Maruti Suzuki's Big Commitment, NTPC's Solar Project, and Buzzing Stocks Today

Wed, 29 Sep Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices witnessed sharp selling pressure amid negative global market cues.

Rise in US bond yield and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market.

At the closing bell yesterday, the BSE Sensex stood lower by 410 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 107 points (down 0.6%).

Power Grid Corp and Coal India were among the top gainers.

Bharti Airtel and Tech Mahindra, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.7% and 0.6%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, telecom sector and IT sector witnessing most of the selling pressure.

Oil & gas and power stocks, on the other hand, witnessed buying interest.

Shares of Tejas Networks and JSW Energy hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 45,870 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video, Aditya Vora talks about the top 4 sectors for 2022.

The relentless rally in the stock market over the past 15 months has lifted the tide on all the boats. So, which sectors should you bet on in 2022?

Aditya answers this question in the video below. Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Gujarat State Fertilizers and Chemicals.

Shares of Gujarat State Fertilizers and Chemicals (GSFC) rose over 4% on the exchanges yesterday after the Directorate General of Trade Remedies (DGTR) recommended anti-dumping duty on Caprolactam (used in nylon-making) from the European Union, Korea, Russia and Thailand.

The Gujarat-based firm had earlier filed an application for anti-dumping duty on Caprolactam as cheap imports by some countries were disrupting trade for domestic players.

Note that anti-dumping duty is a tariff imposed on imports from other countries that export products at a cheaper value thereby disrupting trade in the domestic market.

To ensure a level playing field in the domestic market, the government imposes anti-dumping duty on foreign imports when it believes that the goods are being dumped through the low pricing in the domestic market.

The duty is imposed to protect local businesses and markets from unfair competition.The imposition of anti-dumping duty is permissible under the World Trade Organisation (WTO) regime. The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

Maruti Suzuki share price will also be in focus today.

India's largest PV maker Maruti Suzuki has told its component suppliers to be ready to produce 160,000-180,000 cars and SUVs in October, as it is making arrangements to secure supply of semiconductor chipsets through multiple channels.

If Maruti does manage to meet this target, the October output would be 60-80% higher compared with September, and just about 5% short of the numbers a year earlier.

Due to global shortage of semiconductors, Maruti has been forced to limit production this month to around 100,000 units.

Reports state that the company's ability to source chips may have improved with an easing Covid-19 situation in Malaysia. The Southeast Asian country's chip manufacturing facilities are now working for seven days a week in three shifts.

About two-thirds of the targeted output are likely to be managed out of Maruti Suzuki's own facilities in the national capital region. The remaining will be sourced from Suzuki Motor Gujarat, another Indian unit of parent Suzuki Motor of Japan.

However, according to industry insiders, there's no guarantee that Maruti will meet the target.

They say that the guidance was probably meant to keep the vendor network ready in case the chipset availability improved.

The company is also urging vendors to prepare for an output of over half a million in the October-December quarter. That suggests production growth of 7.5% from a year earlier in the crucial festive season.

NTPC Wins 1.9 GW Solar Power Project Contract

Shares of state-owned electric utilities company NTPC registered a fresh 52-week high at Rs 133.6, up 4% on the BSE yesterday after the company confirmed the winning of 1.9 gigawatt (GW) solar projects under central public sector undertaking (CPSU) scheme.

NTPC has won 1.9 GW in the auction of CPSU Scheme-II, Tranche-III of 5 GW. However, company has no material information to add to above mentioned news item which is in the normal course of business of the company.

Indian power sector is evolving at a fast pace and the power demand is increasing rapidly. India recently witnessed all-time high peak demand of 200.6 GW and energy met of 4,508 megaunits (Mus) in a day on 7 July 2021. The country also registered a generation growth of 17.17% in the quarter one of 2022.

The growth in demand augurs well for the company. These numbers coupled with 'Atmanirbhar Bharat' initiative indicate that there is huge potential for growth in the power sector going forward.

Stent Maker Sahajanand Medical Tech Files IPO Papers

Cardiac stent maker Sahajanand Medical Technologies has filed preliminary papers with markets regulator to raise Rs 15 bn through an initial share sale.

The initial public offering (IPO) comprises fresh issuance of equity shares worth Rs 4.1 bn and an offer for sale (OFS) of equity shares to the tune of Rs 10.9 bn by selling shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, Samara Capital Markets Holding will sell shares worth Rs 6.4 bn and Nhpea Sparkle Holdings B.V will offload shares valued at Rs 3.2 bn, among others.

The company may consider a pre-IPO placement of equity shares aggregating up to Rs 1.9 bn. If such placement is undertaken, the fresh issue size will be reduced.

Proceeds from the fresh issue will be utilised to pay debt, to fund the working capital requirements of the company's indirect foreign subsidiary, Vascular Innovations, and for general corporate purposes.

The company is a leading medical devices player that researches, designs, develops, manufactures and markets vascular devices globally.

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.

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