SGX Nifty Indicates Flat Opening | Maharashtra Seamless 1:1 Bonus Issue | Top Buzzing Stocks Today

Wed, 19 Oct Pre-Open

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On Tuesday, Indian share markets ended on a strong note, as softening crude prices helped ease inflation worries, while strong global cues added to sentiment.

Benchmark indices ended on a positive note for the third straight session led by banking stocks.

At the closing bell on Tuesday, the BSE Sensex stood higher by 550 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 175 points (up 1%).

SBI, Nestle, and ITC were among the top gainers.

HDFC, NTPC, and Tech Mahindra, on the other hand, were among the top losers.

The BSE MidCap index ended higher by 1.1% while the BSE SmallCap index ended higher by 0.7%.

All sectoral indices ended in the green with stocks in the banking sector, capital goods sector, and FMCG sector witnessing most of the buying.

Among the best banking stocks, ICICI Bank and Axis Bank inched 1% higher yesterday.

Shares of TVS Motor and Deepak Fertilizers hit their 52-week high.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 50,553 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:30 AM today, the SGX Nifty was trading up by 32 points or 0.2% higher at 17,525 levels.

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

Speaking of stock markets, the semiconductor industry has taken off with a bang lately.

Semiconductors are tiny circuits, known as chips, that power all our electronic devices and tech enabled instruments. They are components needed for manufacturing cars, televisions, refrigerators, washing machines, personal computers, laptops, mobiles, etc.

No wonder semiconductors play an important role in a variety of fields.

In her latest video, Tanushree Banerjee, Co-head of research at Equitymaster, talks about how semiconductors can help find the next Infosys-like multibagger stock.

Top Buzzing Stocks Today

Xpro India will be among the top buzzing stocks today.

Xpro India's shareholding pattern for the second quarter showed that ace investor Ashish Kacholia's increased stake in the company.

Xpro India is part of Birla Group, a conglomerate comprising of many divisions. It is a diversified multi-divisional, multi-locational company with a strong commitment to the polymer processing industry.

Star Housing Finance share price will also be in focus today.

Star Housing Finance has announced the issuance of bonus equity shares in 1:1 ratio along with sub division of stock split in 1:2 ratio.

Star Housing Finance, is operating affordable housing finance space since more than a decade. The company is headquartered in Mumbai. It provides long term housing finance assistance to EWS/LIG homebuyers towards purchase/construction of low-cost housing units in its operational geographies.

Electronics Mart India Locked in Upper Circuit

Electronics Mart India (EMI) continued to see buying interest for the second straight session yesterday after Nippon India Mutual Fund bought an additional 0.6% equity stake in the company through open market transactions.

The stock was locked in the 10% upper circuit on Tuesday at Rs 92.9 on the NSE.

In the previous session, which was the first trading day for the stock after its IPO, Electronics Mart India closed with a massive 43% gains at Rs 84.5, given the robust response from investors to the IPO, healthy financials with steady margins and strong industry growth prospects.

On 17 October Nippon India Mutual Fund has bought 2.4 m equity shares or 0.6% stake in the consumer durables and electronics retailer as per the bulk deals data available with exchanges. These shares were bought at an average price of Rs 89.42 per share.

On 3 October, a day before the IPO opening, Nippon India had bought 33.9 lakh shares in the company through its Nippon India Consumption Fund and Nippon India Flexi Cap Fund through anchor book. These shares were bought at an issue price of Rs 59 per share.

When these shares are combined, Nippon India's shareholding in the company as of 17 October stood at 1.5%.

As per the latest shareholding pattern, mutual funds held 4.5% stake in the company, and foreign investors have 2.5% share, while retail investors bought 10.3% stake.

India to raise import duty on palm oils?

Reportedly, India is examining whether there is a need to raise palm oil import taxes, government and trade sources, to help millions of farmers reeling from lower oilseed prices.

Earlier this year, India abolished the basic import tax on crude palm oil (CPO) to keep a lid on prices. New Delhi continues with a 5% tax known as the Agriculture Infrastructure and Development Cess on CPO imports.

India also levies a 12.5% import tax on refined, bleached and deodorized (RBD) palm oil.

It was also reported that the government has also received petitions from the industry to raise the import tax to help prop up falling oilseed prices.

India meets more than 70% of its vegetable oil demand through imports from Malaysia, Indonesia, Brazil, Argentina, Russia and Ukraine. Palm oil constitutes nearly two-thirds of India's vegetable oil imports.

Addressing a group of farmers on Monday, Modi expressed concerns over India's rising vegetable oil import bill and urged growers to boost oilseeds output.

Fresh Issue of Bonus Shares

Maharashtra Seamless on Monday informed that its board has recommended the issue of bonus equity shares of the company in the ratio of 1:1 subject to shareholders' approval.

Though, the company added that the matter relating to Sub division or stock split of equity shares of the company was not approved by the board.

Meanwhile, the board has approved the appointment of Sarat Kumar Mohanty as Chief Financial Officer (CFO) of the company with effect from 17 October 2022.

It has also approved the reclassification and increase in Authorised Capital and make necessary changes in the Memorandum of Association of the Company.

For the second quarter ending September 2022 of the current fiscal, the company's net profit rose 94% to Rs 1,765 m as against Rs 910 m during the previous quarter ended September 2021.

Meanwhile, its revenue during Q2 for the financial year 2023 rose 48% to Rs 14,140 m from Rs 9,510 m in the year ago quarter.

Maharashtra Seamless is engaged in manufacturing of Seamless and ERW steel pipes & tubes, incorporated during year 1988.

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

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