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Chandrababu Naidu’s wife Nara Earns ₹579 Cr in 5 Days

June 7, 2024, 2:50 pm

During a remarkable five-day surge in the stock market, Nara Bhuvaneshwari, the spouse of TDP leader Chandrababu Naidu, amassed a staggering ₹579 crore as Heritage Foods’ stock experienced a substantial upswing.

Despite the broader market downturn following the Lok Sabha election outcomes, Heritage Foods’ FMCG stock surged, propelled by Bhuvaneshwari’s significant 24.37% ownership stake in the company.

With a holding of 2,26,11,525 shares in Heritage Foods, she plays a pivotal role as a prominent promoter, wielding considerable influence over the company’s decisions and performance. This robust influence reflected in the stock’s price, which stood at ₹402.90 per share as of May 31, 2024.

Over the course of five trading sessions, Heritage Foods’ shares consistently rose, even amidst Tuesday’s market downturn. Today, the company’s shares opened with an upward trend, reaching an intraday peak of ₹659 per share.

In the past five consecutive sessions, Heritage Foods’ stock has surged by ₹256.10 per share, resulting in a substantial boost to Nara Bhuvaneshwari’s net worth. This surge coincides with the gathering of newly elected MPs from the National Democratic Alliance (NDA) at the new Parliament House, marking their first meeting following the BJP-led alliance’s victory in the Lok Sabha elections.

Chandrababu Naidu’s Telugu Desam Party (TDP) emerged as a significant player, particularly as the BJP fell short of the majority needed to independently form a government. The NDA secured 293 seats in the 543-member Lok Sabha, with the BJP securing 240 seats, well below the 272 required for a majority.

Stock Market Today: Nifty FMCG Index Jumps 5%; Marico, Britannia, And COLPAL Hit Record Highs

June 5, 2024, 2:05 pm

In the aftermath of the volatile stock market behavior following the Lok Sabha Election 2024 results, the Nifty FMCG Index has exhibited notable resilience. It surged by approximately 5 percent, reaching the 5,800 mark during the early morning session, and recorded a 1 percent rise on Tuesday despite the broader market downturn triggered by disappointing election outcomes. This performance underscores sustained investor interest in major FMCG companies such as Dabur, Marico, Britannia, COLPAL, and Bikaji.

FMCG Majors Hit New Highs

Amid the stock market turbulence, shares of Marico, Britannia, COLPAL, and Bikaji Foods reached new lifetime highs, while Dabur’s share price hit a new 52-week high within minutes of the market opening. This trend highlights the sector’s robust performance despite broader market challenges.

Strategic Moves by Investors

Avinash Gorakshkar, Head of Research at Profitmart Securities, analyzed the underlying factors driving the strength in FMCG stocks. “Typically, investors turn to FMCG, pharma, IT, and healthcare segments during sharp market declines. Following the market crash on Tuesday due to disappointing election results, investors shifted to these safe havens. This strategic move led to the Nifty FMCG Index being the only index to end higher on Tuesday, while Nifty Pharma, Nifty Healthcare, and Nifty IT were the least affected indexes in the previous session,” explained Gorakshkar.

Positive Outlook for Nifty FMCG Index

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, provided an optimistic forecast for the Nifty FMCG Index. “With the index breaking its hurdle at the 5,600 mark, it is now poised to register a 2-3 percent rise and potentially reach the 6,000 level. Importantly, the index has crucial support at the 5,200 level,” he stated. This clear direction helps investors and traders plan their market strategies with greater confidence.

FMCG Stocks to Watch

Sumeet Bagadia, Executive Director at Choice Broking, highlighted several FMCG stocks that are likely to continue attracting investor interest. “Traders and investors should consider shares of Marico, COLPAL, Dabur, and Heritage Foods, as these stocks show positive chart patterns,” Bagadia advised.

Dabur: Share price may rise to ₹650 in the near term.
Heritage Foods: Expected to reach ₹575 per share in the short term.
Marico: Share price may touch ₹630 in the near term.
COLPAL: Set to reach ₹3,200 level.

The remarkable performance of the Nifty FMCG Index amidst market volatility reflects a strategic shift by investors towards reliable and stable sectors. With strong support levels and positive forecasts, the FMCG sector continues to be a beacon of resilience on Dalal Street. Investors are advised to monitor these stocks closely and consider them for their portfolios in the current market environment.

Indian stocks rebound from Budget day declines, Sensex gains over 500 points

February 2, 2024, 10:10 am

Indian stock indices surged at the beginning of Friday’s session, responding positively to the central government’s commitment to fiscal consolidation despite looming General elections. Favorable cues from other Asian markets also provided support. At the opening bell, the Sensex stood at 72,189.10 points, up 543.80 points (0.76%), while the Nifty reached 21,867.95 points, marking a gain of 170.50 points (0.79%). Among the Nifty 50 companies, 42 advanced, and 8 declined, with all widely-tracked Nifty sectoral indices, except Nifty auto, showing gains.

