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Sensex below 60,000, Nifty down 100 pts; FMCG, Pharma lag
HCL Tech shines as it gains more than a per cent ahead of its quarterly earnings report
Oil & Gas index trades lower as most stocks are trading in the red
Divi’s Lab drags the market as it sheds 3% in today’s trading
Maruti goes for new SUVs.
NSE has added Delta Corp stock under its F&O ban list for trade date 5th September 2022.
Indian stock market is trading in red as Sensex sheds 300 pts and Nifty 100 pts. HCL Tech and JSW Steel climb, while Divi’s Lab and Axis Bank shed. Bank, Pharma, and FMCG indices fall the most with almost all indices t reading in the red. Sah Polymers will debut today at the bourses.
Investors bet that the upcoming December U.S. inflation data would be 6.5%, which would allow the Federal Reserve to slow the pace of interest rate hikes. Indian investors will keep an eye on December quarterly earnings reports from big players.
Adani Wilmar shares’ rating upgraded by Edelweiss
The Q3FY23 business update of Adani Wilmar (AWL) augurs a sequential improvement in performance, highlighted domestic brokerage and research firm Edelweiss, adding that although Adani Wilmar competes in an extremely competitive business (edible oil and foods/FMCG), it has consistently delivered strong volume growth across segments. Moreover, its commitment to expand the foods basket would help moderate its excessive dependence on the edible oils basket. AWL is committed to grow both organically and inorganically in the foods segment.
“FY23 was an abnormal year for oil players due to high volatility in oil prices, which affected AWL’s margins. That said, following a significant correction in palm oil from its peak, AWL’s margin profile would be better in FY24. Even so, keeping in mind rural slowdown and likely higher competition (entry of Reliance), we are cutting FY23/FY24E EPS by 23.1%/7.3%,” the note stated.
Maruti Suzuki introduces Fronx and Jimny compact SUV, bookings start today.
Watch Maruti Counter for investment.
Fronx and Jimny SUVs unveiled on the second day of Auto Expo 2023
Maruti Suzuki Jimny is targeted at professional off-roaders, and SUV customers alike. Bookings for the Jimny and Fronx SUV are opening starting today.
Maruti Suzuki India Limited (MSIL) unveiled two new SUVs at Auto Expo 2023 today. The company introduced Fronx and Jimny with high-end powertrain technologies. With the sporty compact SUV Fronx, the company introduces a new design trend into the country’s SUV segment. While the offroader Jimny is targeted at professional off-roaders, and SUV customers alike. Bookings for Fronx and Jimny are opening starting today.
Mr. Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India Limited, said, “We have been witnessing a rapid shift in customer preference towards SUVs. I am pleased to share that both our recently launched SUVs, the Grand Vitara and New Brezza, have received a resounding response from the market and are enjoying strong customer demand. Maruti Suzuki has always pioneered game-changer products, cutting-edge technology and fulfilled consumer aspirations. We are delighted to present two new SUVs today, the new sporty compact SUV Fronx that will set the trend for a shape of new SUVs in the country and the much-awaited Jimny with its legendary off-road prowess will be greeted with the same enthusiasm as our much-loved SUVs, Grand Vitara and Brezza.”
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