SGX Nifty Down 153 Points, Declining PV Sales Amid Semiconductor Shortage, Ethos IPO, and Top Buzzing Stocks Today

Thu, 12 May Pre-Open

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On Wednesday, Indian share markets gave up early gains and extended their losing streak for the fourth straight session.

At the closing bell on Wednesday, the BSE Sensex dipped 276 points, ending 0.5% lower.

Meanwhile, the NSE Nifty was down 73 points, ending at 16,167.

Axis Bank, IndusInd Bank, and HDFC were among the top gainers.

L&T, NTPC, and Power Grid were among the top losers.

The broader markets ended deep in red as the BSE Mid Cap index slipped 0.5% while the BSE Small Cap index plunged 2.2%.

Among sectoral indices, buying was seen in banking sector and realty sector while stocks in the IT sector, auto sector, and FMCG sector witnessed most of the selling.

Gold prices were trading up by 0.3% at Rs 50,710 per 10 grams at the time of Indian market closing hours yesterday.

At 8:10 AM today, the SGX Nifty was trading down by 153 points or 1% lower at 16,010 levels.

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

Speaking of stock markets, India's #1 trader Vijay Bhambwani explains why interest rates need to go up, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

Top Buzzing Stocks Today

Kansai Nerolac share price will be among the top buzzing stocks today.

The paint company reported a sharp fall in its net profit for the March quarter. Its net profit declined 80.9% year on year (YoY) to Rs 245 m due to muted sales and higher raw material cost.

Kalyan Jewellers share price will also be in focus today. The company on Wednesday reported a 2.5% decline in consolidated net profit at Rs 720.4 m.

Market participants will also track shares of Tata Motors, Avanti Feeds and Greaves Cotton as these companies will announce their March quarter results later today.

Declining PV Sales

Sales of passenger vehicles (PV) declined last month, despite strong demand in the local market, due to the global shortage of semiconductors which restricted production at some of the country's leading automakers.

According to data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month declined by about 4% to 251,581 units.

The sales number does not include volumes of Tata Motors, which has stopped reporting data on a monthly basis to SIAM.

Market leaders Maruti Suzuki and Hyundai Motor India both reported a decline of 10% in monthly sales at 121,995 units and 44,001 units, respectively.

Two-wheelers sales rose on a low base. As many as 1,148,696 two-wheelers were sold in the local market last month, which is an increase of 15.4% over 995,115 units sold in the year-ago period.

Meanwhile, three-wheelers sales went up by 51% to 20,938 units last month, compared to 13,856 units sold in April 2021.

The Latest on Power Crisis...

In an effort to tackle power crisis, the Indian government has allowed coal mines to increase output without feedback.

While India is facing a shortage of coal, the Centre on Wednesday eased the environment approvals for coal mine expansions to boost output.

A government note said:

• Some existing sites will be able to raise production by a further 10% without requiring new impact assessments, and rules on consulting local residents have been loosened.

This means the exemption is valid for mines that have already gained approvals to expand output by 40%. This will allow them to produce as much as 50% more than the original planned capacity without seeking feedback from locals.

The coal ministry flagged 'huge pressure on domestic coal supply' as a reason to hike output.

Coal accounts for more than 70% of India's electricity generation. The country addresses nearly 75% of its electricity requirement using coal.

As per power ministry data, coal power plants are shrinking because of huge demand for electricity amid heatwaves, with several facilities operating with critical reserves of fuel.

Blackouts and curbs on supply to some industries have prompted street protests. A lack of railway carriages to transport the fuel from mines to power plants has exacerbated the shortages.

Ethos IPO

Luxury and premium watch retail player Ethos has fixed a price band of Rs 836-878 a share for its Rs 4.7 bn initial public offering (IPO).

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Louis Moinet, Balmain, et cetera.

The three-day IPO will open for subscription next week on 18 May 2022 and close on 20 May 2022.

The IPO consists of a fresh issue of equity shares aggregating to Rs 3.8 bn and an offer-for-sale (OFS) of up to 1.1 m equity shares.

Investors can bid for a minimum of 17 equity shares and in multiples of 17 thereafter.

The public issue is expected to garner Rs 4.7 bn if subscribed at the upper end of the price band.

The equity shares of the company are expected to list on the bourses on 30 May 2022.

According to the company statement, proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores, and general corporate purposes.

What response the IPO garners amid these choppy markets remains to be seen

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

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