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India's Gasoline Demand, HDFC Life's Fundraising Plan, and Buzzing Stocks Today

Fri, 3 Sep Pre-Open

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   SGX Nifty   

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On Thursday, Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmarks rose after a day's hiatus as positive buying was seen across all sectors, ahead of a key jobs data in US.

Positive economic data and FII buying also supported sentiment.

At the closing bell yesterday, the BSE Sensex stood higher by 514 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.9%).

Shree Cement and HDFC Life Insurance were among the top gainers.

M&M and ONGC, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 1%.

Sectoral indices ended on a positive note with stocks in the FMCG sector, consumer durables sector and IT sector witnessing buying interest.

Shares of L&T Infotech and Tata Elxsi hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 47,170 per 10 grams at the time of closing hours yesterday.

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Top Stocks in Focus Today

Minda Corporation share price will be among the top buzzing stocks today.

The company's subsidiary Spark Minda Green Mobility Solutions (SMGMS) has entered into an agreement to acquire a 26% equity stake in charging solutions startup EVQPOINT Solutions.

Indian Oil Corporation (IOC) will also be in focus as the company has listed its foreign currency bonds on IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT).

Market participants will also track HDFC Life Insurance share price as the company's board is set to meet today to consider fund raising plan.

Yesterday, stock of the private insurer surpassed its previous high of Rs 746, and rallied 5% to hit new highs.

Automobile Sales amid Chip Shortage

Automobile sales took a beating in August as companies cut production amid a global chip shortage.

Maruti Suzuki India, the country's largest carmaker, reported a 19% decline in total sales at 130,699 units in August, as against 162,462 units in the previous month.

South Korean major Hyundai reported growth of 2% in domestic sales at 46,866 units in August. The carmaker had sold 45,809 units in the same period last year.

Meanwhile, Tata Motors' domestic sales were at 28,018 units last month, registering a 51% year-on-growth (YoY) growth over the corresponding period last year.

Sequential, there was a drop of 7%, mainly because of the semiconductor shortage.

Auto dealers said the semiconductor shortage may result in sales dropping by about 30% during the upcoming festival season. Generally, the festival season accounts for a third of the yearly sales for most dealerships.

Vinkesh Gulati, president, Federation of Automobiles Dealers Association, said dealerships would be considering a maximum of 30-day inventory during the Diwali-Navratri season this time, as against the usual 45-60 days.

Adani Green Raises US$750 m

Adani Green Energy (AGEL) has raised US$750 m through a green bond to fund the equity for its under construction projects, the company said in a statement on Thursday.

Under the structure, AGEL can draw up to USD 1,700 m (including the present issuance) over the course of time subject to the covenants of the structure.

This comes in the backdrop of AGEL buying Japan's SoftBank Group Corp.'s and Bharti Enterprises Ltd-owned solar power producer SB Energy India for an enterprise value of US$3.5 bn.

SB Energy India has a total renewable portfolio of 4.954 gigawatt (GW) spread across four states in India.

Tata Digital's SuperApp

As per an article in The Economic Times, Tata Digital's SuperApp launch plan is on hold until there is clarity on the consumer protection rules.

A formal unveiling of its SuperApp was slated for later this month, even as the app has been test launched within a closed user group in Bengaluru.

Since Tata Digital is an ecommerce entity, it will have to rework plans - including setting up a separate company - if the draft Consumer Protection Rules, 2020, are implemented.

Gasoline Demand seen Surging as Curbs Ease

India's gasoline demand is set to hit a record this fiscal year, with consumption accelerating as more people hit the road for business and leisure travel after easing of Covid-19 curbs.

Shunning trains, buses and planes, safety-conscious Indians are buying more cars and increasingly using personal vehicles to commute as they embark on 'revenge travel' - flocking to tourist destinations after months of restrictions, despite record high fuel prices.

Annual passenger vehicle sales in India rose by 45% to 264,442 units in July, driven by pent-up demand, according to data from the Society of Indian Automobile Manufacturers (SIAM).

The expected rise in India's gasoline imports could support Asian refiners' margins for the fuel. The country, which has a refining surplus, has shunned gasoline imports since May and raised gasoil exports by a fifth in July from April, government data showed.

Sluggish diesel demand has forced some refiners to cut crude oil processing as their fuel storage were full. That reduced India's July crude oil imports to their lowest in a year.

We will keep you updated on the latest developments from this space. Stay tuned.

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

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