Sensex Recovers 640 Points from Day's Low; Dr Reddy's Laboratories & Kotak Mahindra Bank Among Top Nifty Losers

Wed, 28 Jul Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended lower.

Benchmark indices witnessed sharp selling pressure in today's session as investors turned wary ahead of the verdict of the US Federal Reserve's policy meeting.

Besides, the ripples of a regulatory crackdown by the Chinese government was also felt by the markets.

At the closing bell, the BSE Sensex stood lower by 135 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 37 points (down 0.2%).

Bharti Airtel and Tata Steel were among the top gainers today.

Dr Reddy's Laboratories and Kotak Mahindra Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,705, down by 37 points, at the time of writing.

The BSE Mid Cap index ended on a flat note, while the BSE Small Cap index ended down by 0.5%.

Sectoral indices ended on a negative note with stocks in the banking sector, auto sector and healthcare sector witnessing most of the selling pressure.

Telecom and metal stocks, on the other hand, witnessed buying interest.

Shares of Ajanta Pharma and Tejas Networks hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today as a rout in China and a mixed response to major US technology earnings spurred caution across the globe.

The Hang Seng ended the day up by 1.5%, while the Shanghai Composite ended down by 0.6%.

The Nikkei ended down by 1.4% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 1 point.

The rupee is trading at 74.38 against the US$.

Gold prices for the latest contract on MCX are trading on a flat note today at Rs 47,574 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, shares why he is sticking to his energy trading blueprint, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the power sector, Godawari Power & Ispat was among the top buzzing stocks today.

Shares of Godawari Power & Ispat were locked in the upper circuit of 5% at Rs 1,777.7, also its new high, on the BSE today after reporting strong earnings for the quarter ended June 2021.

The company reported an over 16-fold year-on-year (YoY) jump in its standalone net profit at Rs 4 bn, on the back of healthy operational performance.

It had reported a profit of Rs 250 m in the year-ago quarter.

In the first quarter of 21-2022, revenue from operations grew 96% YoY at Rs 11.3 against Rs 5.7 bn in the same quarter of the previous fiscal.

The company recorded its highest-ever quarterly export turnover of Rs 6.4 bn during the quarter.

It has reported the highest ever iron ore production of 559 kmt and the highest ever steel billets production of 115 kmt.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 354% YoY at Rs 5.7 bn.

EBITDA margins improved to 50.9% from 16.9% in the June quarter and 37.9% in the March quarter.

The company said its long term debt is fully repaid in standalone business.

While on consolidated debt/equity reduced to 0.15x as on date from the peak of 2.75x in the year 2017.

The company achieved 95% capacity utilisation across key product categories and enhanced iron ore production capacity.

It has also undertaken low cost debottlenecking in pellets, sponge iron, billets and beneficiation plant.

Godawari Power & Ispat share price ended the day up by 5% on the BSE.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

In August 2020, Tanushree recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the IPO space...

Rolex Rings IPO Subscribed 2.78 Times on Day 1

The initial public offering (IPO) of Rolex Rings, one of the top five forging companies in India, is subscribed 2.78 times on 28 July 2021, the first day of bidding.

This is the 30th public issue in 2021.

Investors have put in bids for 15.8 m equity shares against offer size of 5.7 m equity shares, the subscription data available on the exchanges showed.

Retail investors seem bullish as their reserved portion is subscribed 5.24 times and that of non-institutional investors is at 75%.

Qualified institutional buyers have put in bids for 720 equity shares against their reserved portion of 1.6 m equity shares.

The automotive components manufacturer is planning to mop up Rs 7.3 bn through its public issue that will close on 30 July 2021.

The offer comprises a fresh issue of Rs 560 m and an offer for sale (OFS) of Rs 6.8 bn by Rivendell PE LLC.

The company has already garnered Rs 2.2 bn from anchor investors at higher end of the price band of Rs 880-900 per equity share.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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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