The government set the fiscal deficit target for 2024-25 at 5.1% of GDP, following a downward revision of the 2023-24 fiscal deficit target from 5.9% to 5.8%. There is a plan to bring the fiscal deficit below 4.5% of GDP by the financial year 2025-26. Finance Minister Nirmala Sitharaman affirmed the government’s commitment to meeting the fiscal consolidation path outlined in 2021-22.

Fitch Ratings noted that the government’s revision of the fiscal deficit for the current fiscal year to 5.8% demonstrates a determined effort to adhere to a gradual fiscal consolidation path during an election year. Importantly, the central government did not introduce any additional tax burden, providing relief to citizens and contributing to positive sentiment among domestic investors.

The interim budget, presented on Thursday, will address financial needs until a new government is formed after the Lok Sabha polls. A full budget is expected to be presented by the new government in July. On Budget Day, the Indian stock indices experienced fluctuations, initially starting in the green but settling marginally in the red by the end of the day. Analysts attributed this fluctuation to factors such as lower-than-expected capital expenditure markup and the US Fed’s unclear guidance on monetary policy. Some also noted mild profit booking as a potential contributing factor.

The Indian stock indices are still rising

October 11, 2023, 11:04 am

Benchmark indices for Indian stocks continued to rise on Wednesday, maintaining the gains made the day before. The Nifty and Sensex have increased by 0.5 percent since Tuesday’s closing bell. Following gains in financial, automotive, and IT shares on Tuesday, benchmark indices Sensex and Nifty rebounded nearly 1% from their Monday losses brought on by the Israel-Hamas conflict. The growth projection of India was raised by the multilateral agency IMF, which probably helped the stock indices. The IMF revised its forecast for this fiscal year to 6.3%, which is 20 basis points (one percentage point is equivalent to 100 basis points) higher than what it had predicted in its earlier report. The IMF ascribed the growth estimate’s upward projection to India’s higher-than-expected April–June consumption.

IMG has raised India’s growth outlook for the second time since April – from 5.9 per cent in April, 6.1 per cent in July, and 6.3 per cent now, taking it closer to the 6.5 per cent predicted by the country itself.
The monetary policy committee of the Reserve Bank of India (RBI) in its October review meeting, decided to keep the policy repo rate unchanged at 6.5 per cent, maintaining the status quo for the fourth straight occasion. It too lent some stability to the domestic financial markets. The repo rate is the rate of interest at which the RBI lends to other banks.

Indian stock indices reached new records

September 15, 2023, 11:25 am

Due in large part to strong overnight cues from US markets and consistent fund inflows by foreign portfolio investors, Indian stock indices reached new highs on Friday. Also on Thursday, they experienced new highs.

Sensex and Nifty hit their fresh all-time highs of 67,774.46 and 20,173.15 points, respectively, at the opening bell. At the time of filing this report, Sensex was at 67,726.82 points, up 0.31 per cent, and Nifty at 20,150.20 points, up 0.23 per cent.

NSE data showed that the sectoral indices of the Nifty banks, Nifty auto, Nifty financial services, Nifty IT, Nifty metal, and Nifty pharma were all in the black, while the Nifty FMCG, Nifty media, Nifty PSU bank, and Nifty realty were just barely in the red. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Even though the market’s underlying trend is bullish, high valuations and fresh risks like surging crude and rising dollar index can have a negative impact on the market.” According to Vijayakumar, “Brent crude at USD 94 is a major macro worry that the market cannot ignore for long.”

Indian stock prices are still rising

September 8, 2023, 1:39 pm

The benchmark indices were trading in the green early on Friday, continuing the most recent bull run in the Indian stock markets.

Sensex and Nifty were at 66,469.29 points and 19,777.30 points, up 0.31 per cent and 0.31 per cent, respectively. Most Nifty sectoral indices too were firm today.
Firm buying by domestic institutional investors and retail investors has lent support to the market fundamentals.
“Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII (foreign institutional investors) selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

With a gain of almost 1% last week, Indian stock markets were able to end a five-week losing streak. India’s consistent GDP growth rate of 7.8% in the first quarter (April–June) of 2023–24, which makes India the fastest–growing major economy, is a significant factor in the improved investor sentiment. Additionally, up until August, foreign portfolio investors (FPIs) remained net buyers on the Indian stock markets. The fact that FPIs continued to show interest and purchased equity assets totaling Rs. 1.31 lakh crore in 2023 was a good sign for the markets.

