Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  


SGX Nifty Up 83 Points | Why Indus Towers Share Price is Rising | Adani Transmission Q3 Results | Top Buzzing Stocks Today
Tue, 7 Feb Pre-Open

SGX Nifty Up 83 Points | Why Indus Towers Share Price is Rising | Adani Transmission Q3 Results | Top Buzzing Stocks Today

On Monday, Indian share markets continued their downtrend as the session progressed and ended lower.

Benchmark indices were dragged down by IT services companies, after a strong US jobs report renewed fears that the Federal Reserve was likely to continue with aggressive rate hikes for longer.

An ongoing selloff in Adani group stocks further added to pressure.

At the closing bell on Monday, the BSE Sensex stood lower by 335 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 90 points (down 0.5%).

Adani Ports, BPCL, and Apollo Hospital were among the top gainers.

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

Broader markets settled on a positive note on Monday. The BSE Midcap ended 0.8% higher while the BSE SmallCap index rose 0.5%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, FMCG sector and realty sector witnessing buying.

While stocks in the power sector, IT sector, and metal sector witnessed selling.

Shares of Zydus Lifesciences, Jindal Saw and ITC hit their 52-week highs.

The rupee was trading at 82.75 against the US$.

--- Advertisement ---
Investment in securities market are subject to market risks. Read all the related documents carefully before investing

We're Bullish on 2 Non-Nifty Stocks

These two stocks are not in the Nifty50 index today.

But they have a very high chance of entering the index in the coming years.

And our research says as these 2 stocks race towards entering the Nifty50 index... they could potentially offer hundreds of percent in long term returns to investors who buy these stocks today...

See Details Here
Details of our SEBI Research Analyst registration are mentioned on our website - www.equitymaster.com
---------------------------------------------------

Gold prices for the latest contract on MCX were trading higher by 0.9% at Rs 57,074 per 10 grams at the time of Indian market closing hours on Monday.

At 7:40 AM today, the SGX Nifty was trading up by 83 points or 0.5% higher at 17,850 levels.

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

Speaking of stock markets, Rajashekhar Iyer's stock market journey has taken him from writing notes on stocks for a magazine to a recognized super investor.

His unique investing style uses Benjamin Graham's approach as a base...and to that he has made modifications to evolve a style that is time tested.

To know more about his unique style of investing, tune in to the latest episode of investor hour podcast:

Top Buzzing Stocks Today

Procter and Gamble share price will be in focus today.

The vitamins, minerals, supplement manufacturer has recorded a massive 71% on-year growth in profit at Rs 768 million (m) (about Rs 76.8 crore) for the quarter ended financial year 2023, backed by healthy operating performance reported by the company.

Revenue from operations for the quarter at Rs 3.1 bn grew by 11.5% over the corresponding period last financial year.

Dalmia Bharat share price will also be a top buzzing stock.

On Monday the company posted a robust set of quarterly results. Strong sales volumes and lower operational expenditures lifted the cement manufacturer's revenue up 22.7% year-on-year to Rs 33.6 bn in the December quarter.

Along with a robust increase in its topline, better realisations and a strong operational performance also fueled a manifold jump in the company's bottom line which came at Rs 2.2 bn

--- Advertisement ---
Investment in securities market are subject to market risks. Read all the related documents carefully before investing

Up For Grabs

Equitymaster's Small Cap Research At 60% Off

Claim Now
Details of our SEBI Research Analyst registration are mentioned on our website - www.equitymaster.com
---------------------------------------------

Adani Transmission Q3 results

Adani Transmission on Monday reported a 77.8% rise in consolidated net profit of Rs 4.7 bn for December 2022 quarter. This is against a net profit of Rs 2.7 bn in the year ago period.

Overall, the Adani Transmission's revenue rose by 22% to Rs 35.5 bn in Q3 of financial year 2022-23 against Rs 29.1 bn in the corresponding period of previous year.

The consolidated revenue from operations from generation, transmission and distribution business in December quarter stood at Rs 32.7 bn, up by 25% from Rs 26.1 bn in the corresponding quarter last fiscal. However, revenue in trading business came in at Rs2.7 bn in December quarter versus Rs 2.9 bn in Q3 of the previous financial year.

The earnings before interest, tax, depreciation and amortization (EBITDA) also witnessed robust growth of 64% to Rs 14.8 bn in Q3 if the current financial year compared to Rs9 bn in Q3 of previous financial year.

Indian bond yields rise

Indian government bond yields surged on Monday, the beginning of a week marked by the central bank's policy decision, tracking US yields as strong economic data raised fears of another interest rate hike by the Federal Reserve.

Major focus, however, remains on the Reserve Bank of India's (RBI) monetary policy decision due on Wednesday.

The benchmark 10-year yield ended at 7.3197%, after closing at 7.2776% on Friday. The yield dropped 11 basis points (bps) last week, its biggest move since the week ended 11 November.

The new 10-year 7.26% 2033 yield ended at 7.2799%, from 7.2415% at previous close.

Value Stocks: Stocks with Limited Downside but Good Upside Potential

The RBI will likely increase interest rate by 25 bps to 6.5% at its meeting before leaving it at that level for the rest of the year, a Reuters poll of economists found.

The forecast is unchanged from a poll last month, with predictions for a slowdown in GDP growth to 6.0% in the financial year 2023-24 from an expected 6.7% this year.

Bond yields jumped after US Treasury prices fell as data showed job growth surged and services activity rebounded in January, likely undermining the Fed's attempts to bring down inflation.

The 10-year U.S. yield climbed 13 bps on Friday and was last at 3.59%, as the market factored in another 50 bps rate hike by the Fed.

Why Indus Towers share price is rising

Indus Towers shares climbed 13% on 6 February after the government asked Vodafone to convert adjusted gross revenue (AGR) dues into equity shares and Bharti Airtel bought shares from its subsidiary in the tower company.

Last Friday, the government asked telecom operator Vodafone India to convert AGR dues into equity shares, raising some hope for the mobile tower installation company to get payments from the government.

Government of India has, in line with the Reforms and Support Package for Telecom Sector communicated earlier, directed Vodafone Idea to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the Government of India.

Indus Towers has posted a consolidated loss of Rs 7.1 bn for the quarter ended December financial 2022-23, largely due to doubtful debt allowance in respect of overdue recoverable from one of the telecom operators. The company did not mention the name of the telecom operator but experts said it was Vodafone Idea.

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


Equitymaster requests your view! Post a comment on "SGX Nifty Up 83 Points | Why Indus Towers Share Price is Rising | Adani Transmission Q3 Results | Top Buzzing Stocks Today". Click here!