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Sensex Down 400 Points, Nifty Below 18,100; Adani Ports & Titan Among Top Losers
Thu, 28 Oct 10:30 am

Sensex Down 400 Points, Nifty Below 18,100; Adani Ports & Titan Among Top Losers

Asian share markets are lower today, extending falls on Wall Street as investors awaited a monetary policy decision from the Bank of Japan and European Central Bank (ECB) later in the day.

The Nikkei is trading down by 1% while the Shanghai Composite plunged 0.9%. the Hang Seng is trading lower by 0.3%.

In US stock markets, Wall Street indices drew back from record territory on Wednesday, as enthusiasm over good earnings numbers was overcome by the grinding politics of Washington.

The Dow Jones fell 0.7% while the Nasdaq settled flat.

Back home, Indian share markets are trading deep in the red tracking Asian peers.

Bajaj Finserv, Adani Green Energy, Adani Total Gas, and NPTC are among companies that will announce their September quarter results today.

The BSE Sensex is trading down by 442 points. Meanwhile, the NSE Nifty is trading lower by 139 points.

IndusInd Bank is among the top gainers today. Titan and ITC, on the other hand, are among the top losers today.

The BSE Mid Cap index is down 0.6%. The BSE Small Cap index is trading lower by 0.9%.

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All sectoral indices are trading on a negative note with stocks in the realty sector and metal sector witnessing most of the selling.

Shares of IndusInd Bank and Heritage Food hit their 52-week high today.

The rupee is trading at 74.92 against the US$.

Gold prices are trading up by 0.1% at Rs 48,011 per 10 grams.

Speaking of stock markets, Brijesh Bhatia shares his short-term view on the Nifty, in his latest video for Fast Profits Daily.

Brijesh believes, despite the recent bearishness in the market, the Nifty is still in a bullish trend. In other words, the bulls are still in control of the Nifty.

Tune in to the video below to find out more:

In news from the retail sector, Titan is among the top buzzing stocks today.

Titan Company on Wednesday reported a nearly four-fold surge in its consolidated net profit at Rs 6.4 bn for the September quarter.

The net profit stood at Rs 1.7 bn in the same quarter last year.

The Tata group company's consolidated sales for the quarter grew 75.5% YoY to Rs 72.4 bn compared with Rs 41.3 bn in the same quarter last year.

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Titan's revenue excluding bullion sales grew 78% YoY, riding on the strong recovery in demand across its consumer businesses.

The company said its jewellery division is doing exceeding well, and other divisions are swiftly bouncing back to pre-pandemic levels.

Bullion sales for the quarter stood at Rs 3.9 bn.

Jewellery division witnessed a demand resurgence, registering 77% income to Rs 61.1 bn compared with Rs 34.5 bn in the year-ago quarter.

Its watches and wearables business recorded an income of Rs 6.9 bn, up 72% while the eyewear business recorded an income of Rs 1.6 bn, up 70% YoY.

Other segments of the company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs 0.5 bn.

Here's what Managing Director CK Venkataraman said about the company's performance:

  • Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments.

    Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on health and safety of our customers, business partners and our employees.

Titan's store expansions gained traction during the quarter, which was partially disrupted in the pandemic period.

Titan shares are currently trading lower by 2.7%.

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Speaking of the country's largest watchmaker, here's an interesting data on Titan...

Even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouth-watering returns.

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Here's what Co-head of Research at Equitymaster, Tanushree Banerjee wrote about it in one of the editions of?Profit Hunter:

  • It's possible to?accumulate a few crores?by investing small amounts in good businesses. Especially when the business is in distress and comes with margin of safety in valuations.

    Like the stock in my latest special report -?First Stock to Potentially Rs 7 Crore Long-term Wealth. 

    Business headwinds and macro and regulatory issues have kept the stock out of favour in most of 2020.

    Given its pedigree, balance sheet strength and cash flows, the stock has a very high chance of rerating once the temporary clouds of uncertainty disperse.

    In fact, I believe that 2021 could be for this stock what 2004 was for Titan.

Moving on, in latest developments from the IPO space, Paytm is all set for its Rs 183-bn initial public offering (IPO) which will open on 8 November.

The mobile payments firm has set a price band of Rs 2,080-2,150 for the issue.

Do note that this will be India Inc's largest IPO, a record that was previously held by Coal India, which raised Rs 150 bn over a decade ago.

Paytm, which had planned a Diwali listing, got delayed on its plans by over a week following a delay in approval by the markets regulator.

The company is currently India's second most-valuable internet company, last valued at US$16 bn when it raised a billion dollars in November 2019 led by T Rowe Price, Discovery Capital and D1 Capital.

After the IPO, its valuation will touch US$ 20 bn.

Paytm was earlier planning to raise Rs 166 bn but revised the amount to Rs 183 bn following an increased investor interest.

As per the document, while the fresh issue is Rs 83 bn, the offer for sale (OFS) consists of Rs 100 bn which includes Rs 4 bn of aggregate amount of equity shares offered by founder Vijay Shekhar Sharma.

The company is expected to use the primary proceeds for growth including customer and merchant acquisition and investing in new business initiatives, acquisitions, and strategic partnerships.

Paytm had clocked revenue of Rs 31.9 bn for fiscal 2021 versus Rs 35.4 bn in the previous year. It narrowed losses to Rs 17 bn during the same period from Rs 29.4 bn in the previous year.

With a host of companies coming out with their public offers next month, it would be interesting to see how Paytm's IPO would sail through.

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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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