SGX Nifty Up 23 Points | Happiest Minds Q3 Results | Hindustan Zinc's Interim Dividend | Top Buzzing Stocks Today

Fri, 20 Jan Pre-Open

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On Thursday, Indian share markets ended the trading session marginally lower.

Benchmark indices edged lower to snap two-day winning streak, as global mood turned sour after weaker-than-expected US economic data.

At the closing bell on Thursday, the BSE Sensex stood lower by 187 points (down 0.3%).

Meanwhile, the NSE Nifty edged lower by 58 points (down 0.3%).

Coal India, UPL, and ONGC were among the top gainers.

Adani Enterprises, Asian Paints, and Tata Motors, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE Midcap ended flat while the BSE SmallCap index ended 0.2% lower.

Sectoral indices ended on mixed note with stocks in the power sector, FMCG sector and telecom sector witnessing selling.

While stocks in realty sector, and metal sector witnessed buying.

Shares of  L&T, APL Apollo Tubes, and Hindustan Zinc hit their 52-week high on Thursday.

The rupee was trading at 81.36 against the US$.

Gold prices for the latest contract on MCX were trading lower at Rs 56,330 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the SGX Nifty was trading up by 23 points or 0.1% higher at 18,140 levels.

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

Speaking of stock markets, we believe that the next 10 years belong to the defence sector.

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Top Buzzing Stocks Today

Asian Paints will be among the top buzzing stocks today.

Asian Paints on Thursday reported a consolidated revenue of Rs 86.4 bn, up 1.3% YoY from Rs 85.3 bn a year back. This was lower than the market expectation of a 10.9% rise.

The net profit for December 2022 quarter came in at Rs 10.9 bn, up 6.4% YoY from Rs 10.3 bn in the same quarter of the previous fiscal year. This number was lower than the estimate of 8.7% YoY growth.

Havells will also be in focus today.

Home appliance manufacturer Havells yesterday, reported a 7.2% decline in net profit to Rs 2.8 bn for the December 2022 quarter. This is against a net profit of Rs 3.1 bn in the year-ago period.

The revenue of the company grew by 12.8% to Rs 41.2 bn in the quarter under review from Rs 36.5 bn a year ago.

Happiest Minds Technologies Q3 results

For the December 2022 quarter, the company reported 3.2% YoY rise in the revenue to Rs 3.7 bn. In the constant currency term, the revenue grew by 2.8% YoY.

The net profit came in lower by 3.8% YoY to Rs 3.7 bn, impacted largely due to exceptional loss related to the fair valuation of Happiest Minds Inc (erstwhile PGS Inc) acquired in January 2021 but

The company had 4,611 employees at the end of the reporting quarter, with a net addition of 30 people. The trailing 12-months attrition was at 20.9%.

It added 9 new clients in the December 2022 quarter, taking the total number of clients to 230.

Happiest Minds is a next-generation digital transformation, infrastructure, security and product engineering services company.

In 2022, Top IT stocks experienced a sharp correction, partly due to concerns about a prolonged slowdown in US IT spending.

May 2022, in particular, proved to be a bad month for IT stocks. A growing movement of economists has already predicted a global recession within the next 12 months. The Indian market is unlikely to escape these headwinds.

Smaller IT companies like Happiest Minds have also felt the heat. Following these headwinds, Happiest Minds Share price fell 28% in 2022.

JSW Energy bags two energy storage projects

JSW Energy's arm on Thursday bagged two battery energy storage projects totaling 500 MW/ 1,000 MW from Solar Energy Corporation of India (SECI).

JSW Energy will receive a fixed capacity charge of Rs 1.1 million per month for 12 years.

The SECI's obligation will be 60% of the project capacity, while the remaining 40% is to be managed by JSW Energy.

The LoAs for Battery Energy Storage Systems mark the entry of the JSW Group company into energy storage solutions.

This is an essential step towards India's energy security and grid stability and provides an early-mover advantage to the company in the storage solution space.

It is also in line with the company's strategy to transition towards an energy products and solutions company.

JSW Energy looks to reach 10 GW capacity by 2025 and 20 GW capacity by 2030. The company has a total locked-in capacity of 9.9 GW and is well-placed to achieve the targets ahead of time.

The total renewable locked-in capacity of the company stands at 6 GW. It has 1.7 GW of operational renewable energy projects, while 2.63 GW of projects is under construction, making it in 5 renewable energy stocks for multibagger return.

JSW Energy is one of the leading private sector power producers in India and part of the USD 22 bn JSW Group, which has a significant presence in sectors such as steel, energy, infrastructure, cement, and sports.

The renewable energy theme is considered to be one of the biggest investment themes.

There is massive scope for growth in this industry. Top investing gurus like Charlie Munger, also believe the future depends on green energy.

Hindustan Zinc declares interim dividend

Mining company, Hindustan Zinc announced a third interim dividend to the tune of whopping Rs 549.3 bn on Thursday.

The Vedanta-backed metal player holds a strong track record of paying hefty dividends to its investors. The company has approved a third interim dividend of Rs 13 per equity share which is 650% of the face value of Rs 2 per share for the fiscal year 2023.

The company has fixed 30 January 2023 as the record to determine eligible shareholders for the third interim dividend.

Earlier, for the current fiscal, Hindustan Zinc paid its first interim dividend of a whopping Rs 21 per share aggregating to 1,050%, and a second interim dividend of 775% amounting to Rs 15.5 per equity share.

In the first six months of financial year 2023, the company paid a total dividend of 1,825% amounting to Rs 36.5 per equity share. It has an average 7 year dividend yield higher than 8%.

In 2017, HZL made history by making the largest aggregate dividend pay-out by any Indian company in a single financial year of Rs 271.6 bn.

It is India's only and the world's leading producer of zinc, lead, and silver.

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

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