SGX Nifty Up 34 Points | Escorts Kubota Declares Dividend | JSW Infrastructure IPO | Top Buzzing Stocks Today

Thu, 11 May Pre-Open

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On Wednesday, Indian share markets picked up pace during closing hours and reversed all the losses.

Benchmark indices see-sawed between gains and losses as investors tracked tepid global cues, along with robust March quarter results back home.

At the closing bell on Wednesday, the BSE Sensex stood higher by 179 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 45 points (up 0.3%).

HDFC Life Insurance and BPCL were among the top gainers.

UPL and Infosys on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note with both the BSE Midcap index and the BSE Smallcap index ending 0.3% higher.

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

On the other hand, stocks from the metal sector and telecom sector witnessed selling pressure.

Shares of Tata Motors and ONGC hit their 52-week high.

The rupee was trading at 82.01 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.3% at Rs 61,236 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:20 AM today, the SGX Nifty was trading up by 34 points or 0.2% higher at 18,400 levels.

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

Speaking of stock markets, the electrification of vehicles is not just a narrative anymore, but a megatrend that has taken over in the country. The major trigger has been a decline in the battery cost.

Then we have policy tailwinds - PLI schemes, carbon commitments, subsidies, and investment in EVs by corporates.

It's like little pieces coming together to make this vision a reality, especially in the two-wheeler segment.

Tune into the below video to know more about such potential beneficiaries of the EV megatrend.

Top buzzing stocks today

Shipping Corporation share price will be in focus today.

Yesterday the company announced healthy quarterly results.

For the March 2023 quarter, the company reported an 8.3% YoY rise in revenue to Rs 14.2 billion (bn), against a revenue of Rs 13.1 bn a year back. Net profit for the quarter came in at Rs 3.8 bn, up 154% YoY from Rs 1.5 bn a year back.

The board recommended a dividend of 4.4% amounting to Re 0.44 per equity share.

Gail will also be a top buzzing stock.

GAIL, the country's top gas supplier, plans to build a Rs 400 bn (US$ 4.89 bn) ethane cracker near its liquefied natural gas (LNG) import plant in Western India.

Further, GAIL is looking for land in the coastal region of Dabhol in Maharashtra state for the 1.5 m tonnes a year (mtpa) cracker project. It already operates a 5 mtpa LNG plant at Dabhol.

Additionally, it also plans to import ethane from the United States for the project.

JSW Infrastructure files draft red herring prospectus

JSW Infrastructure, the ports business of the JSW Group, on Wednesday filed a draft red herring prospectus with the market for its initial public offering (IPO).

Reportedly, the ports business of Sajjan Jindal-led JSW Group plans to raise up to Rs 28 bn through the IPO route, which will be used to retire its debt as well as to fund its capacity expansion projects.

The JSW Infrastructure IPO is the third public listing by the JSW Group and comes 13 years after the listing of JSW Energy in January 2010.

Reports further stated JSW Infrastructure promoters will not be diluting their stake in the IPO. JM Financial is the lead banker to the issue.

JSW Infrastructure is the second largest commercial port operator in India in terms of cargo handling capacity during 2021-22.

As on 31 December 2022, JSW Infrastructure had an installed cargo handling capacity of 153.4 m tonne per annum for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers.

The company witnessed growth across key parameters such as cargo volume handled that grew by 35%, revenue by 41%, operational profit by 31% & profit after tax by 30% till the end of December 2022.

Escorts Kubota declares dividend

Escorts Kubota reported 13.4% YoY rise in its consolidated net profit for the March 2023 quarter. Net profits for the said quarter stood at Rs 2.2 bn as compared to Rs 1.9 bn in the year ago period.

Consolidated revenue from operations of the company for March 2023 quarter was Rs 22.1 bn, up 17.4% from Rs 18.9 bn in the corresponding quarter of the last year. Its earnings before interest, tax, depreciation, amortization (EBITDA) was Rs 2.3 bn for the March quarter 2023 as compared to Rs 2.5 bn for the same quarter the year before.

According to the company's exchange filing, the board of directors of the company has recommended a final dividend of 70% amounting to Rs 7 per equity share for the financial year 2022-23.

Value Stocks: Stocks with Limited Downside but Good Upside Potential

Why Capacite Infra share price is rising

In past three trading sessions, Capacite Infra's share price has rallied 21% after winning order worth Rs 2.2 bn from Raymond (realty division) for residential project- TenX Era at Thane.

The management remains confident of delivering the project within the stipulated timelines and to client satisfaction.

Last month, the construction company received order worth Rs 4.9 bn from Godrej Residency Private (Godrej Group) for construction of residential towers at Mahalaxmi, Mumbai.

It provides engineering, procurement and construction/turnkey solutions for housing, high rises, super high rises, speciality buildings and urban infrastructure. The company recently forayed into development of projects for the public sector.

The company targets to maintain its order book from the public sector at the similar levels (70%) over the near- to medium-term. However, the order book is highly concentrated in terms of geography as most of the projects to be executed are in the Mumbai Metropolitan Region.

Also, the top 10 projects of the company comprised around 84% of the total order book. City and Industrial Development Corporation of Maharashtra contributed around 50% to the overall order book.

Markets expect the order book to remain strong over the medium term, considering the government's focus on infrastructure development and the company's ability to execute projects in a timely manner.

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

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