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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 28, 2022
SGX Nifty Indicates Positive Open | Kaveri Seeds Buyback | Top Buzzing Stocks Today Fri, 28 Oct Pre-Open
On Thursday, Indian share markets witnessed volatility as the session progressed to end higher.
Indian benchmark indices traded higher, strengthened by metal stocks and other Asian market, as sentiment improved on growing expectations that major central banks may tone down their aggressive stance on rate hikes.
At the closing bell on Thursday, the BSE Sensex stood higher by 213 points (up 0.4%).
Meanwhile, the NSE Nifty closed higher by 81 points (up 0.5%).
JSW Steel, Hindalco, and Tata Steel, were among the top gainers.
Bajaj Finance, Bajaj Finserv, and Asian Paints, on the other hand, were among the top losers.
Broader markets ended on a positive note, the BSE Midcap index and the BSE SmallCap index ended higher by 0.4%.
Sectoral indices ended on a mixed note with stocks in the power sector, energy sector, and oil & gas sector witnessing most of the buying.
On the other hand, stocks from the IT sector witnessed selling pressure.
Among the best IT stocks, Tech Mahindra and Mphasis ended lower.
Shares of VST Industries, Blue Star, and Bharti Airtel hit their 52-week high on Thursday.
Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 50,687 per 10 grams at the time of Indian market closing hours on Thursday.
At 8:50 AM today, the SGX Nifty was trading up by 56 points or 0.3% higher at 17,855 levels.
Indian share markets are headed for a positive opening today following the trend on SGX Nifty.
Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about a green energy stock that trumped Voltas and Siemens, in her latest video.
Top Buzzing Stocks Today
JSW Steel will be among the top buzzing stocks today.
JSW Steel's US subsidiary on Thursday raised US$182 m from two Italian banking institutions, Intesa Sanpaolo, and Banco BPM. This long-term fund is for modernizing its plate mill facility in Baytown, US.
Tamilnad Mercantile Bank will also be in focus today.
The bank on Thursday reported a net profit rise of 37.2% YoY to Rs 2.6 bn in the quarter ended September 2022. The bank reported a net profit of Rs 1.9 bn in the same quarter last year. It was on the back of improvement in the net interest income.
SAIL Procures Rs 100 Bn Mark on GeM Portal
On Thursday, the steelmaker SAIL announced that since the portal's launch, it has procured Rs 100 bn through the government-e-marketplace.
The portal was launched on 9 August 2016. It currently offers more than 7,400 products over 150 different product categories along with the option to hire a transport service.
GeM is an entirely digital, cashless, and system-driven e-marketplace. This makes it possible to purchase everyday goods and services with little to no interaction with humans.
The overall value of purchases from GeM has already surpassed Rs 100 bn this fiscal year, up from Rs 270 m in Financial Year 2019.
With an annual capacity of more than 20 million tons, the steelmaker, which is part of the Ministry of Steel, is the largest steel-making firm in the nation.
Trading below the industry average PE, SAIL is among the top 6 undervalued stocks in India.
PC Jeweller Q2 Profit Rises 208.9%
PC Jewellers reported a net profit up by 208.9% YoY to Rs 8.6 bn for the quarter ended September 2022. the company reported a profit of Rs 5.6 m in the same quarter last year.
This was the jewelry retailer's second straight quarterly profit after nine consecutive quarters of losses.
With this jump in profit, the company has surpassed its pandemic-induced uncertainty.
The revenue of the firm grew by 60.4% to Rs 8.9 bn. This was due to an increase in footfalls and spending in Q2.
The spending saw a boost due to Indian festivals such as Dussehra, Diwali and Dhanteras. This made October the month of most purchases for the firm.
Also, with the upcoming wedding seasons, the company is positive to witness the biggest gold sales ahead.
Apart from this, the reduction in gold prices to US$1,650 per ounce from US$2,000 in March 2022 has boosted the demand for gold bars, coins, and jewelry.
Kaveri Seeds Announces Buyback
The board of Kaveri seeds have authorized the purchase of up to 1.3 m shares for a maximum repurchase price of Rs 700 per share.
The board considered and approved the proposal for the buyback of the company's fully paid equity shares with a face value of Rs 2 each.
The total repurchase value would not exceed Rs 1.3 m, excluding the expenses of the buyback.
Based on the audited standalone and consolidated financial statements of the firm as of 31 March 2022, the maximum buyback Size represents 9.9% and 9.7% of the total paid-up capital and free reserves of the company.
Kaveri Seed is a leading and largest agriculture company in India, specializing in hybrid seeds for key Indian crops.
With becoming the first seed producer in India with more than one lakh acres under seed production, it is among the top 3 agricultural stocks to keep an eye on.
Bharat Electronics Reports Flat Q2 Earnings
Bharat Electronics reported a net profit of Rs 6.1 bn for the September quarter 2022. This was marginally lower than Rs 6.2 bn in the same quarter last quarter.
the net sales of the company rose by 7.6% to Rs 38.9 bn compared to Rs 36.2 bn a year ago.
The total expense also increased by 10.3% to Rs 31.9 bn in the September Quarter. The Cost of material consumed jumped 30.9% to Rs 22.5 bn, and employee benefits expenses increased 11.8% to Rs 5.9 bn.
The company's order book stood at Rs 527.9 bn as on 1 October 2022.
Bharat Electronic is a Navratna PSU under the Ministry of Defense, Government of India. It manufactures electronic products and systems for the Army, Navy, and Air Force.
Bharat Electronics is among the 5 midcap stocks with high mutual fund holding.
To know what's moving the Indian stock markets, check out the most recent share market updates here.
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