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SGX Nifty Trades Lower, Auto Sector's Urge to Reduce Taxes, June Quarter Results, and Top Buzzing Stocks Today
Thu, 17 Sep Pre-Open | Monish Vora, TM Team

Indian share markets ended higher yesterday.

Benchmark indices edged higher, ahead of the outcome of a two-day policy meeting of the US central bank. Hopes of an early vaccine also improved sentiment.

At the closing bell yesterday, the BSE Sensex stood higher by 259 points. Meanwhile, the NSE Nifty stood higher by 83 points.

M&M and Bajaj Auto were among the top gainers. IndusInd Bank, on the other hand, was among the top losers.

The BSE Mid Cap index ended up by 0.2%. The BSE Small Cap index ended up by 0.4%.

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Sectoral indices ended on a positive note with stocks in the realty sector and auto sector witnessing maximum buying interest.

At 8:10 am today, the SGX Nifty was trading down by 72 points, or 0.63% lower at 11,540 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices were trading up by 0.3% at Rs 51,920 at the time of closing stock market hours yesterday.

Domestic gold and silver prices traded in a narrow range yesterday ahead of the US Fed decision. Over last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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Top Stocks in Focus Today

M&M will be among the top buzzing stocks today after it was reported that Mahindra and Mahindra's overseas subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings.

Mahindra currently holds a 74.7% stake in SsangYong.

Take Solutions share price will be in focus after the company announced that the management has taken into consideration the impact of known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries.

The liquidity and business constraints, consequent to impact of COVID 19 pandemic, have significantly hampered the operations of a step-down subsidiary viz.

Market participants will also track Sterlite Technologies share price as the company announced a partnership with Bharti Airtel to build a modern optical fibre network for the telco across 10 telecom circles.

Sterlite Technologies said this modern optical network will enable Airtel to deliver world-class customer experience through enhanced scalability, reduced latency, and improved bandwidth.

Indian Auto Industry Urges Central Government to Reduce Taxes

In news from the automobile sector, India's automobile industry has urged the central government to reduce taxes before the festive season to counter the price increase on Bharat Stage-VI vehicles and support demand revival.

Representatives of leading automakers, including Toyota Kirloskar Motor India, Maruti Suzuki, Mahindra and Mahindra and Hero MotoCorp, said a cut in goods and services tax (GST) on automobiles will help the sector, which had been struggling for more than a year even before the covid-19 outbreak.

Earlier this week, a report quoted Shekar Viswanathan, vice chairman, Toyota, saying that high taxes on cars keep companies at bay from building scale in India.

Later in a statement, Toyota said the auto industry has been requesting the government to support the industry through a viable tax structure. Toyota's cars, including Innova and Fortuner, attract 43% tax at the current GST rates.

The Union minister for environment, forest and climate change, had also suggested that the Centre was evaluating the possibility of GST cuts for two and three-wheelers to revive demand.

Earlier this month, auto stocks were in focus after Union Road Transport and Highways Minister Nitin Gadkari said that a vehicle-scrappage policy was in its final stages of approval and could even be rolled out by month-end.

Reports stated that the vehicle scrappage policy aims to provide customers incentives to exchange old vehicles, which in turn will be used in recycling clusters - ultimately cutting costs of raw materials. It is also expected to boost demand for new vehicles in a Covid-hit economy.

Society of Indian Automobile Manufacturers (SIAM) estimates vehicle sales to decline 25-45% in FY21.

During April-August, passenger car and utility vehicle wholesales fell 54% and 38%, respectively, year-on-year.

How all these developments pan out in the coming days remains to be seen. Meanwhile, we will keep you updated on all the news from this space.

Q1FY20 Results: JB Chemicals and Procter & Gamble Health

JB Chemicals reported strong earnings driven by growth in exports, API, and chronic therapies in the domestic market.

JB Chemicals' consolidated net profit for the quarter ended June 2020 (Q1FY20) nearly doubled to Rs 1,190 million. Sales during the quarter grew 18.4% at Rs 5.2 billion against Rs 4.4 billion in the corresponding quarter of the previous fiscal.

Earlier in July, global investment firm KKR & Co. Inc entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54%, from the promoters of the company.

As part of the deal, KKR acquired the stake from the founding Mody family at Rs 745 per share.

Procter & Gamble Health reported 10.8% year on year (YoY) growth in net profit at Rs 489 million for June quarter.

The pharma company reported 11% YoY decline in sales at Rs 2 billion, as the business operations got impacted across the country following the nationwide lockdown imposed to contain the spread of Covid-19.

The board of directors of the company recommended a final dividend of Rs 230 per equity share for the financial year ended June 30, 2020.

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

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Stock Market Updates

TATA ELXSI Share Price Down by 5%; BSE IT Index Down 1.2% (Today's Market)

Oct 28, 2020 03:31 PM

TATA ELXSI share price is trading down by 5% and its current market price is Rs 1,665. The BSE IT is down by 1.2%. The top gainers in the BSE IT Index are CYIENT (up 1.0%) and COFORGE (up 0.5%). The top losers is TATA ELXSI (down 5.1%).

PHILLIPS CARBON BLACK Share Price Down by 5%; BSE 500 Index Down 1.2% (Today's Market)

Oct 28, 2020 03:27 PM

PHILLIPS CARBON BLACK share price is trading down by 5% and its current market price is Rs 154. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are CASTROL INDIA (up 6.5%) and KPR MILL (up 6.4%). The top losers are PHILLIPS CARBON BLACK (down 5.2%) and THYROCARE TECHNOLOGIES (down 6.8%).

RELIANCE CAPITAL Share Price Down by 5%; BSE 500 Index Down 1.2% (Today's Market)

Oct 28, 2020 03:01 PM

RELIANCE CAPITAL share price is trading down by 5% and its current market price is Rs 9. The BSE 500 is down by 1.2%. The top gainers in the BSE 500 Index are CASTROL INDIA (up 8.2%) and CARBORUNDUM UNIVERSAL (up 6.7%). The top losers are RELIANCE CAPITAL (down 5.1%) and THYROCARE TECHNOLOGIES (down 6.1%).

THYROCARE TECHNOLOGIES Share Price Down by 6%; BSE HEALTHCARE Index Down 0.9% (Today's Market)

Oct 28, 2020 02:57 PM

THYROCARE TECHNOLOGIES share price is trading down by 6% and its current market price is Rs 1,207. The BSE HEALTHCARE is down by 0.9%. The top gainers in the BSE HEALTHCARE Index are NARAYANA HRUDAYALAYA (up 3.2%) and FORTIS HEALTHCARE (up 2.1%). The top losers is THYROCARE TECHNOLOGIES (down 5.7%)..

CARBORUNDUM UNIVERSAL Share Price Up by 6%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Oct 28, 2020 02:45 PM

CARBORUNDUM UNIVERSAL share price is trading up by 6% and its current market price is Rs 262. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is CARBORUNDUM UNIVERSAL (up 6.2%). The top losers are LAKSHMI MACHINE (down 0.1%) and L&T (down 0.2%).

Sensex Corrects Over 600 Points; IndusInd Bank & HDFC Top Losers (Today's Market)

Oct 28, 2020 02:30 pm

Sensex falls over 600 points tracking weak global cues.

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