SGX Nifty Tanks 305 Points, India's Ethanol Fuel Blending Target, ITC Q4 Results, and Top Buzzing Stocks Today

Thu, 19 May Pre-Open

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On Wednesday, Indian share markets failed to keep up early gains and ended on a flat note.

Benchmark indices ended the volatile session with marginal losses as banking stocks came under pressure.

At the closing bell on Wednesday, the BSE Sensex was down by 110 points, ending 0.2% lower.

Meanwhile, the NSE Nifty was down 19 points, ending almost flat at 16,240.

Ultratech Cement, HUL, and Asian Paints were among the top gainers.

Power Grid, Tech Mahindra, and SBI were among the top losers.

In the broader market, the BSE Mid Cap index declined 0.1% while the BSE Small Cap index was up 0.3%.

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

Shares of ESAB and MRPL hit their 52-week highs.

At 7:00 AM today, the SGX Nifty was trading down by 305 points, or 1.9% lower at 15,930 levels.

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

The sharp fall in Indian futures comes as Wall Street indices turned jittery and slumped overnight.

The Nasdaq and the S&P 500 tumbled up to 4% as a rally in growth shares faded amid economic growth concerns.

Speaking of stock markets, we recently recorded a video on our YouTube channel talking about the 5 most undervalued midcap stocks to add to your watchlist.

In the last two years, while the Nifty 50 gave a return of 81%, the Nifty midcap 100 index has given 126% return.

Wish to find out the attractive midcap stocks amid the recent sell-off? Tune in to the below video to find out:

Top Buzzing Stocks Today

ITC share price will be among the top buzzing stocks today.

For March 2022 quarter, the FMCG major posted 12% growth in net profit year-on-year at Rs 42 bn. ITC's revenue from operations rose 15% to Rs 177.5 bn as against Rs 154 bn in the same period last year.

Segment-wise, revenue from the FMCG-cigarette business rose 10% to Rs 71.8 bn during the fourth quarter, while that from the non-cigarette business or FMCG-others segment increased 12%.

Revenue from the hotel business came in at Rs 4.1 bn for the quarter under review, up 35%, compared with the corresponding quarter of the previous year.

ITC said it saw a robust broad-based recovery in cigarettes despite disruptions due to the third wave and the volumes surpassed pre-pandemic levels.

The company's board has recommended a final dividend of Rs 6.25 per share for the 2022 financial year.

InterGlobe Aviation share price will also be in focus today.

IndiGo airlines' parent firm has made a change in the top management and announced that the chief executive officer, Ronojoy Dutta, will retire in September 2022.

Dutta was appointed at the helm of IndiGo in January 2019. According to the company's statement, he has decided to retire after guiding IndiGo through the turbulent Covid period.

The carrier's parent firm, has appointed Pieter Elbers as the next chief executive officer, subject to regulatory approvals.

Elbers, who has served as the chief executive of KLM Royal Dutch Airlines, will join IndiGo on or before 1 October 2022, the statement further noted.

Ronojoy Dutta, while commenting on his decision to step down, said:

• IndiGo is in the good custody of Mr Elbers and that the future for IndiGo employees is secure and bright.

The release of the quarterly performance numbers has been postponed by the company till the next week.

Market participants will also track shares of Godrej Consumer Products, Dr Reddys Laboratories, and Bosch as these companies will announce their March quarter results later today.

India plans to launch 20% ethanol-mixed gasoline

According to sources, India has planned to introduce 20% ethanol blending with gasoline in some parts of the country from April 2023, although the central government plans a nationwide roll out from fiscal 2025/2026.

The elevated oil prices have forced India to expedite efforts to boost local output of oil and transition to alternative fuels leading to cuts in its import bill.

For the last three months, the country has been mixing about 10.5% ethanol with gasoline.

The government hopes to save up to Rs 500 bn equivalent to US$ 6.45 bn in this fiscal year from ethanol blending.

Being the third biggest consumer and oil importer of the world, India depends on foreign suppliers for about 85% of its demand.

The source also stated that India's gasoline demand rose by about 14% in the first half of May from the same period in the previous month, while that of gasoil rose by about 2%. This could be attributed to the early arrival of summer and the heatwaves across the country.

The government has allowed the use of more feedstock for producing biofuels and their exports in specific cases.

So far, India allows the use of items such as surplus rice and maize, molasses, sugarcane juice, sugar, and damaged food grains.

Prices of sugar stocks took a hike following the news from the government.

Ruchi Soya acquires the food retail business of Patanjali Ayurveda

The business undertaking consists of manufacturing, packaging, labeling, and retail trading of certain food products.

It also includes manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra. But this is subject to the approval of shareholders and other authorities.

The amount of consideration for the acquisition is Rs 6.9 bn on a slump sale basis and the indicative period for completion of the deal is 15 July 2022.

According to the company's filing with the exchange, the transaction shall consist of transfer of employees, assets (excluding Patanjali's brand, trademarks, designs, and copyrights), and current assets (excluding debtors, vehicles, cash, and bank balance).

The board of Ruchi Soya has decided to change the name of the company to 'Patanjali Foods Limited' subject to statutory and regulatory approvals.

Back in 2017, Ruchi Soya was facing bankruptcy after incurring Rs 120 bn in debt and suffering significant losses. Following this, a protracted bidding war began, with Ramdev's Patanjali Ayurveda emerging as the winner in 2019.

After taking over the diversified fast-moving consumer goods (FMCG) firm, the new owners have rapidly planned a turnaround. The company has turned profitable and its debt has significantly decreased.

Patanjali Ayurveda had disclosed plans to transfer all food business to Ruchi Soya before floating its FPO in 2020.

We will keep you updated on the latest developments from this space. Stay tuned.

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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