The Hang Seng is trading up 1.2%, while the Shanghai Composite is trading down 1%. Nikkei is trading with a gain of 1.5 percent.
In US stock markets, Wall Street indices jumped on Friday, recording their best day ever since another zigzag session in 2022, fueled by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve. Marked an end to a difficult week.
All three major indices started the day in the red, but as the session progressed, tech stocks took a huge hit.
The Dow Jones Industrial Average rose 565 points, or 1.7%, while the S&P 500 gained 105 points, or 2.4%. The Nasdaq Composite jumped 418 points, or 3.1%.
Back home after the SGX Nifty trend, Indian stock markets opened on a strong note.
Omni-channel payment solutions provider, AGS Transact Tech, today launched Dalal Street.
This week, investors will be closely watching the Economic Survey and the Union Budget, to be presented by Finance Minister Nirmala Sitharaman today and tomorrow respectively, along with other domestic and global cues.
Market participants will be tracking the stocks of Sun Pharma, Tata Motors, IOC, DLF and BPCL as these companies announce their December quarter results today.
BSE Sensex is trading up 646 points. Meanwhile, NSE Nifty is trading with a gain of 224 points.
Tech Mahindra and Wipro are among them top beneficiary Today.
On the other hand, IndusInd Bank is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index are trading with gains of 1.4% and 1% respectively.
All sectoral indices are trading in the green with realty sector, energy sector and IT sector being the biggest buy.
Shares of Bharat Dynamics and ONGC hit 52-week high today.
Rupee is trading at 74.95 against US Dollar.
Gold prices are trading up by 0.1% 47,645 per 10 grams.
Meanwhile, silver prices are trading with a fall of 0.2%. 60,915 per kg.
Crude oil prices rose 1% amid concerns over geopolitical tensions along with tight supplies in Eastern Europe and the Middle East.
In the latest development in the IPO space, today is the last day to subscribe to the initial public offering (IPO) of fast moving consumer goods (FMCG) company Adani Wilmar. In the first two days, the IPO received a good response from investors as it was oversubscribed only 1.19 times.
Retail investors continued to offer strong support as the portion set aside for them was subscribed 1.85 times. The employees bid for 18% of their quota of shares, while the shareholders’ drug was subscribed 85%.
IPO is a complete fresh issue of equity shares 36 billion and no existing promoters or shareholders will sell any shares.
Adani Wilmar is a joint venture between the Adani Group and Singapore-based Wilmar, which was formed in 1999. It sells cooking oil as well as many other food products such as rice and sugar under the Fortune brand.
Company shares are running at a premium in the gray market 40.
How this IPO performs on the day of listing remains to be seen.
Stocks are moving up on specific news…
Gujarat State Fertilizers and Deepak Fertilizers are among the top stocks today.
Gujarat State Fertilizers registers more than two times growth in its consolidated net profit 2.5 billion for the quarter ended December 2021. it was a net profit 1 billion in the year-ago period.
Company’s revenue increased in the quarter under review to 26.7 billion 21.5 billion reported in the year ago quarter.
Shares of Gujarat State Fertilizers is trading up 3.1%.
Meanwhile, Deepak Fertilizers & Petrochemicals also reported a nearly two-fold jump in consolidated net profit. 1.8 billion company’s net profit was 0.9 billion in the same quarter of the last fiscal.
revenue increased 19.7 billion during the period October-December 2021 14.6 billion a year ago.
Increased revenue from its chemicals business 11.8 billion while fertilizer business revenue grew to 7.7 billion 6.5 billion
The company witnessed strong topline growth in the business segment.
Commenting on the performance, Shailesh C Mehta, Chairman and MD of the company said,
During the quarter, the chemicals segment doubled its net profit due to significant margin expansion, while the fertilizer segment faced challenges due to uncertainties regarding raw material availability and cost.
The company’s mining chemical business delivered an excellent quarter and according to the company, the outlook, supported by growth in mining and infrastructure related activities, remains encouraging.
Deepak Fertilizers is working closely with Mining Chemicals customers to demonstrate technological capability and price advantages. In addition, the company is taking advantage of advanced technologies such as drone and AI-based blast modeling to improve productivity in mines and infrastructure projects.
The company also said that the trend of global supply chain towards India is driving strong demand for nitric acid from downstream customers.
The share price of Deepak Fertilizers is currently trading with a gain of 5 percent.
Coming to Deepak Fertilizers, take a look at the chart below to see how the company has performed in the last one year.
see full image
It has given a strong profit of 230% to its shareholders.
(This article is syndicated from) equitymaster.com,
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