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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News September 30, 2021
Sensex Trades Marginally Lower, Dow Futures Up by 267 Points. Thu, 30 Sep 12:30 pm
Share markets in India are presently trading marginally lower.
The BSE Sensex is trading down by 120 points, down 0.2%, at 59,293 levels.
Meanwhile, the NSE Nifty is trading down 50 points.
Sun Pharma and Bajaj Finance are among the top gainers today. Asian Paints and Power Grid are among the top losers today.
The BSE Mid Cap index is trading up by 0.3%
The BSE Small Cap index is trading up by 0.6%.
On the sectoral front, stocks from the consumer durables sector and real estate sector are witnessing most of the buying interest.
On the other hand, stocks from the automobile sector are witnessing most of the selling pressure.
US stock futures are trading higher today, indicating a positive opening for Wall Street.
Nasdaq Futures are trading up by 113 points (up 0.8%) while Dow Futures are trading up by 267 points (up 0.8%).
The rupee is trading at 74.26 against the US$.
Gold prices are trading up by 0.2% at Rs 45,672 per 10 grams.
Gold prices inched higher in domestic markets today but hovered near a seven-week low constrained by a strong dollar.
On MCX, October gold contracts were trading higher by 0.1% at Rs 45,910 for 10 grams.
To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?
Moving on to stock-specific news...
Among the buzzing stocks today is Ashoka Buildcon.
Shares of Ashoka Buildcon rose over 2% on the exchanges in early trade today after the company informed that it has acquired the balance 40% stake in Ashoka Bettadahalli Shivamogga Roads (ABSRPL).
The company bought 20,000 equity shares at Rs 10 each for an aggregate consideration of Rs 200,000.
The object of the acquisition is to consolidate the road infrastructure business of the company.
The company now holds 100% shares in ABSRPL, making it a wholly owned subsidiary of the company.
For the June 2021 quarter, Ashoka Buildcon reported a 6.7% year on year (YoY) increase in net profit at Rs 690 m.
The company had clocked a net profit of Rs 650 m for the year ago period.
However, the company's revenue fell to Rs 6.2 bn against Rs 9.1 bn in the June 2020 quarter as business operations were impacted due to the pandemic. In April, it recorded a toll loss of 19 days amid the lockdown.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, Ashoka Buildcon shares were trading up by 1.3% on the BSE.
Speaking of the stock market, India's #1 trader, Vijay Bhambwani, shares how to pick the best hotel stocks, in his latest video for Fast Profits Daily.
Moving on to news from the travel support services sector...
IRCTC Sets 29 October as Record Date for Stock Split
Indian Railway Catering and Tourism Corporation (IRCTC) has fixed 29 October 2021 as the record date for the proposed 5:1 stock split.
The company's board in August 2021 had recommended the proposal of sub-division of one equity share of face value of Rs 10 each into five equity shares of face value of Rs 2 each (5:1).
IRCTC is a mini ratna public sector enterprise under the administrative control of Ministry of Railways.
It is the sole entity authorized by the Indian Railways (IR) to provide catering services to railways. It also sells online railway tickets and packaged drinking water at railway stations and trains in India.
As of 30 June 2021, the Government of India (GoI) holds a 67.4% stake in the company.
In its latest quarterly results, IRCTC posted a net profit of Rs 825.2 m. It had posted a net loss of Rs 246 m in the same period last year.
Shares of IRCTC were listed on the bourses on 14 October 2019. The stock debuted at Rs 644, a premium of 101.3% to its issue price of Rs 320.
The stock has soared 1086.7% since then.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.
According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.
Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception.
This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.
The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.
If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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