SGX Nifty Up 54 Points | Why Cryptos are Falling | Cochin Shipyard Q2 Results | Top Buzzing Stocks Today

Tue, 15 Nov Pre-Open

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On Monday, Indian share markets witnessed selling pressure during closing hours and ended marginally lower.

Benchmark indices traded on a lackluster note throughout the session as investors awaited inflation data and for clues on the central bank's interest rate trajectory.

India's annual wholesale price-based inflation (WPI) eased in October to 8.39% year-on-year, the lowest since March 2021, helped by a fall in commodity prices.

Meanwhile, more than 1,000 companies were scheduled to report results yesterday including SpiceJet, Biocon, Apollo Tyres, Godrej Industries among others.

At the closing bell on Monday, the BSE Sensex stood lower by 171 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 21 points (down 0.1%).

Hindalco and Apollo Hospitals were among the top gainers.

Dr Reddy's Lab and Coal India, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.1% and 0.3%, respectively.

Sectoral indices ended on a mixed note on Monday with stocks in the metal sector, realty sector and IT sector witnessing most of the buying.

FMCG stocks and power stocks, on the other hand, witnessed selling pressure.

Shares of KRBL and RVNL hit their 52-week highs.

Indian Hotels share price was falling even after reporting good quarterly results.

The rupee was trading at 81.26 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 52,527 per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the SGX Nifty was trading up by 54 points, or 0.3% higher at 18,430 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

In crypto markets, Bitcoin slipped below the US $ 16,000 mark with a fall of 5%, followed by Ethereum, which was trading below US$1,200 after a 6% cut.

The damage was more for altcoins as the collapse of the FTX exchange has sent crypto markets for their worst seven-day stretch since June 2022.

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Top Buzzing Stocks Today

Cochin Shipyard will be among the top buzzing stocks today as it reported weaker-than-expected September quarter results.

The company's consolidated revenue during the quarter declined 1.9% year-on-year (YoY) at Rs 683 on account of muted execution in ship-building segment.

On sequential basis, the revenue jumped 55%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin declined 382 bps YoY mainly due to contraction in margin in the ship-building segment.

Market participants will also track share price of Bharat Forge.

On Monday Bharat Forge posted its quarterly figures. In Q2 of the current financial year, in terms of profitability, Bharat Forge posted a 13.9% drop in standalone net profit to Rs 2.7 bn compared to a PAT of Rs 3.1 bn in the same period a year ago.

Sequentially, the Q2 PAT grew by 10% from Rs 2.4 bn posted in Q1 of the current financial year.

Ambuja Cement share price rallies

Shares of Ambuja Cements hit an all-time high of Rs 586 yesterday amid management's expectation that the recent cooling off in energy prices and post monsoon demand pick up would support the company in the coming quarters.

For July-September quarter, Ambuja Cements had reported a 94% drop in its consolidated net profit to Rs 513 m, as against Rs 8,910 m reported last year. On a sequential basis, too, the company's profit tanked 94% from Rs 8,650 m earned in the April-June period.

The consolidated revenue for the quarter stood at Rs 71,430 m was higher by 7.5% year-on-year from Rs 66,470 m reported last year.

Compared to the June quarter of the current financial year, the revenue is lower by 11%. The company reported revenue of Rs 80,330 m in the June quarter.

In Q2, EBITDA/ton declined 62% YoY and 53% QoQ to Rs 432, as the cement industry has been facing significant margin pressures resulting from steep rise in global energy prices.

The upcoming new capacity in Punjab and eastern region will enhance its cement capacity by approximate 8.5 metric tons (MT) to 40 MT. In phase II, the company plans to reach over approximate 50 MT capacity through capacity expansion in western region along with significant de-bottlenecking.

The management plans to double its consolidated capacity to 140 MT (ACC + Ambuja) from current 70 MT in the next five years.

To know more check out Ambuja Cement's factsheet and latest quarterly results.

Cryptos under intense pressure

Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI.

While the Reserve Bank of India (RBI) has refused to recognize cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand.

Net result - Indian investors have been largely spared from the crypto meltdown that has taken the total market value of cryptocurrencies below USD 1 tn in just a year from USD 3 tn the collapse of FTX empire, which has wiped out the entire USD 16 bn fortune of co-founder Sam Bankman-Fried - one of history's greatest-ever destructions of wealth.

This has shaken confidence in the already troubled industry that was struggling to gain mainstream credibility. The prices of the leading cryptocurrencies, Bitcoin and Ether, have plummeted.

In India, the RBI has been resolutely opposing virtual currency from day one while the government initially was toying with the idea of regulating such instruments by bringing a law.

However, the government after a lot of deliberation came to the conclusion that global consensus is required in respect of virtual currencies as these are borderless and risks involved are far too high.

According to the RBI, cryptocurrencies have specifically been developed to bypass the regulated financial system and this should be reason enough to treat them with caution.

Industry estimates put exposure of Indian investors to crypto assets at only 3%.

Chartist Brijesh Bhatia did predict this fall way back in July. To know more, check his video: I'm calling the bottom for crypto.

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

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