Indian Indices Erase Gains; Energy & FMCG Stocks Under Pressure

Wed, 5 Aug 12:30 pm

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Share markets in India have erased early morning gains but are still trading on a positive note.

Benchmark indices opened on a strong note today tracking gains in global equities, amid hopes of another stimulus package in the US to support the world's largest economy against the coronavirus pandemic.

The BSE Sensex is trading up by 104 points, up 0.3% at 37,800 levels.

Meanwhile, the NSE Nifty is trading up by 26 points.

The BSE Mid Cap index is trading up by 0.4%. The BSE Small Cap index is trading up by 0.8%.

Sectoral indices are trading mixed with stocks in the metal sector and automobile sector witnessing buying interest.

Energy stocks, on the other hand, are witnessing selling pressure.

The rupee is trading at 74.90 against the US$.

Gold prices are currently trading up by 0.6% at Rs 54,901 per 10 grams.

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In news from the IT sector, shares of Info Edge advanced nearly 7% to hit a record high of Rs 3,419 on the BSE today after the company announced it has launched qualified institutional placement (QIP) to raise up to Rs 18.8 billion.

The company has set a floor price of Rs 3,177.18 per share for the qualified institutional placement offering (QIP).

"We propose to utilize the net proceeds to augment our long term cash resources, for meeting the fund requirements of our business activities and general corporate purposes as a part of our growth strategy," the company said in a prospectus filed with the stock exchanges.

On June 22, the company's board of directors had approved fundraising through issue of equity shares of face value of Rs 10 each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 18.8 billion.

Info Edge runs online classified businesses such as Naukri.com, 99acres.com, Jeevansathi.com, and Shiksha.

Note that Info Edge is the third company to launch a QIP to raise equity capital this month, in just the first two trading days of the month.

Private sector lender Axis Bank launched its Rs 100-billion QIP on Tuesday evening, while pharmaceutical firm Alembic Pharma launched its share sale on Monday.

Info Edge share price is presently trading up by 5.2%.

Moving on to news from the chemicals sector, PI Industries is among the top buzzing stocks today.

Shares of the company rallied over 7% to hit an all-time high of Rs 1,966 apiece on the BSE after the company reported a strong set of numbers for the first quarter of the financial year 2020-21 (FY21).

The company posted a 43% year-on-year (YoY) rise in its consolidated net profit at Rs 1.5 billion against Rs 1.02 billion reported in the corresponding quarter of the previous fiscal.

Revenue for the quarter came in at Rs 10.6 billion, up 41% YoY.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 2.4 billion, up 55% from Rs 1.5 billion registered in the year-ago period.

Gross margin, however, slipped 280 basis points (bps) to 42% from 45% in the June quarter of FY20 due to change in the business mix of Export, Domestic, and Isagro.

Domestic revenues were up by 76% YoY, contributed by carryover demand from Q4FY20, Isagro brand sales, and robust momentum in the domestic segment on planned brand positioning to avail advantage of early sowing.

The company further said that its business outlook remains robust and it expects to launch two new products in the second, or third quarter of the current financial year.

PI Industries share price is presently trading up by 4.2%.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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