SGX Nifty Up 154 Points, Easy Trip Planners' Bonus Issue and Stock Split, HDFC Bank Q2 Update, and Top Buzzing Stocks Today

Thu, 6 Oct Pre-Open

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On Tuesday, Indian share markets extended gains as the session progressed and registered healthy gains.

The rally was led by an appreciating rupee and upbeat quarterly update from the companies, which lifted sentiment.

Also, gains across the sectors further fueled the rally.

At the closing bell on Tuesday, the BSE Sensex stood up by 1,277 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 387 points (up 2.3%).

IndusInd Bank, Adani Ports, and Bajaj Finance were among the top gainers.

Power Grid Corporation, and Dr Reddy's Laboratories, on the other hand, were among the top losers.

The broader markets ended on a positive note. The BSE Midcap climbed 2.4% and the BSE SmallCap index ended higher by 1.5%.

All sectoral indices ended on a firm note with stocks in the metal sector, finance sector, and banking sector witnessing most of the buying.

Shares of Page Industries, Cipla, and Bharti Airtel hit their 52-week high on Tuesday.

The rupee was trading at 81.5 against the USUS$.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 51,160 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the SGX Nifty was trading up by 154 points, or 1% higher at 17,440 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Top Buzzing Stocks Today

HDFC Bank will be among the top buzzing stocks today.

HDFC Bank's loans and advances saw a growth of 23.5% YoY to Rs 14.8 tn as of 30 September 2022, from Rs 11.9 tn as of 30 September 2021. Apart from this the current Account Saving Account (CASA) saw a 155 YoY to Rs 7.5 tn.

Easy Trip Planners share price will also be in focus today.

Easy Trip Planners on Tuesday announced 10 October 2022 for considering the proposal for issue of bonus shares and/or sub-division/split of shares.

Market participants will also track shares of L&T.

The power transmission and distribution business of L&T Construction has bagged a significant order in India and abroad. The value of this significant project is Rs 10 bn to Rs 25 bn

Reliance Subsidiary's Joint Venture Deal

Reliance's arm Reliance Strategic Business Ventures and US -based Sanmina Corporation have completed the joint venture transaction. This joint venture will focus on making 4G and 5G hardware for Indian and overseas markets.

Sanmina and RSBVL, a wholly owned subsidiary of Reliance Industries, had in March inked an agreement to create a joint venture through investment in Sanmina's existing Indian entity.

RSBVL will hold 50.1% equity stake in the joint venture while Sanmina will have 49.9% shareholding.

The joint venture has been set up at a total enterprise valuation of about Rs 33 bn. The manufacturing will take place at Sanmina's 100-acre campus in Chennai.

The partnership will leverage Sanmina's 40 years of advanced manufacturing experience and Reliance's expertise and leadership in the Indian business ecosystem.

This joint venture would create a world-class electronic manufacturing hub in India, in line with the 'Make in India' mission.

They will priorities high technology infrastructure hardware, for growth markets, and across industries such as communications networking, medical and healthcare systems, industrial and cleantech, and defense and aerospace.

M&M Financials Disbursement on Solid Ground

Mahindra & Mahindra Financial recorded a 110% YoY growth in disbursements at Rs 40.8 bn in September 2022.

The company expects the first half of the year to clock the disbursement of Rs 21.3 bn.

The growth in the disbursement was aided by macro tailwinds. The healthy disbursement trends during the first half have led to a strong gross asset book of approximately Rs 73.9 bn, growing approximately 3% month on month (MoM). This has also resulted in YoY growth of approximately 16% against the September quarter last year.

The collection efficiency of the company stood at 98% for the September 2022 up against 96% in August 2022.

The asset quality of the company further improved during the quarter, as company expects the reduction in gross stage 2 and gross stage 3 of the company.

Rupee Climbs

The Indian rupee closed slightly higher against the US currency on Tuesday, after as heavy buying was seen in domestic equities and weakness in the greenback strengthened investor sentiment.

The rupee ended at 81.53 per US dollar up 29 paise, a tad higher than the record closing low of 81.82 in the previous session. The rupee had opened higher at 81.6 and witnessed an intraday high of 81.4 against the dollar

Intraday, the rupee came close to falling below the record low of 81.95, prompting the RBI to sell dollars.

Boom in Advertising Industry

Revenue of advertising industry for August and September recovered to 150% of the last year because of the festive spending in the market.

The advertising billboards are up once again in a full swing, and the prospects of the outdoor advertising industry are looking up after being grounded by the covid19 pandemic.

The economic fallout of the crisis has been a lot harder on this segment with billings drying up by a sizable amount.

Advertising companies across automobiles, smartphones, jewelry, banking, financial services, insurance, telecom, e-commerce, video-streaming platforms, and real estate are driving the recovery.

Spending has been particularly strong in markets such as Pune, Mumbai.

Speaking of media and advertising space, we recently covered an editorial on the print media sector and why it could be a good sector to bet on for long term.

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

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