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Sensex Trades 138 Points Lower; Dow Futures Down by 124 Points

Thu, 22 Oct 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 138 points, down 0.3%, at 40,566 levels.

Meanwhile, the NSE Nifty is trading down by 42 points.

Bharti Airtel and Tata Steel are among the top gainers today. IndusInd Bank and Hero MotoCorp are among the top losers today.

The BSE Mid Cap index is trading up by 0.1%

The BSE Small Cap index is trading up by 0.2%

On the sectoral front, stocks from the telecom sector and metal sector are witnessing most of the buying interest.

On the other hand, stocks from the banking sector are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 50 points (down 0.4%), while Dow Futures are trading down 124 points (down 0.4%).

The rupee is trading at 73.6 against the US$.

Gold prices are trading down by 0.4% at Rs 51,115 per 10 grams.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, visit our YouTube Playlist on gold investing.

Moving on to stock specific news...

Among the buzzing stocks today is UltraTech Cement.

According to an exchange filing, cement maker UltraTech Cement reported a consolidated net profit of Rs 12.4 billion, a 113% year-on-year (YoY) increase for the quarter ended September.

This was largely due to an exceptional gain of Rs 3.6 billion on account of the sale of its Chinese subsidiary.

UltraTech Nathdwara Cement (UNCL) through its subsidiary, Krishna Holdings, a company incorporated in Singapore, divested its entire equity shareholding of 92.5% in the cement subsidiary at a net consideration of US$ 94.7 million.

While net sales of the company rose 8% YoY to Rs 103.5 billion, its earnings before interest, tax, depreciation and amortization (EBITDA) jumped 40% YoY to Rs 29.5 billion - the highest since the first quarter of FY20.

That was mostly led by lower energy and other costs (down 9% and 18% YoY, respectively), coupled with stable logistic expenses. The company's margin expanded to 26% from 19.9% a year ago.

The company said that its strong quarterly performance was on the back of operational efficiencies and its ability to serve all India markets. It also reported robust operating margins driven by both revenue growth and tight cost management.

UltraTech expects demand for cement to grow on the back of the government's thrust on infrastructure and the expanding rural economy, it said in the exchange filing. The recent policy measures announced by the Reserve Bank of India to support the real estate sector will also aid demand, the filing further said.

At the time of writing, UltraTech Cement share price was trading up by 0.8% on the BSE.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about how to invest in the stock market right now when inflation is higher than interest rates in his latest video for Fast Profits Daily.

In the video Vijay shares that when real effective yield is actually negative, it can sometimes push investors to knowingly or unknowingly take higher risks.

So, how can you handle this situation as a trader? Should you take more risk to earn higher returns?

Tune in here to find out more:

Moving on to news from the engineering sector...

Indian Stock Market Regulator Penalizes Kirloskar Brothers' Promoters and Others for Fraud

The Indian stock market regulator has imposed a penalty of Rs 310 million on the promoters of Kirloskar Brothers Ltd. (KBL) and others for indulging in insider trading and committing fraud on public shareholders.

The case pertains to trades made in 2010. The entities have been barred from the capital markets for periods ranging from three months to six months.

Of the total Rs 310 million, they have been asked to pay Rs 166 million of the ill-gotten gains along with 4% interest, and in addition, a penalty of Rs 145 million has been levied on them.

The regulator had received various complaints alleging insider trading and bad corporate governance practices in the context of KBL. Following this, the regulator conducted an investigation from March 2010 to April 2011 in the matter relating to dealings in the KBL scrip.

Investigation revealed that the promoters and directors of KBL had traded in the company's shares while in possession of unpublished price sensitive information and wrongfully benefitted via avoidance of losses.

As per the regulator, Alpana Rahul Kirloskar, Arti Atul Kirloskar, Jyotsna Gautam Kulkarni, Rahul Chandrakant Kirloskar, Atul Chandrakant Kirloskar and late Gautam Achyut Kulkarni were promoters of KBL and KIL.Through a separate order, the regulator has imposed a penalty of Rs 500,000 on Kirloskar for violating listing conditions. It has also barred four entities -- Sanjay Kirloskar, Trustee of Kirloskar Brothers Ltd.; Pratima Sanjay Kirloskar; Prakar Investments Pvt. Ltd.; and Karad Projects and Motors Ltd. -- from the capital markets for three months for violating insider trading norms.

Besides, Sanjay Kirloskar, his wife Pratima Kirloskar and Karad Projects and Motors' total liability due to allegedly ill-gotten gains and penalty is Rs 427,000.

We will keep you updated on all the news from this space. Stay tunedTo 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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