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SGX Nifty Down 75 Points| Coal India Issues OFS to Employees | L&T's Significant Order Win | Top Buzzing Stocks Today

Tue, 20 Jun Pre-Open

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On Monday, Indian share markets remained subdued throughout the session and ended lower.

Benchmark indices missed touching record high levels by a whisker on Monday as investors booked profit at a higher level. Eight of the 13 major sectoral indexes declined with high weightage financials losing 0.3%.

At the closing bell on Monday, the BSE Sensex stood lower by 216 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 71 points (down 0.4%).

TCS and Tech Mahindra were among the top gainers.

Axis Bank and Kotak Mahindra 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 mixed note. The BSE Midcap index ended marginally lower, and BSE SmallCap ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector and IT sector witnessing most of the buying.

On the other hand, stocks from the realty sector and power sector witnessed selling pressure.

Shares of Titan and Raymond hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.94 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.3% at Rs 59,179 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00AM today, the SGX Nifty was trading lower by 75 points or 0.4% at 18,800 levels.

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

Speaking of stock markets, the stock price of US tech company Nvidia has soared by 25% after the management predicted a massive boom in demand for its computer chips in the latest earnings call.

The company expects to meet the needs of AI products such as ChatGPT.

Can Indian investors profit from such AI led boom in stock markets?

Co-head of Research at Equitymaster Tanushree Banerjee, answers this in the video below.

Top Buzzing Stocks Today

Coal India will be among the top buzzing stocks today.

Coal India, following the approval given by the Government of India through an alternative mechanism, is proposing to offer up to 92,44,092 shares to eligible employees by the President of India.

The Employee OFS of the face value of Rs 10 each will be available to the employees at the price of Rs 226.1 per equity share.

The Employee OFS will remain open from 21 June to 23 June 2023.

HPCL will also be in focus today.

HPCL yesterday signed a long-term contract from ONGC Petro additions for the supply of Natural Gas. Under the contract, HPCL will supply natural gas to OPaL's Mega Petrochemical Complex at Dahej.

HPCL will supply 13.53 trillion Btu of Natural Gas to OPaL from October 2023 to May 2026 under this contract.

OPaL is a joint venture of ONGC, GAIL and GSPC, and it requires natural gas for operating Captive Power Plant (CPP) to support its power and steam requirements. HPCL has won the contract through competitive bidding against a tender floated by OPaL.

Som Distilleries and Breweries commences Odisha plant

Som Distilleries and Breweries on 19 June announced that the company had commenced trial production at its Odisha plant.

It commenced production trial with enhanced capacity. Commercial production is expected by early next month, according to the company.

Early this month, the company announced that its flagship, Hunter, emerged as the number one strong beer brand Delhi in May.

Its market share in Karnataka witnessed phenomenal growth, reaching a historic 20.1% during May 2023.

In the March 2023 quarter, the company reported a 148% jump in its net profit to Rs 158.7 million (m) from Rs 63.9 m in the year-ago period.

Som Distilleries and Breweries manufactures and sells spirits, beer, and alcopop in India and internationally. The company offers beer, whisky, rum, vodka, brandy, etc.

It also offers ready-to-drink products under the Cosmo Cranberry, Naughty Orange, Passion Fruit, and Tangy Lemon brand names.

Shareholding pattern of Som Distilleries and Breweries shows that the insiders or promoters have increased their stake in this beverage company for five consecutive quarters.

Consistent promoter buying indicates promoter's confidence in the company.

No Wonder Dolly Khanna bought stake in this liquor company.

L&T order win

Larsen & Toubro (L&T) reportedly won a significant order for a bullet train project.

The National High Speed Rail Corporation on June 16 opened the financial bids for a major contract package of the Mumbai-Ahmedabad high speed bullet train project in New Delhi, according to the media reports.

L&T has emerged as the lowest bidder for the 135.5 km section of the Mumbai-Ahmedabad High Speed Rail project between Shilphata and Zaroli in Maharashtra and three elevated bullet train stations at Thane, Virar and Boisar.

L&T is said to have placed the bid at Rs 157 bn. Reportedly, this bid value is one of the largest order wins. The company has received a major boost with MSCI upgrading its ESG rating to BB from B.

Speaking of L&T it is taking a big leap in the green hydrogen space. The company  recently announced its ambitious plan to establish the world's largest green hydrogen plant. This bold move showcases L&T's determination to push the boundaries of innovation and embrace sustainable solutions.

Why Dr Reddy's Laboratories share price hit 52-week high

The shares of Dr Reddy's Laboratories rose over 2% to hit a 52-week high of Rs 5,024 on 19 June after the US Food and Drug Administration (USFDA) cleared the pharma company's Bollaram active pharmaceutical ingredients (API) manufacturing facility with zero observations.

The inspection was conducted from 12 June to 16 June 2023.

The US drug regulator also issued an establishment inspection report (EIR) for Dr Reddy's Laboratories formulations manufacturing facility in Srikakulam with voluntary action indicated (VAI) classification.

The FDA issues a VAI classification when it finds objectionable conditions but chooses not to take or recommend regulatory action.

Intensive regulatory scrutiny has been an overhang for the Indian pharma companies in recent times, especially given the fact that sales from the US market account for a major chunk of revenues for these drug makers.

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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