports slumped 15%, while three-wheeler exports fell 67% in May.

Overall exports during May plummeted 22% on a year-on-year basis for Bajaj Auto, while domestic sales rose 85%.

Yesterday in a regulatory filing, the company said it will not move ahead with the proposed plan of buyback as of now as it requires further deliberations.

If the board would have approved the proposal, this would have been the first share buyback to be made by the two-wheeler major in the last 22 years.

Why Asian Paints hit 52-week low?

The favourite stock of long-term investors, for compounding wealth consistently over the last few decades, Asian Paints has hit a rough patch.

The stock is now down over 22% in 2022 so far and 11% in the last one-year period.

For investors of Asian Paints, there are two major headaches - rising crude oil prices and Grasim Industries' plan to disrupt the paint industry in Jio-style.

Crude derivatives roughly form 30-40% of raw material costs for Asian Paints and therefore the rise in crude oil prices has been perceived to be impacting the company's margins.

Also, the company may not have enough pricing power to pass the inflationary pressure on to consumers.

Last week the international oil prices hit near a 13-week high, underpinned by robust demand from key buyers like the US.

On the other hand, competition in the paint is all set to intensify with the entry of a new player.

Grasim Industries, part of the Aditya Birla Group, had last month announced to double the capital expenditure for its entry into the paints business to Rs 100 bn.

For detailed analysis of why Asian Paints share price is failing, read our recent editorial.

Shriram City to raise capital

Shriram City Union Finance yesterday said it will raise up to Rs 3 bn by issuing debt securities on a private placement basis.

In a regulatory filing, the company said that the banking and securities management committee has approved issuance of principal-protected market-linked non-convertible debentures an amount of Rs 0.5 bn with a green shoe option up to Rs 2.50 bn.

The company said the bond issue could be in one or more tranches as fully paid-up or partially paid-up on a private placement basis.

A part of Shriram Group, Shriram City provides specialised services in retail and Micro Small, and Medium Enterprise lending.

To know more about the company, check out Shriram City's financial factsheet and its latest quarterly result.

And 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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