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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News October 20, 2021
Sensex Trades Marginally Lower, Dow Futures Down by 30 Points Wed, 20 Oct 12:30 pm
Share markets in India are presently trading marginally lower.
The BSE Sensex is trading down by 226 points, down 0.4%, at 62,489 levels.
Meanwhile, the NSE Nifty is trading down by 91 points.
Bharti Airtel and SBI are among the top gainers today. Hindalco and Coal India are among the top losers today.
The BSE Mid Cap index is trading down by 1.6%.
The BSE Small Cap index is trading up by 1.9%.
On the sectoral front, stocks from the metal sector are witnessing most of the selling pressure.
On the other hand, stocks from the telecom sector are witnessing most of the buying interest.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 21 points (down 0.1%) while Dow Futures are trading down by 30 points (down 0.1%).
The rupee is trading at 75 against the US$.
Gold prices are trading up by 0.3% at Rs 47,417 per 10 grams.
Gold prices were trading marginally higher in Indian markets today even as surging US bond yields dented the metal's appeal in the international market and bets for upbeat corporate earnings lifted risk-on sentiment.
The yellow metal showed extreme volatility yesterday and gained in the early trading session but give up most of the gains in the late evening session after strong gains in the US bond yields.
To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?
Moving on to stock-specific news...
Among the buzzing stocks today is L&T Technology Services.
Shares of L&T Technology Services (LTTS) were in focus today after the company posted its results for the September 2021 quarter.
The company reported a 22% year on year (YoY) increase in revenue at Rs 16.1 bn. Its net profit also came in higher by 39% YoY at Rs 2.3 bn.
Commenting on the results, Amit Chadha, CEO & managing director, L&T Technology Services, said,
- We had a strong quarter with 6% sequential growth in constant currency driven by healthy traction in digital engineering across all our five segments.
The rising digital adoption across our customer base has led to our revenue from digital & leading-edge technologies increasing to 55% in Q2.
The company is witnessing strong traction in six segments - electric autonomous & connected vehicles (EACV), 5G, medical technology, AI & digital products, digital manufacturing and sustainability.
It also has a healthy deal pipeline.
During the quarter, LTTS won five deals with total contractual value (TVC) of US$ 10 m and two US$ 25 m plus deals.
The L&T group firm also declared a special dividend of Rs 10 per share to mark the five-year anniversary of its IPO.
How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.
At the time of writing, LTTS shares were trading down by 2.6% on the BSE.
Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report shares his view on housing finance stocks, in his latest video for Fast Profits Daily.
Moving on to news from the travel support services sector...
IRCTC Shares Plunge 15% After Hitting Market Cap of Rs 1 tn
Indian Railway Catering and Tourism Corporation (IRCTC) shares fell over 15% on the exchanges in intraday today as investors booked profits on their gains.
The company's shares had hit a record high of Rs 6,384.1 on Tuesday. The stock's market cap also surged to hit the milestone of Rs 1 tn.
However, in the last hour of trading, the stock tumbled 21.7% from the day's peak to Rs 4,995.8. It closed at Rs 5,454.9, down more than 7% and at a market cap of Rs 858.1 bn.
Shares of IRCTC have surged about 338% in 2021 so far amid rising interest for internet companies in India. Since listing a little over two years ago, the the stock has soared 1,860% over its IPO price.
IRCTC is in a pure monopoly business as it is the only authorized firm to provide online tickets and catering services to the Indian railways.
This along with its robust financials as well as a debt-free status had made it a favorite among all kinds of investors. IRCTC had entered the primary markets by listing in October 2019 and its stock has delivered stellar return to its shareholders since then.
We will keep you posted on more updates from this space. Stay tuned.
Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.
As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.
Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter...
- However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.
One of Richa's stock recommendation is a PSU stock. This smallcap PSU is leading the digitisation drive from the frontlines.
Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.
And if you're not a 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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