India's Manufacturing PMI, BHEL's Largest Order, and Buzzing Stocks Today

Thu, 2 Sep Pre-Open

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Indian share markets ended on a negative note yesterday.

After opening at record high, benchmark indices erased gains and turned negative amid a mixed set of macroeconomic data.

At the closing bell yesterday, the BSE Sensex stood lower by 214 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 56 points (down 0.3%).

Asian Paints and Tata Motors were among the top gainers.

Mahindra & Mahindra and Cipla, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.9% and 0.2%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector, IT sector and finance sector witnessing most of the selling pressure.

Realty stocks, on the other hand, witnessed buying interest.

Shares of Abbott India and Dr Lal Pathlabs hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 47,123 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Bharat Electronics.

The Indian Navy sealed a contract with defence PSU Bharat Electronics for the supply of the first indigenously developed Naval Anti Drone System (NADS), the defence ministry said.

The NADS, developed by the Defence Research and Development Organisation (DRDO) and manufactured by Bharat Electronics, is the first indigenously developed anti-drone system to be inducted into the Indian armed forces.

The NADS can instantly detect micro drones and uses a laser-based "kill mechanism" to terminate the targets.

The NADS was first deployed to provide security cover for the Republic Day Parade this year and later during the prime minister's Independence Day address to the nation from the ramparts of the Red Fort.

Note that serious concerns over threats from enemy drones first emerged in June when two drones were used by suspected Pakistan-based terrorists to attack the Indian Air Force (IAF) base in Jammu.

As per the ministry, both the static and mobile versions of NADS will be supplied to the Indian Navy within a short time from the signing of the contract.

Wipro share price will also be in focus today.

Software giant Wipro has announced a partnership with HERE Technologies, a location data and technology platform, to offer location-based services and analytics for customers globally.

As per the partnership, Wipro and HERE will jointly develop solutions in the areas of asset tracking, smart-metering, analytics, and private mapping-as-a-service for indoor and outdoor real-time asset tracking.

An Internet of Things (IoT) based smart metering solution, being developed by both companies, will provide better information to customers on energy consumption and asset management.

On the other hand, the HERE mapping-as-a-service solution will enable enterprises to build private maps in the field and manage their autonomous vehicles more efficiently, by providing information to their drivers on routing time, speed, fuel consumption and hazardous conditions.

HERE Tracking will also help Wipro's customers monitor and track assets, field engineers and supply chain on a real-time basis both indoor and outdoor, as well as provide analytics to build operational efficiencies.

BHEL Secures Largest Ever Order From NPCIL

The government-owned engineering and manufacturing company Bharat Heavy Electrical Limited (BHEL) company announced that it has received the largest ever order worth Rs 108 bn from Nuclear Power Corporation of India (NPCIL).

According to the company's filing to exchanges, BHEL secures largest ever order worth Rs 108 bn from NPCIL for engineering, procurement and construction (EPC) of Turbine Island for 6 units of 700 megawatts electric (MWe).

The company further said six orders, received from NPCIL on 30 August 2021, envisage setting up of 4 units of 700 MWe at Gorakhpur, Haryana and 2 units of 700 MWe at Kaiga, Karnataka.

BHEL is the country's largest power generation equipment manufacturer, falls under the Ministry of Heavy Industries and Public Enterprises, based in New Delhi.

Similarly, NPCIL is responsible for the generation of nuclear power for electricity and is administered by the Department of Atomic Energy (DAE).

India's Manufacturing PMI Drops in August

A gauge of activity across India's manufacturing sector fell but remained in the expansion zone, indicating a softer pace of growth in economic activities.

The IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 52.3 in August compared with 55.3 in July, according to its media statement. A reading above 50 indicates economic expansion.

In a statement, Economics Associate Director, IHS Markit, Pollyanna De Lim said,

• August saw a continuation of the Indian manufacturing sector recovery, but growth lost momentum as demand showed some signs of weakness due to the pandemic.
  
  Yet, factory orders and output rose across the consumer, intermediate and investment goods categories.

FPI Investment in Indian Equities

FPIs' net investment in Indian equities between 1 January and 30 August stood at Rs 494 bn.

Of the total inflow, over 74% or Rs 365.8 bn came through the primary market route as against an investment of Rs 128.3 bn via stock exchanges.

Investment through the primary market exceeded the secondary market in five out of eight months including in August.

This shows that along with retail investors, FPIs have also been caught with the IPO frenzy in India.

FPI inflows through primary market includes investments in initial public offering (IPO), qualified institutional buying (QIB) and rights issue.

The year 2021 has already seen 38 mainboard IPOs and with companies raising nearly Rs 720 bn including hyped IPOs like Zomato the IPO of PowerGrid InvIT.

With many more IPOs to hit the market including the much-anticipated public issue of Life Insurance Corporation (LIC) and Paytm, FPI interest is likely to be anchored around the primary market.

We will keep you posted on more updates from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Indian Share Market Update: Top Gainers and Losers