SGX Nifty Up 65 Points, Healthy Q1 Numbers from Bajaj Finance, Shriram Transport's Merger Update, and Top Buzzing Stocks Today

Thu, 7 Jul Pre-Open

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On Wednesday, Indian share markets ended on a firm note, as strong quarterly performance from top non-banking financial company Bajaj finance boosted financial stocks, and a drop in crude prices eased inflation worries.

Crude oil prices continue falling and tumbled 9% on Tuesday, hit by worries of demand destruction, which could bring down inflation for India, the world's third-largest importer.

Benchmark indices ended on a positive note led by the auto, FMCG, and financial stocks.

At the closing bell on Wednesday, the BSE Sensex stood higher by 617 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 179 points (up 1.1%).

Bajaj Twins, HUL, and Asian Paints were among the top gainers.

Power Grid, NTPC, and Reliance Industries, on the other hand, were among the top losers.

The BSE MidCap index ended higher by 1.8% while the BSE SmallCap index ended higher by 0.9%.

Sectoral indices ended on a mixed note with stocks in the auto sector, FMCG sector, and banking sector witnessing most of the buying.

Metal stocks, on the other hand, witnessed some selling.

Shares of Blue Dart Express and Varun Beverages hit their 52-week highs.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 51,258 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:45 AM today, the SGX Nifty was trading up by 65 points or 0.4% higher at 16,050 levels.

With this rise, the Nifty might rise above the psychological mark of 16,000.

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

Top Buzzing Stocks Today

Tata Steel share price will be among the top buzzing stocks today.

Tata Steel is aiming to restart the 1 m tonne (MT) NINL steel mill in next three months' time, which has been closed for almost two years.

On 31 January, Tata Steel announced winning the bid for acquiring 93.7% stake in Odisha-based steel maker NINL.

Tata Steel on Monday completed the acquisition through subsidiary company Tata Steel Long Products for a consideration of Rs 120 bn.

During this time, Tata Steel will also work towards finalising the plans for the NINL capacity expansion to 5 MTs and take the requisite clearances internally and externally.

Note that metals stocks have been falling for a while now while the BSE metal index is down over 15% in the past month.

Meanwhile, Tata Steel is one of the Strongest Companies in the Tata Group.

Speaking of Tata group stock, Yazad Pavri talks about new sectors that Tata group is banking on. Tune in to find out in which sector will Tata group spread its wings.

ONGC share price will also be in focus today.

Shares of oil explorers and producers tanked after crude oil prices sank overnight in the international market, extending their losing streak.

Oil plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.

Shanghai said it would begin new rounds of mass testing of its 25 m residents over a three day period, citing an effort to trace infections linked to an outbreak at a karaoke bar.

This has stoked fears of lockdown and drop in demand.

For a detailed analysis, read our recent editorial, Why ONGC Share Price is Falling.

Market participants will also track Bajaj Finance share price.

The company has reported healthy numbers for the quarter ended June 2022.

The core assets under management (AUM) stood at approximately Rs 2.04 tn as of 30 June 2022 as compared to Rs 1.56 tn as of 30 June 2021, an on-year growth of 31%.

During the quarter, the company invested Rs 25 bn in equity shares of Bajaj Housing Finance, a wholly owned subsidiary of the company.

To know more about the company, check out Bajaj Finance's financial factsheet and its latest quarterly results.

City Union Bank to raise Rs 5 bn

City Union Bank on Wednesday informed the stock exchanges that it plans to raise up to Rs 5 bn through the qualified institutional placement (QIP) route.

The plan to raise capital via QIP route has been unveiled by the bank a month after it reported an 88% surge in its net profit for the fourth quarter of fiscal year 2022.

City Union Bank noted that it had received the assent of shareholders at last year's annual general meeting (AGM) as well to raise funds via the QIP route but the bank has not utilised the same.

The private lender said it has called an AGM on 18 August to seek approval for the fund-raising proposal.

The decision to call the AGM was given the nod by the board of directors, the bank said, adding that the meeting will be held via video-conferencing.

Shriram Transport Finance Company's merger update

The shareholders and creditors of Shriram Transport Finance Company (STFC) have approved the proposal of amalgamation of Shriram City Union Finance (SCUF) and Shriram Capital with the company.

Shriram Group's board had on December 13 approved the long anticipated merger of its lending subsidiaries, pending regulatory and shareholders' approval.

The merged entity would be known as Shriram Finance.

Umesh Revankar, Vice Chairman and Managing Director, STFC said:

• The total process of merger may take around 2-3 months from now to complete.
  
  From July 1 onwards, over 500 branches of STFC and SCUF will cross-sell each other's loans, deposits, and other products in a bid to increase synergies between the branches before the completion of the merger.
  
  Within two months, the 500 branches are likely to generate leads of up to Rs 4 bn of loans.

The group will also launch a supply chain financing product by July-end and come up with a personal loan product for prime customers by end of the current financial year.

To know more about the company, check out STFC's financial factsheet and its latest quarterly results.

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

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