Sensex Opens Higher; Titan & Rossari Biotech Surge 4%

Thu, 3 Jun 09:30 am

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Asian stock markets are trading on a cautious note today as investors weighed inflation concerns ahead of key US economic data.

The Hang Seng is down 0.3% while the Nikkei is up 0.4%. The Shanghai Composite is trading higher by 0.3%.

In US stock markets, Wall Street indices posted slim gains ahead of key US economic data due later in the week as investors weighed inflation concerns and a fresh surge in so-called "meme stocks."

Both, the Dow Jones Industrial Average and the Nasdaq Composite added 0.1%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants will track Arvind Fashions share price and APL Apollo Tubes share price as these companies are scheduled to announce their March quarter results later today.

The BSE Sensex is trading up by 334 points. Meanwhile, the NSE Nifty is trading higher by 91 points.

Titan is among the top gainers today. Bajaj Auto, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened higher by 1% and 0.8%, respectively.

All sectoral indices are trading in green with stocks in the consumer durables sector and energy sector witnessing most of the buying interest.

Shares of Adani Total Gas and PNB Housing Finance hit their 52-week highs today.

The rupee is trading at 73.07 against the US$.

Gold prices are trading up by 0.1% at Rs 49,220 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 72,814 per kg.

Speaking of the current stock market scenario, note that the BSE Smallcap index has rebounded more than 150% since the March 2020 lows.

Despite the index being up 1.5 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As can be seen from the chart above, the rebound in the smallcap index at 157% is way below past rebounds which have ranged from 210% to 293%.

Here's what Richa wrote in a recent edition of Profit Hunter...

• There's consolidation happening in the smallcap space. The survivors and resilient players are not just see fundamental upside but are also likely to get rerated.
  
  But there is more to stock markets than smallcaps.
  
  And it will be good to see how different stock classes are stacked against each other.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

In news from the chemical sector, Rossari Biotech is among the top buzzing stocks today.

Rossari Biotech - the maker of household products like Vim, Rin and Surf for brands owners like Hindustan Unilever (HUL), Dabur and others - has announced plans to acquire its peer Unitop Chemicals for a sum total of Rs 4.2 bn.

Rossari will be buying 100% of Unitop Chemicals' equity capital. 65% of it will be acquired upon closure of the transaction and the rest will be balanced over the next two years.

Rossari said it plans to fund the investment through cash on balance sheet and does not intend to raise any debt for this acquisition.

In April, the company had concluded a preferential issue of equity of Rs 3 bn to augment the strength of its balance sheet.

Unitop Chemicals is a leading supplier of surfactants, emulsifiers and specialty chemicals to a diversified customer base including large domestic and international companies. The company has three manufacturing plants in India with a capacity of 86,000 tonnes per annum.

This will be a big boost for Rossari Biotech as both the companies are in the chemical manufacturing space and they use similar technology.

It will help expand Rossari's product portfolio and presence in adjoining areas of specialty chemical segments.

Rossari Biotech share price has opened the day up by 4%.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how you should go about making your investments when inflation is rising, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the power sector, Adani Green Energy on Wednesday said its arm AWEKTL has commissioned a 150-megawatts (MW) wind power project in the Kutchh district of Gujarat.

This project is nine months ahead of its schedule.

This is its sixth project commissioned before schedule over the past 12 months, the company stated in an exchange filing.

The project has a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kWh).

This commissioning takes Adani Green's total operational renewable capacity to 5,070 MW, a step closer to its vision of 25 GW capacity by 2025.

Adani Green Energy has a total renewable capacity of 24,294 MW, including assets under acquisition and projects where the company has emerged as the lowest bidder.

Like all its other assets, the newly commissioned plant will be managed by the Adani Group's intelligent Energy Network Operation Centre platform.

Adani Green Energy share price has opened the day up by 1.5%.

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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