Sensex Trades Marginally Higher, Dow Futures Up by 120 Points

Thu, 29 Apr 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 88 points, up 0.2% at 49,822 levels.

Meanwhile, the NSE Nifty is trading up by 37 points.

JSW Steel and Tata Steel are among the top gainers today. Hero MotoCorp and Eicher Motors 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 0.3%.

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

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

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 115 points (up 0.8%) while Dow Futures are trading up by 120 points (up 0.4%)

The rupee is trading at 74.12 against the US$.

Gold prices are trading down 0.2% at Rs 47,020 per 10 grams.

Gold prices today edged higher in early trade in Indian markets after a five-day decline. Gold futures on MCX were up 0.4% to Rs 47,265 per 10 grams. In the previous session, gold had declined 0.4%.

Note that last week gold rates in India had risen to two-month high of Rs 48,400 and corrected thereafter following decline in international prices.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani, talks about why he thinks it's a great time to buy gold, in his latest video for Fast Profits Daily.

In the video below, he discusses major events like inflation, interest rates, etc. and how they impact gold. He also shares the right way to buy and hold gold and answers questions on all things that matter to an astute investor.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Morepen Laboratories.

Pharmaceutical company Morepen Laboratories' board has approved an investment proposed by Switzerland-based Corinth Group.

"The board of directors of Morepen Laboratories approved the investment proposed by Corinth Group, a global private investment Group to the extent of US$ 32.5 million in the parent company, Morepen Laboratories," the company said in the release.

The investment is part of a US$ 100 million investment in the promoter group, subject to the approval of the shareholders and other regulatory bodies, it added. The remaining US$ 67.5 million would be in the promoter group companies.

Following shareholder and regulatory approval, Corinth would be allotted 58.5 million new equity shares on a preferential basis. This shareholding would equate to a 9.4% equity stake in the company on a fully expanded capital base.

The board of directors has also approved allotment of 50 million fresh equity shares to the promoter group, at a price determined by the market regulator's pricing formula for preferential issuances, in lieu of the 98.5 million unsubscribed warrants issued in the last financial year.

While the new allotment would be at Rs 38 per share, it will be 52% higher than the earlier price of Rs 25 per for each warrant.

We will keep you posted on updates from this space. Stay tuned.

At the time of writing, shares of Morepen Laboratories were trading up by 4.9% on the BSE.

In news from the software sector...

Indiamart to Buy 26% Of Shipway Technology, Invest More in Truckhall

Indiamart Intermesh, through its wholly-owned subsidiary, Tradezeal Online, has agreed to acquire 26% of the share capital of Shipway Technology on a fully converted and diluted basis. Indiamart will acquire 100 equity shares and 4,088 Convertible Preference Shares (CCPS) of the company.

Shipway Technology is engaged in developing SaaS-based solutions that allow small businesses to automate their shipping operations.

Indiamart Intermesh has also agreed to acquire 3% of the share capital of Truckhall on a fully diluted basis in addition to 22% of the share capital (on a fully diluted basis) already held by the company.

Truckhall is inter-alia engaged in the business of creating an online marketplace and software development for the logistics industry including running and managing a digital platform 'SuperProcure'.

Through its wholly-owned subsidiary, the company will purchase 1,779 equity shares for a total consideration of up to Rs 13.3 million for a price of Rs 7,477 per share from IIM Calcutta Innovation Park. This investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses.

Indiamart Intermesh is India's largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

And 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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