SGX Nifty Up 57 Points, Bharat Electronics Bonus Issue, Yes Bank's Roadmap to Recovery, and Top Buzzing Stocks Today

Fri, 5 Aug Pre-Open

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On Thursday, Indian share markets witnessed volatile trading activity to end on a flat note.

Benchmark indices erased early gains and tumbled 1% in intraday trade yesterday amid negative global cues.

Escalating US-China tensions over Taiwan, demand weakening under inflation pressures, while the looming possibility of a recession curbed risk appetite, which led to the negative market sentiments.

At the closing bell on Thursday, the BSE Sensex stood lower by 51 points.

Meanwhile, the NSE Nifty closed lower by 6 points.

Cipla, Nestle India, and Sun Pharma were among the top gainers.

NTPC, Tata Consumer, and Coal India on the other hand, were among the top losers.

The broader markets ended on a positive note. The BSE MidCap index climbed 0.5% and the BSE SmallCap index ended lower by 0.3%.

Sectoral indices ended on a mixed note with stocks in the realty sector, telecom sector and banking sector witnessing selling.

Healthcare and IT stocks, on the other hand, ended in green.

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

At 8:00 AM today, the SGX Nifty was trading up by 57 points, or 0.3% higher at 17,450 levels.

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

Shares of Navneet Education, Deepak Fertilisers, and Varun Beverages 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.

The rupee was trading at 79.30 against the US$ yesterday. A sharp appreciation was seen in the rupee against the US dollar.

Gold futures on MCX were down by 0.4% or Rs 224 at Rs 51,402 per ten grams, at the time of Indian market closing hours yesterday.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

All eyes today will be on RBI's decision on repo rates. The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) began its three-day meeting earlier this week on Wednesday.

The MPC, which is headed by RBI Governor Shaktikanta Das, will announce its decision on the key lending rates today.

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

BHEL share price will be among the top buzzing stocks today.

Yesterday, BHEL reported a narrowing of consolidated loss to Rs 1.9 bn in the June quarter compared with a loss of Rs 4.5 bn in the corresponding quarter last year.

This is even after the company reported a 63.4% YoY rise in sales at Rs 44.5 bn.

DCM Shriram share price will also be in focus today.

DCM Shriram and ReNew Power have announced signing of two Captive Power Agreements (CPAs), to supply 50 MW of renewable energy from its two upcoming projects in Bhavnagar, Gujarat, to DCM Shriram's Chlor-Alkali manufacturing facility in Bharuch district, Gujarat.

Market participants will also track shares of Acrysil, M&M and NMDC as these companies are scheduled to announce their Q1 results later today.

Bharat Electronics Bonus Issue

Bharat Electronics, a PSU navratna company, has announced the bonus issue in a 2:1 ratio. This means investors will get two shares for every one share held by them.

The bonus issue is subject to approval from shareholders of the company at the 68th annual general meeting (AGM), which is slated to be held on 30 August 2022.

Earlier this week, the company had informed the bourses that its board would meet on Thursday to consider the issue of bonus shares and the proposal was duly approved by the company board.

From 2015 till now, Bharat Electronics has issued bonus shares twice in the ratio of 2:1 and 1:10. The bonus shares were issued first in September 2015 and later in September 2017.

Since bonus shares interest you, check out these companies which have announced bonus issue for August 2022.

Note that Bharat Electronics is among the top defence stocks with big growth stories.

Yes Bank's Roadmap to Recovery

Yes Bank is aiming to expand its loan book and acquire smaller rivals to revive its business, its chief executive said.

The expansion plan of Yes Bank comes after it raised US$1.1 bn last week by selling up to a 10% stake to Carlyle Group and Advent International.

The fundraising marked a rare vote of confidence in Yes Bank, which had to be taken over by the central bank in March 2020 after months of deterioration in its financials and allegations of mismanagement.

Yes Bank is looking to increase its loan book by 15% in the fiscal year ending March 2023 as it sharpens its focus on mortgages, vehicle loans and small and mid-sized business loans, said CEO Prashant Kumar.

The bank may also look at acquisitions, tapping into the fresh capital raised.

Note that Yes Bank share price crashed from its all-time high of Rs 393 in August 2018 to under Rs 11 over the next two years.

The story is a classic example of how a popular stock has turned into a penny stock.

With the latest developments, the downside risk from here seems limited. The upside opportunity to become a multibagger stock for next 10 years could be substantial.

For more, check out our recent editorial on Yes Bank: Is it Time to Say "YES" to this Bank?

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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