Indian stock indices decline on weak US market cues

August 17, 2023, 10:35 am

Indian stock indices fell sharply on Thursday morning, tracking declines in the benchmark US stock market, whose central bank Federal Reserve said another interest rate hike may be necessary to control inflation and bring it to the target level of 2%.

At the time this report was being written, the Sensex and Nifty were down 0.3-0.4% from their previous day’s closing. The top losers among the Nifty sectoral indices were Nifty FMCG and Nifty IT, while the top gainers were Nifty PSU bank and Nifty consumer durables. According to the minutes of the US central bank’s July monetary policy review meeting, the majority of attendees continued to see significant upside risks to inflation and noted that additional tightening of monetary policy may be required.

The US central bank in its July meeting raised its benchmark interest rate by 25 basis points, the highest in the past 22 years at 5.25-5.5 per cent.
“Global cues for markets continue to be weak. There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Indian stock market experiences varied movement

August 8, 2023, 10:39 am

The Sensex and Nifty fluctuated, causing some minor volatility in the Indian stock market.

The Sensex plunged 41.40 points to slip at 65,908.91, while the Nifty experienced a dip of 9.75 points to stand at 19,587.60.
Despite the fluctuations, the overall market sentiment remained mixed, with 29 shares advancing, 21 shares declining, and 1 share remaining unchanged.
Amidst this backdrop, firms from the Nifty 50 index made noteworthy contributions to the market’s performance.
Hero Motocorp, Cipla, Dr Reddy, Coal India, and NTPC emerged as the top gainers, playing a role in the market’s upward trajectory.

Hero Motocorp, a significant player in the Indian two-wheeler market, displayed significant gains, demonstrating investor faith in the business’s strategic growth plans. Similar to how Cipla, a major pharmaceutical company, and Dr. Reddy’s Laboratories, a market leader, demonstrated their resiliency and aptitude for navigating shifting market conditions.

The massive coal mine The power giant NTPC and Coal India both put on impressive performances, adding to the general upbeat market mood. Despite the fluctuations, the market was able to feel stable thanks in large part to these companies’ perseverance in their respective industries.

Indian stock indices rise after US Fed hikes policy rate by 25 bps

July 27, 2023, 10:47 am

Following the US Federal Reserve’s quarter-point increase in interest rates on Wednesday, the Indian stock market saw gains of 0.29 percent in the Nifty and 0.23 percent in the Sensex on Thursday. The indices rose by 0.26 percent as the Indian stock market opened on Thursday. Positive trading occurred on the Indian stock market on Wednesday, with the Nifty and Sensex both finishing the day 0.5% higher.

Out of the Nifty companies, 40 were in green and 9 in red at the start of the stock trading hour.
Power Grid, Adani ports, Divi’s Lab, UPL and Sun Pharma were the top gainers whereas M&M, Tech Mahindra, Hindustan Unilever, Britannia and Eicher Motors were the top losers as of Thursday morning.
Indices increased by a total of 5.37 per cent over the past month.
To address the economy’s rising inflationary pressure, the US Federal Reserve has raised interest rates in a series of successive moves.

The benchmark federal fund rate is at its highest level since 2001, ranging from 5.25 to 5.5 percent at the moment. According to recent data, economic growth has been moderately fast. Significant job growth has occurred recently, and the unemployment rate has remained low. The rate of inflation is still high.

At a longer-term rate of 2%, the US Fed Committee seeks to achieve maximum employment and inflation. In order to further these goals, the Committee decided to raise the target range for the federal funds rate to 5.25–5.5%.

Indian stock indices rise again after trading steady two sessions

July 26, 2023, 10:54 am

On Wednesday morning, trading in Indian stock indices increased. The absence of new bets at higher levels was a major factor in their relative stability over the previous two sessions. Some investors appeared to be taking profits after recently accruing gains. Many analysts have noted that a rally from the current peak seems unlikely given the higher valuations, and that is what has appeared to be happening over the past two or three sessions.

The indices touched all-time highs last week. In the past month, the indices — Sensex and Nifty — have cumulatively gained about 6 percentage points.
Sensex and Nifty were 0.7 per cent higher each at the time of writing this report. Among the Nifty 50 companies, 41 were in the green.
L&T, Reliance Industries, Tata Motors, ITC, and UPL were the top gainers among the Nifty 50 companies, whereas SBI Life, Divislabs, Cipla, Apollo Hospitals, and ONGC were the top losers.

The next US Fed monetary policy meet is scheduled for July 25-26. The outcome of the meeting will be announced Wednesday midnight (Indian time).
The US Federal Reserve’s monetary policy committee paused the key interest rate in its latest meeting. The policy rate has been maintained at 5.0-5.25 per cent, which was near zero after the outbreak of COVID-19.
Barring the latest pause, the US central bank has hiked the interest rate for the tenth consecutive time which was necessitated in the fight against soaring inflation.

