India's GDP Growth, LIC IPO Updates, and Buzzing Stocks Today

Wed, 1 Sep Pre-Open

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Indian share markets ended on a positive note yesterday.

The benchmark BSE Sensex claimed new all-time high of 57,625.3 while the Nifty 50 crossed 17,100 mark for the very first time.

At the closing bell yesterday, the BSE Sensex stood higher by 663 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 201 points (up 1.2%).

Bharti Airtel and Bajaj Finance were among the top gainers.

Tata Motors and Nestle India, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.8% and 0.9%, respectively.

Sectoral indices ended on a positive note with stocks in the telecom sector, consumer durables sector and healthcare sector witnessing most of the buying interest.

Shares of Coforge and SRF hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,137 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani, talks about how you should trade in the month of September, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Acrysil.

Shares of Acrysil rose over 8% yesterday after the company announced expansion of its production capacity by 160,000 quartz sinks per annum to 1 m through its greenfield project at Bhavnagar in Gujarat.

The company has a production capacity of 700,000 units p.a. It had earlier announced an expansion of production by 140,000 units p.a., which is progressing as per schedule.

The expansion in production capacity is to meet the growing demand of quartz kitchen sinks in the global market.

The proposed capital expenditure involves an investment of Rs 380 m which would be spent towards acquiring land, moulds, plant and machinery, utilities, warehouse and other related infrastructure.

The project is likely to be completed by June 2022 and will be financed by mix of internal accruals and debt.

Insurance sector stocks will also be in focus today.

The government may limit overseas investment in state-owned Life Insurance Corporation (LIC) at 20%, at par with that for public sector banks (PSBs), as per an article in The Economic Times.

Here's an excerpt from the article.

• A 20% limit still gives wide headroom given the size of LIC, said a government official, explaining why the Centre may seek this lower limit against the 74% overseas investment allowed in private sector insurers and banks.

Under foreign portfolio investment (FPI) regulation and Foreign Exchange Management Act (Fema) rules, 24% overseas investment is typically allowed in listed companies, unless there are sector-specific caps as in insurance.

India's biggest life insurer is expected to make its initial public offer (IPO) later this year.

This IPO is expected to be the biggest ever in the Indian markets, pegged at about Rs 1 lakh crore.

The LIC Act, which governs the insurer, does not mention foreign investment and also limits any shareholder other than the central government to a maximum 5% stake.

Regulation rules have already been amended to allow companies with an expected market capitalisation of more than Rs 1 lakh crore at the time of listing to sell only 5% of their shares against the earlier limit of 10%, a move intended to benefit the LIC stake sale.

Maruti Suzuki to Hike Prices Across Models from September

Maruti Suzuki, India's largest carmaker, is set to increase prices in September across models making it the third such hike in the financial year 2021-22.

The Delhi-based carmaker had hiked prices in April and July.

In a stock exchange filing, Maruti Suzuki said,

• We wish to inform you that over the past year the cost of the company's vehicles continues to be adversely impacted due to an increase in various input costs.
  
  Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise.

The company, however, did not specify the quantum of hike planned for next month.

The hike will come just before the start of the festive season which kicks off with Ganesh Chaturthi on September 10.

Tata Motors, Honda Cars, Mahindra & Mahindra, Renault, and Toyota had raised prices in the July-August period.

The hikes have been exercised to negate the increase in raw material costs such as steel and precious metals.

India's GDP Up 20.1% in April - June Quarter

India's Gross Domestic Product (GDP) for the April-June quarter of the ongoing financial year 2021-22 expanded 20.1% year on year (YoY), as per the data released yesterday.

The sharp rise in quarter one GDP data can be attributed to a low base last year.

In the April-June quarter of 2020, the economy contracted 24.4% due to the Covid-19 lockdowns.

The economy grew by 1.6% for the fourth quarter of the financial year 2021 after showing contraction for the first two quarters and turning slightly positive in the third quarter.

Seven of the eight sectors have grown, except crude oil which declined.

The month of April saw a sharp rise in the core sector by 56.1% YoY.

In May, the core sector output saw a growth of 16.8%. However, in June, the core sector output rose by 8.9%.

Moody's Investors Service said the economic activity in India is picking up with the gradual easing of Covid restrictions and there could be further upside to growth as economies around the world gradually reopen.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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