SGX Nifty Up 90 Points, Bharti Airtel's 5G Deal, Adani Power and IndiGo Q1 Results, and Top Buzzing Stocks Today

Thu, 4 Aug Pre-Open

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On Wednesday, Indian share markets witnessed buying interest during closing hours and ended higher.

At the closing bell on Wednesday, the BSE Sensex stood higher by 214 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 42 points (up 0.3%).

TCS, Tech Mahindra, and Infosys were among the top gainers.

Sun Pharma, Tata Motors, and Kotak Bank on the other hand, were among the top losers.

The broader markets ended on a positive note. The BSE MidCap index fell by 0.6% and the BSE SmallCap index ended lower by 0.3%.

All sectors, except IT and financial services, witnessed selling pressure yesterday. Auto, pharma, and public sector bank stocks were the biggest laggards.

Keep an eye out on these 4 sectors that can produce future multibagger stocks.

At 8:30 AM today, the SGX Nifty was trading up by 90 points or 0.4% higher at 17,480 levels.

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

Shares of Blue Dart, Adani Transmission and Adani Total Gas hit their 52-week highs.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also, check out the 5 stocks paying out big dividends in August 2022.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 51,1713 per 10 grams at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX were trading down by 0.5% at Rs 57,285 per 1 kg.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Top Buzzing Stocks Today

Tata Power share price will be among the top buzzing stocks today.

Tata Power on Wednesday said its arm Tata Power Green Energy has commissioned a 225-megawatt hybrid power project in Rajasthan.

Zomato share price will also be in focus today post its big block deal. Yesterday, an undisclosed shareholder offered to sell 612 m shares at a discount.

According to reports, the shareholder is likely to be Uber Technologies as it held matching stake in Zomato.

Zomato will also be in focus as it said it is cutting the overall investment guidance in Blinkit to US$320 m from US$400 m.

Zomato raised US$1.3 bn with its IPO last year, which opened the room for a slew of Indian startups that tapped investors through first-time share sales.

Market participants will also track shares of Adani Enterprises, Britannia, Berger Paints and Dabur as these companies are scheduled to announce their Q1 results later today.

Rupee Stages Comeback

Domestic currency rupee staged a smart turnaround in the past two weeks after hitting a lifetime low on 21 July.

However, yesterday the rupee closed at 79.21 and slumped 68 paise as disappointing macroeconomic data weighed on investor sentiment.

Note that the recent recovery in rupee has ensured a much-awaited trend reversal in FII fund flows. That in turn has helped rupee climb to a spot among the top three emerging market (EM) currencies against the US dollar last month.

This gives global investors the confidence they need to buy into local assets that promise higher relative returns due to the likelihood of a stable currency.

The biggest boost to the rupee has come in the shape of fund inflows. Foreign institutional investors (FIIs) have net bought more than US$1 bn in local equities and debt securities since July, data from NSDL showed.

Check out which stocks FIIs are buying this time.

Adani Enterprises Hits Rs 3-tn in Marketcap

Yesterday, Adani Enterprises share price surpassed the Rs 3-tn marketcap mark as the stock hit a record high of Rs 2,705.90 on the BSE.

The stock now ranks 18th in the top companies in India by marketcap.

With this, Adani Enterprises became the fourth Adani group company to achieve this milestone.

This feat is already achieved by Adani Transmission, Adani Green Energy and Adani Total Gas.

Note that Adani Enterprises has started to see an uptrend after a report said it is likely to enter into the Nifty 50 index by replacing Shree Cement.

Airtel's 5G Deal

Bharti Airtel has signed 5G network agreements with Sweden's Ericsson, Finland's Nokia and South Korea's Samsung to commence deployment of 5G networks from August 2022.

Airtel's managing director and chairman, Gopal Vittal said Airtel will commence rollout of 5G services in August.

It will deploy 5G Radio Access Network (RAN) products and solutions from the Ericsson Radio System and Ericsson microwave mobile transport solutions.

The Swedish equipment maker will be providing 5G connectivity in 12 circles for Bharti Airtel.

Note that India recently concluded the 7-day long and much awaited 5G spectrum auctions.

Starting with the 5G spectrum to the hidden trend that could boost telecom sectors in the years to come, the telecom sector is up for a roller coaster ride for the next few years.

Investors should keep an eye on the top stocks riding the 5G wave in India.

Key Quarterly Results

Adani Power: During market hours yesterday, the Adani group company reported a 16-fold surge in consolidated profit after tax at Rs 47.8 bn compared with Rs 2.8 bn in the same quarter last year.

Consolidated total revenue for the quarter jumped 115% YoY to Rs 155.1 bn compared with Rs 72.1 bn in the corresponding quarter last year.

This increase in revenue was aided by increase in PPA tariffs due to higher import coal prices and greater alternate coal usage, improved merchant and short-term tariffs, revival of 1,234 MW Bid-2 PPA with Gujarat DISCOMs, and higher prior period revenue recognition.

Adani Power, along with the power plants of its subsidiaries achieved an average plant load factor (PLF) of 58.6% and aggregate sales volumes of 16.3 billion units on an installed base of 13,650 MW.

IndiGo: InterGlobe Aviation has reported a narrowing of losses to Rs 10.6 bn in the June quarter compared with a loss of Rs 16.8 bn in the March 2022 quarter and Rs 31.7 bn in the year-ago quarter.

Headwinds caused by depreciating rupee and higher fuel prices led to losses, the company said in a BSE filing.

Revenues surged 327.5% YoY to Rs 128.6 bn compared with Rs 30.1 bn reported in the year-ago quarter.

IndiGO CEO Ronojoy Dutta said,

• Our revenue performance this quarter was impressive. We reported the highest ever revenue generated by the company and thereby produced profits at an operational level.
  
  However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability.

IndiGo has a total cash balance of Rs 190.7 bn comprising Rs 83 bn of free cash and Rs 107.7 bn of restricted cash.

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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