SGX Nifty Down 64 Points, L&T's Green Hydrogen Push, the Latest on PharmEasy IPO, and Top Buzzing Stocks Today

Mon, 22 Aug Pre-Open

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On Friday, Indian share markets ended deep in the red as selling was seen in banking and auto stocks.

Benchmark indices ended near the day's low as majority of stocks from the index ended on a negative note.

The fall was also attributed to the overnight tepid close for US equities and negative US stock futures.

Hurting the sentiment further was a rise in the US dollar to a one-month high, as Federal Reserve policymakers continued to talk up the need for further interest rate hikes.

At the closing bell on Friday, the BSE Sensex stood lower by 652 points (down 1.1%)

Meanwhile, the NSE Nifty closed lower by 198 points (down 1.1%)

Adani Ports, L&T, and Infosys were among the top gainers.

IndusInd Bank, Apollo Hospitals, and Bajaj Finserv on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index ended down by 1.3% while the BSE Smallcap index ended lower by 0.9%.

Sectoral indices ended on a mixed note with stocks in the power sector and capital goods sector witnessing maximum buying.

On the other hand, stocks in the banking sector, auto sector, metal sector and oil & gas sector witnessed maximum selling pressure.

This year in 2022, more than 25 companies have announced share buybacks. Check out these 5 stocks that could announce big buybacks in 2022.

Shares of Adani Transmission, Eicher Motors, and Solar Industries hit their 52-week high.

Adani group stocks also rose on Friday, continuing the momentum.

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Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 51,525 per 10 grams, at the time of Indian market closing hours on Friday.

Top Buzzing Stocks Today

Glenmark Pharma, Strides Pharma and Cipla will be among the top buzzing stocks today.

The three drugmakers are recalling products in the US, the world's largest market for medicines, due to manufacturing issues.

The USFDA noted in its report that the company, a subsidiary of Mumbai-based drug firm, is recalling the affected lot due to "blister package issues." The lot was produced at Glenmark's Pithampur (Madhya Pradesh) based manufacturing facility.

LIC share price will also be in focus today.

India's top insurance company LIC witnessed a decline of nearly 20% in death claims in the first quarter of this fiscal with the Covid impact seen to be ebbing, though the amount is still higher than pre-2020 levels.

Market participants will also track share price of Maruti Suzuki.

India's auto sector may not have felt the brunt of hike in interest rates by banks following the tightening by the RBI as it mounts efforts to tame inflation, the company's executing office said.

Maruti Suzuki, country's largest car maker, has pending orders of 3.87 lakh units from around 2.8 lakh units in the last quarter.

No Plan to Import Wheat

The government's Department of Food and Public Distribution clarified on Sunday that there is no plan to import wheat into India and that the country has sufficient stock to meet the domestic requirements.

Responding to a recent report, the Food department tweeted, "There is no such plan to import wheat into India. Country has sufficient stocks to meet our domestic requirements and FCI has enough stock for pubic distribution."

A recent report by Bloomberg noted that indications that a bumper wheat harvest wasn't going to eventuate prompted the government to restrict exports in mid-May.

State reserves have declined in August to the lowest level for the month in 14 years, according to Food Corporation of India (FCI), while consumer wheat inflation is running at close to 12%, as per the report.

Wheat stocks in India have been in focus for the past few days.

This attention to wheat stocks in India does not really come as surprise as the supply dynamics have been impacted in multiple ways.

L&T's Green Hydrogen Push

Engineering major Larsen & Toubro (L&T) is committed to work across the green energy value chain and plans to invest up to US$ 2.5 bn over the next 3-4 years.

The company's director Subramanian Sarma was quoted saying,

We are looking at USD 2-2.5 billion investment to start within three-four years' time.

The investment of such a large scale in the green energy sector depends upon how the market evolves.

The statement comes in the wake of L&T planning to achieve water and carbon neutrality by 2035 and 2040, respectively.

The second part of the value chain will be the engineering, procurement and construction (EPC) projects. The company plans to make a foray into large-scale EPC projects in the green energy sector.

Note that IOC, L&T and ReNew Power have agreed to form a joint venture company to develop green hydrogen projects across the country and capitalise on the government's ambitious plans for this sector.

PharmEasy IPO Goes for a Toss

API Holdings, the parent entity of PharmEasy, has announced the withdrawal of the draft red herring prospectus (DRHP) submitted for an initial public offering (IPO).

The pre-IPO draft papers, which were filed on 9 November last year, are being withdrawn due to "market conditions and strategic considerations", the company said in a notice.

API Holdings noted that the company is committed to its growth and expansion plans, and is considering to raise funds via a rights issue.

API Holdings had stated an intent to raise Rs 62.5 bn via fresh equity issuance.

Note that the volatile stock markets and growing investor concern about the high valuations of Indian startups have led to the fall in share prices of public Indian tech companies.

Paytm, Zomato and the likes are significantly down from their IPO prices.

We will keep you updated on the latest developments from this space. Stay tuned.

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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