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Sensex Today Falls 350 Points | Adani Group Stocks Trade Lower | IT Stocks Worst Hit

Mon, 13 Feb 10:30 am

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Asian share markets are lower today after a mixed close on Wall Street. MSCI's broadest index of Asia Pacific shares outside Japan is down 0.7%.

The Nikkei is down 0.6% while the Hang Seng is trading lower by 1%. The Shanghai Composite is down by 0.3%.

US stock indices ended on a mixed note on Friday, their toughest week for Wall Street in nearly two months.

The Dow Jones ended 0.5% higher while the tech heavy Nasdaq Composite ended lower by 0.6%.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	94.86	-0.6	-0.63%	97.02	94.53	152.1	83.45
Apple	151.01	0.37	0.25%	151.34	149.22	179.61	124.17
Meta	174.15	-3.77	-2.12%	178.89	173.35	328	88.09
Tesla	196.89	-10.43	-5.03%	206.2	192.89	384.29	101.81
Netflix	347.36	-15.14	-4.18%	362.14	347.14	458.48	162.71
Amazon	97.61	-0.63	-0.64%	98.82	96.23	170.83	81.43
Microsoft	263.1	-0.52	-0.20%	264.09	260.66	315.95	213.43
Dow Jones	33,869.30	169.4	0.50%	33,897.30	33,591.90	35,800.24	28,660.94
Nasdaq	11,718.10	-71.5	-0.60%	11,775.80	11,630.50	14,646.90	10,088.80

Source: Equitymaster

Back home, Indian share markets are trading on negative note tracking the trend on SGX Nifty and amid mixed global cues.

At present, the BSE Sensex is trading lower by 379 points. Meanwhile, the NSE Nifty is trading lower by 112 points.

Titan and Tata Steel are among the top gainers today.

Adani Enterprises and Infosys are among the top losers today.

Broader markets are trading on a mixed note The BSE Mid Cap index is trading flat, while the BSE Small Cap index is up 0.5%.

Sectoral indices are trading on a mixed note. Stocks in the telecom sector, and metal sector witness buying.

Meanwhile stocks in the IT sector, and power sector witness selling.

Shares of Cera Sanitary and Blue Star hit their 52 week high today.

The rupee is trading at Rs 82.74 against the US dollar.

In the commodity markets, gold prices trades flat at Rs 56,726 per 10 grams.

Meanwhile, silver prices are trading lower by 0.6% at Rs 66,270 per 1 kg.

Speaking of stock markets, Brijesh Bhatia talks about a trading technique that can boost your gains in his latest video.

In the video below, he shows a technique that is effective for making higher gains from trading stocks called pyramiding.

Also, to understand what our readers are thinking about the India's growth story, we recently conducted a poll on our telegram channel and here are the results:

With over 1,000 responses from the participants till this morning, most of the readers think that the India's rise is unstoppable.

Adani Group cuts revenue growth target

The Adani group has halved its revenue growth target and aims to scale down new capital expenditure, days after US-based short seller Hindenburg Research put out a tweet, talking about a negative report on the conglomerate that it had published.

The billionaire now seeks to rebuild investor confidence after its listed entities have lost more than US$120 billion (bn) in market value post-Hindenburg's scathing report about the group.

Gautam Adani's conglomerate will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the 40% growth originally targeted.

Capital expenditure will also be scaled down bolstering its financial health through over-aggressive expansion.

Adani group's plans are still being reviewed and will be finalized in the next few weeks.

The Indian conglomerate has hired public relations firm Kekst CNC as its global communications adviser.

BHEL Q3 profit surges

State-owned Bharat Heavy Electricals on Friday reported a surprise quarterly profit, boosted by the mainstay power business.

It posted a 56.5% rise in its consolidated net profit to Rs 422.8 million (m) in the December 2022 quarter.

Revenue from operations stood at Rs 52.6 bn during the period under review, up 2.5% YoY against Rs 51.3 bn in December 2021 quarter.

At the operating level, EBITDA jumped 62.4% YoY to Rs 1.5 bn. EBITDA margin stood at 2.8%.

BHEL is one of the largest engineering and manufacturing companies in India. It is engaged in the design, engineering, construction, servicing and much more.

BHEL is the largest power generation equipment manufacturer in India. It is also a market leader in the emission control equipment business.

Though BHEL features on the list of monopolies, its sales growth has been negative for many years.

To know more about whether monopoly stocks like BHEL are screaming buy at any prices, check out Good monopoly stocks vs bad monopoly Stocks.

Tata Steel to merge 7 subsidiaries

Tata Steel expects to complete the merger of its seven subsidiaries within itself in the next financial year. The plans were announced earlier in September 2022.

The completion of the merger will depend on regulatory approvals, including that from the National Company Law Tribunal (NCLT).

However, the company has no plans to merge the recently acquired Neelachal Ispat Nigam Ltd (NINL), which it acquired last year for about Rs 120 bn.

The seven subsidiaries to be merged with Tata Steel are Angul Energy, Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products and Tata Steel Mining and S&T Mining Company.

The company will also grow its downstream businesses in India, such as tubes and wires, while the firm feels the worst is over for it in Europe and India.

Tata Steel is the first integrated private steel company in Asia.

The company is primarily engaged in the business of manufacturing and selling finished steel goods.

Tata Steel - Nifty 50 stock's share price is under pressure after the company released its quarterly numbers for the December 2022 quarter.

To know why the Tata group company is under pressure, check out Why Tata Steel share price is falling.

Tata Steel is also among the top undervalued stocks in India.

Vodafone Idea to refinance loans

Vodafone Idea (Vi) has initiated talks with Indian banks like the State Bank of India (SBI), Punjab National Bank (PNB) and HDFC Bank to refinance loans of Rs 30-40 bn.

It is expected to free up some cash for the telco, which needs to pay urgently to Indus Towers, Nokia and Ericsson.

In September this year, Vi will pay Rs 96 bn worth of debt to different lenders. It owes Rs 70 bn to Indus Towers alone. As of September 2022, its total debt stands at Rs 2.2 trillion (tn).

It also needs money to upgrade the technology and move towards 5G services.

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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