SGX Nifty Trades Flat, Adani Enters Alumina and Iron Ore Business, ICICI Bank Hits Rs 6-tn in Market Cap, and Top Buzzing Stocks Today

Fri, 12 Aug Pre-Open

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On Thursday, Indian share markets rose tracking the rally in US stocks after softer-than-expected US inflation data stoked speculation the Federal Reserve could pivot to a shallower pace of interest-rate hikes.

Financial and IT stocks led the rally yesterday.

At the closing bell on Thursday, the BSE Sensex stood higher by 515 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 124 points (up 0.7%).

Axis Bank, IndusInd Bank and Bajaj Finance and were among the top gainers.

ITC, Tata Consumer Products, and Apollo Hospitals, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index climbed up by 0.8% while the BSE Smallcap index climbed up by 0.5%.

For more information, check out these fast growing smallcap stocks with zero debt that have consistently reported increasing revenues and profits.

Sectoral indices ended on a mixed note with stocks in the FMCG and metal sector witnessing maximum selling.

While stocks in the IT, banking, and consumer goods witnessed buying interest.

Shares of SKF India, Eicher Motors, and Timken India hit their 52-week highs.

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Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 52,328 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:45 AM today, the SGX Nifty was trading down by 17 points or 0.1% lower at 17,670 levels.

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

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

Eicher Motors share price will be among the top buzzing stocks today. Shares of the company hit an all-time high yesterday after it reported Q1 results.

The maker of iconic Royal Enfield reported a 72% YoY growth in consolidated revenues at Rs 33.3 bn, up from Rs 19 bn.

The growth was driven by an increase in the exports segment, a rise in volumes, and a higher average realization due to the price hike.

Vedanta share price will also be in focus today.

The company has announced that it will spend US$ 3 bn in capex over the next two years. Of this, US$ 2 bn would be earmarked for the ongoing financial year 2023.

The company is planning to set up an integrated semiconductor manufacturing facility in India to meet domestic demand.

Market participants will also track shares of Star Paper, Ador Fontech and Sun TV Network as these companies will announce their Q1 results later today.

ICICI Bank Crosses Rs 6-tn Market Capitalization Mark

ICICI Bank hit a 52-week high yesterday to cross the market capitalisation of Rs 6 tn for the first time.

ICICI Bank shares have rallied over 13% in the last one month and around 24% in the last one-year period.

Last month the private bank reported Q1 results where a 50% year-on-year (YoY) growth in net profit beat estimates.

Its net revenue grew 20% YoY to Rs 178.8 bn, aided by healthy other income and NIM (net interest margin) expansion. This is the fastest net revenue growth reported by a large private bank in Q1 so far.

Gautam Adani's Ambitious Metal Dream

Adani group company Adani Enterprises is planning to invest US$5.2 bn in setting up an alumina refinery in the eastern Indian state of Odisha, as Gautam Adani adds one more business to his rapidly-expanding empire.

Of late, Adani group is investing in growth sectors, well-placed to grow briskly.

The government's renewed focus on self-sufficiency in certain areas, combined with the dire need for the adoption of cleaner environmental practices, can propel growth in these sectors.

Adani Enterprises got the approval to build the refinery and a captive power plant in Rayagada for an investment of Rs 416.5 bn. The refinery will have an annual capacity of 4 million tons.

Gautam Adani had set up a wholly owned subsidiary Mundra Aluminium in December, signaling his aspirations in a sector that is dominated by heavyweights such as the Aditya Birla group and Vedanta Resources.

While we don't know whether the Adani Group will be able to thrive or benefit from chasing these new growth sectors, we are confident there is a new wave of investment on the cards.

Ashok Leyland to Deploy 5,000 EV Buses

Ashok Leyland, India's largest bus maker's EV subsidiary, Switch Mobility has entered in an agreement with Chalo, an app based public transport operator to supply over 5,000 electric buses over a period of three years.

This would translate into an order value of close to US$1 bn. The funding for production of these buses will be managed by Switch and Ohm Mobility's fund raise from private equity which is likely to be closed shortly.

The order from an App based aggregator is expected to drive last mile clean mobility in the country, which already has got a strong fillip from the Government of India which has floated tender for over 5,500 electric buses.

Chalo has partnered with more than 2,500 bus operators to deploy its technology platform and improve the bus travel experience. In July 2022, Chalo powered 120 million rides on its platform.

The Chalo App provides live tracking of over 15,000 buses, and is India's #1 bus tracking app, claims the company.

Note that the electric vehicle (EV) megatrend is a once in a century revolution, happening right in front of us.

The revolution has already taken the auto sector by storm. All segments of the sector are ripe for disruption.

India's top EV stocks are generating multibagger returns and are set to disrupt the markets.

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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