SGX Nifty Trades Flat | Teamlease Services Buyback | the Latest on Adani Group Stocks | Top Buzzing Stocks Today

Mon, 6 Feb Pre-Open

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On Friday, Indian share markets continued their momentum throughout the trading session and ended on a firm footing.

Benchmark indices bounced back in style on Friday, supported by a decent rally in finance stocks and amid optimism that the rate hike cycle may be near its end after global central banks hinted at inflation easing.

At the closing bell on Friday, the BSE Sensex stood higher by 910 points (up 1.5%).

Meanwhile, the NSE Nifty closed up by 243 points (up 1.4%).

Adani Ports, Titan, and HDFC Bank were among the top gainers.

Divis Laboratories, BPCL, and Hindalco, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap ended flat while the BSE SmallCap index ended 0.4% higher.

Sectoral indices ended on a mixed note with stocks in the finance sector and auto sector witnessing buying.

While stocks in power sector, oil & gas sector and energy sector witnessed selling.

Shares of Britannia, M&M, and Blue Star hit their 52-week high on Friday.

The rupee was trading at 82.4 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.4% at Rs 50,396 per 10 grams at the time of Indian market closing hours on Friday.

At 7:40 AM today, the SGX Nifty was trading down by 20 points or 0.1% lower at 17,820 levels.

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

Speaking of stock markets, SBI has been caught up in the recent market volatility due to the Adani-Hindenburg saga.

There are contradictory views on the stock. Some say the stock is a great buy. Others warn of the dangers from a possible fallout from the Adani group.

But what do the charts say?

In the below video, chartist Brijesh Bhatia discusses what he thinks about trading SBI based on the latest technical chart patterns.

Tune in to the video to know more.

Top Buzzing Stocks Today

Bank of Baroda will be among the top buzzing stocks today.

The bank reported a 75% year-on-year (YoY) rise in net profit to Rs 38.5 bn. This robust jump was due to strong net interest income growth.

Its interest income rose to Rs 235.4 bn from Rs 179.6 bn a year ago.

Divis Laboratories will also be in focus today.

Divis Labs reported a 66% YoY decline in its consolidated net profit at Rs 3.1 bn, on a higher-than-expected fall in revenue.

The company's consolidated revenue came 31.5% YoY lower to Rs 17.1 bn.

Adani Enterprises case reaches supreme court

The Adani Enterprises issue has reached the Supreme Court of India after a public interest litigation was filed seeking an investigation against US-based firm Hindenburg Research, whose report led to a massive plunge in the value of Adani group shares in the stock market.

The plea has also been filed with the market regulator Securities and Exchange Board of India (SEBI) to conduct a probe against the short seller and its associates for exploiting innocent investors.

Seven listed Adani group companies have lost more than half their market capitalisation, which shrivelled to less than US$100 billion (bn) after a report by Hindenburg Research questioned the conglomerate's debt levels and use of tax havens.

Shares of Adani Enterprises hit a 52-week low on Friday and saw a sharp rebound in Friday's trade.

The stock, along with a few other Adani group stocks recovered, as Fitch Ratings said there was no immediate impact on the Fitch-rated Adani entities and their securities and that it expects no material changes to its forecast cash flow.

The Fitch clarification came after the damning Hindenburg Research report that alleged the Adani Group of accounting fraud stock manipulation and serious malpractices.

The rating agency will monitor all major changes to the rated entities' access to financing or cost financing on a long-term basis, unfavourable regulatory/legal developments or ESG-related matters.

Check out the technical analysis which Brijesh has shared in this note: Adani Group Stocks: Beginning of an End?

It remains to be seen how the Adani vs Hindenburg battle pans out.

SBI Q3 profit surges 68%

State Bank of India on 3 February 2023 reported a 68% YoY surge in net profit for the December 2022 quarter. The net profit was boosted by a reduction in provisions and strong core income growth.

India's largest lender reported a net profit of Rs 142.1 bn for the December 2022 quarter, up from Rs 843.2 bn in the corresponding period of the previous year.

SBI's net interest income, the core income it earns from its lending operations, rose 24% YoY to Rs 380.7 bn for the December 2022 quarter.

The lender's net interest income rose to Rs 866.2 bn from Rs 696.8 bn in the same quarter of the previous year.

Provisions declined 17% YoY to Rs 57.6 bn.

The bank's loan book grew by 17.6% YoY, and the expansion was led by retail loans that grew by 18% YoY.

The asset quality also showed significant improvement in the December 2022 quarter, and its gross bad loan ratio dropped to 3.1% from 4.5% a year ago.

On a net basis, the share of bad loans in the total loan book dropped to 0.7% from 1.3% a year ago.

After a decade of underperformance, the share price of SBI has woken up. It's experiencing a similar breakout like ITC, Coal India, among other stocks.

Last quarter, SBI became the most profitable company in India surpassing Reliance. To know whether or not it will be able to continue this stellar performance, check out SBI > Reliance: The King is Dead, Long Live the King!

TeamLease Services announces Rs 1 billion buyback

Employee leasing service provider TeamLease on 3 February 2023, announced a buyback of up to 3.27 lakh shares at Rs 3,050 apiece, up to Rs 1 bn.

The buyback will be through the tender offer route, and the price represents a premium of 25% over the closing price of 24 January 2023.

The company has appointed Edelweiss Financial Services as the manager of the buyback. Record date, timelines and other details will be announced with the letter of offer soon.

Rupee climbs

The rupee reversed Thursday's losses to gain sharply on Friday against a retreating dollar. It was supported by a rebound in domestic equities and easing crude oil prices.

The rupee gained 34 paise from its previous closing of 81.86 after beginning at 82.15 to the dollar.

Due to the Federal Reserve's view that US interest rates, Asian currencies strengthened, recovering last week's losses.

The Indian rupee was also strongly bid on Friday due to FPI inflows and appreciation.

The dollar index, which had risen sharply the previous evening was down roughly 0.1%.

The rupee was falling for quite some time now, depreciating below 83 per dollar.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

And 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!

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