SGX Nifty Up 28 Points, Why Saurabh Mukherjea Exited HDFC AMC, Inox Green Energy's IPO, and Top Buzzing Stocks Today

Tue, 21 Jun Pre-Open

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On Monday, Indian share markets snapped a six-day losing streak and ended on a firm note tracking positive trends in the global markets.

Benchmark indices ended on a strong note as buying was seen in select large cap stocks but prevailing inflationary pressure and concerns over policy tightening limited the upside.

At the closing bell on Monday, the BSE Sensex jumped 238 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 57 points (up 0.4%).

HUL, HDFC, and Wipro were among the top gainers.

Tata Steel, IndusInd Bank, and Reliance Industries, on the other hand, were among the top losers.

Titan share price closed 1.4% higher yesterday. Titan has been falling consistently over the past few days and is down 30% from its peak.

Bucking the trend, the broader markets ended on a negative note. The BSE MidCap index and the BSE SmallCap index ended lower by 1.4% and 3% respectively.

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

On the other hand, buying was seen among stocks in the FMCG sector, IT sector, and financial services sector.

At 7:45 AM today, the SGX Nifty was trading up by 28 points or 0.1% higher at 15,390 levels.

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

As Indian share markets have been in a downtrend, you must be wondering when will the markets fully recover.

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

Value investors should not miss these five stocks trading at steep discounts.

Also, check out this stock we call as the greatest dividend stock of all time. This IT company's dividend growth rate has beaten Nifty's 20 year annual returns.

Gold prices for the latest contract on MCX were trading flat at Rs 50,818 per 10 grams, at the time of Indian market closing hours on Monday.

Crude oil prices were turbulent yesterday as investors refocused on tight supplies. On Friday, oil saw a 6% slump amid concerns about slowing global economic growth and fuel demand.

Shares of energy companies were under pressure yesterday after oil prices tumbled. Shares of Indian Oil Corporation have been falling over the past two months now.

Investors in crypto markets were on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

Bitcoin, the world's biggest cryptocurrency, has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown.

Speaking of stock markets, in the latest episode of Investor Hour podcast, Rahul Goel talks to Vivek Kaul about inflation and India's economy.

We highly recommend you watch the hour-long podcast because Vivek Kaul is an economist like no other. When he talks about India's economy and its challenges, it makes sense.

Tune in below to find out more:

Top buzzing stocks today

HDFC AMC share price will be among the top buzzing stocks today.

Closely tracked fund manager Saurabh Mukherjea, well-known for his Coffee Can approach to investing, has exited the HDFC group stock HDFC AMC.

In a note to investors, Mukherjea's company Marcellus Investment Managers said:

• Owing to the reduction in our expected long-term earnings growth forecast for HDFC AMC, our position sizing framework has suggested an exit from the stock.

HDFC AMC is one of the largest mutual fund houses in India but its stock has been under pressure and has tumbled close to 40% in 2022 so far.

For a detailed analysis on why HDFC AMC share price is falling, read our recent editorial.

Delta Corp share price will also be in focus today.

Ace investor Rakesh Jhunjhunwala has further pared his stake in the gaming stock.

Note that Rakesh Jhunjhunwala has been reducing his stake in the Delta Corp and as per BSE data till 14 June he has sold 2.8% stake in the company through the open market to reduce his stake from 6.16% to 3.36%.

Delta Corp recently announced that it has filed IPO papers with the market regulator for its gaming arm - Deltatech Gaming.

While the stock rallied 13% on Friday, post the announcement Jhunjhunwala sold another 5.8 m shares at an average price of Rs 167.2 per share to bring down his holding in the stock to 1.2%.

Inox Green Energy Services IPO

Inox Green Energy Services, a subsidiary of Inox Wind has filed fresh preliminary papers with capital markets regulator to raise Rs 7.4 bn through an initial public offering (IPO).

The IPO comprises fresh issuance of equity shares worth Rs 3.70 bn and an offer-for-sale of equity stocks aggregating to Rs 3.7 bn by promoter Inox Wind, according to the Draft Red Herring Prospectus (DRHP).

Besides, the company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

Inox Green Energy Services is engaged in the business of providing long term operation and maintenance services for wind farm projects.

Earlier, the company had filed the DRHP for its proposed IPO in February, however, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.

What response does the IPO get in these choppy markets remains to be seen.

We will keep you updated with the recent developments from this space.

Note that renewable energy is the future, and here are 5 ways to play this opportunity.

Kamdhenu demerges paints business

Kamdhenu has announced the demerger of its paints business into a separate entity following an order of the Chandigarh bench of the National Company Law Tribunal (NCLT).

Post demerger, Kamdhenu will continue to focus on steel business, while Kamdhenu Ventures will expand the paints business.

In statement, the company said that it is now looking to complete the listing process of newly-formed company in the July-September quarter.

NCLT, Chandigarh has approved the Scheme of Arrangements including demerger of paint business.

The company further said:

• Under the scheme, the company would be issuing one equity share having face value of Rs 5 each of Kamdhenu Ventures against every existing equity share having face value of Rs 10 each of Kamdhenu Ltd on a mirror shareholding basis.

The company's paints business registered a growth of 19% and clocked a revenue of Rs 2.4 bn in the fiscal year 2022.

To know more about Kamdhenu, check out its financial factsheet.

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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