Indian stock indices remain stable, hover around all-time highs

July 14, 2023, 11:12 am

The Indian stock indices opened Friday’s trading on a high note, continuing their upward trend. They reached new highs on Thursday, and the benchmark Sensex went over 66,000 in the process. At the time this report was being written, both the Sensex and the Nifty were up about 0.2% each. They were at 65,685 and 19,449 points, respectively. This morning, 31 of the Nifty 50 companies saw gains, while the remaining ones saw declines. The top gainers were HCL Tech, LTIMindtree, Hindalco, Infosys, and Tech Mahindra. The top five losers were Power Grid, HDFC Life, Apollo Hospitals, NTPC, and Axis Bank. The consistent inflow of foreign portfolio funds, firm economic outlook, firm global markets, and moderation in inflation contributed to the latest bull run in Indian stocks. However, several analysts have been pointing out that any further rally from the current levels is unlikely as valuations are on the higher side.
“This (ongoing) declining dollar is favourable for emerging markets and India being the most-favoured emerging market, the FPI flows are likely to sustain,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Foreign portfolio investors (FPIs) have remained net buyers in Indian stock markets for the fourth straight month, according to data from the National Securities Depository (NSDL).
FPIs bought Indian stocks worth Rs 7,936 crore, Rs 11,631 crore, Rs 43,838 crore, and Rs 47,148 crore in March, April, May, and June, respectively, data showed.
The constant rise in Indian stock indices is maintained even after the retail inflation data for June showed a considerable uptick.
Bucking the trend, retail inflation in India rose considerably in June to 4.81 per cent, largely due to a sharp spurt in vegetable prices. The inflation index for rural and urban was 4.72 per cent and 4.96 per cent, respectively.
The rise in inflation could partly be attributed to the current spurt in tomato prices across India. The rise in tomato prices is reported across the country, and not just limited to a particular region or geography. In key cities, it rose to as high as Rs 150-160 per kg.
Besides vegetables, meat and fish; eggs; pulses and products; spices indices too saw an uptick.
On the positive side, even though India’s retail inflation in June jumped considerably, it continues to remain within the RBI’s tolerance range (2-6 per cent) for the fourth consecutive month, with forecasts that it would remain so for the rest of the financial year 2023-24. However, SBI Research noted in its most recent “Ecowrap” report, written by SBI’s Group Chief Economic Adviser Soumya Kanti Ghosh, that given the monsoon’s erratic progress and its impact on the sowing of Kharif crops and, consequently, on overall food inflation, continued vigilance on the evolving inflation outlook is warranted. India’s farmers have begun planting their Kharif crops. Some of the most important Kharif crops include cotton, corn, groundnuts, cotton, moong, bajra, maize, and cotton.

Indian stock market rally keeps going and is headed for fresh highs

July 11, 2023, 10:33 am

The Indian stock indices rose on Tuesday morning as they moved closer to new record highs.
This morning, the Sensex and Nifty each gained 0.6%. The Sensex was just 100 to 150 points below its all-time high of 65,898.98 points set last week when it began its morning rise. Forty four of the Nifty 50 companies were in the green today, with Britannia, HDFC Life, Apollo Hospitals, Sun Pharma, and Bajaj Finserv among the top gainers.
The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation supported Indian stocks in the latest bull run.
However, several analysts pointed out that any further rally from the current levels is unlikely as valuations are on the higher side.
“The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally. Yesterday, in spite of the weakness in IT and banking majors Nifty rallied by 24 points, driven primarily by RIL (Reliance). Bharti Airtel and Tata Motors also have been imparting resilience to the rally,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Vijayakumar added there are no major triggers that can take the rally beyond the present levels. For fresh cues in overall domestic markets going ahead, investors await April-June earnings data of Indian companies, expected to pour in starting this week.
“Q1 FY24 results of TCS and HCL Tech due tomorrow are expected to be tepid. If the poor results lead to further correction in IT stocks that may provide buying opportunities in the segment. IT majors have a great track record of successfully overcoming many crises,” Vijayakumar noted.
Retail inflation data for June due next week will be another key monitorable for investors.
Retail inflation in India further eased in May to 4.25 per cent, hitting a two-year low. It was at 4.7 per cent in April and 5.7 per cent the previous month.
RBI’s consistent monetary policy tightening since mid-2022 could be attributed to India’s substantial decline in inflation numbers.
India’s retail inflation was above RBI’s 6 per cent target for three consecutive quarters and had managed to fall back to the RBI’s comfort zone only in November 2022.
Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.