Indian share markets ended today's volatile session on a positive note.

Earnings from top companies helped resist the weakness in global markets on fears of aggressive rate hikes from central banks.

Benchmark indices ended in green for the sixth straight session led by a rally in banking sector stocks.

At the closing bell, the BSE Sensex stood higher by 104 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 12 points (up 0.1%).

Axis Bank, Kotak Bank, and ICICI Bank were among the top gainers today.

Bajaj Finserv, Bajaj Finance, and Adani Ports, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,561, up by 41 points, at the time of writing.

The BSE Midcap index ended lower by 0.8% while the BSE SmallCap index ended 0.6% lower.

Sectoral indices ended on a mixed note with stocks in the finance sector, banking sector, and realty sector witnessing most of the buying.

On the other hand, stocks from the pharma sector, metal sector, and power sector witnessed selling pressure.

Shares of Nestle, Triveni Turbine, and Axis Bank hit their 52-week high today.

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ends down by 0.4%, while the Hang Seng dived by 0.4%. The Shanghai Composite ended higher by 0.1%.

US stock futures are trading on a negative note with Dow futures trading lower by 0.4%.

The rupee is trading at 82.7 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.3% at Rs 49,986 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1.5% at Rs 55,825 per kg.

Speaking of stock markets, Richa Agrawal talks about 3 smallcap companies with promising business prospects in her latest video.

For long-term smallcap stocks, investors should keep these stocks on their watchlist.
 

Bharat Dynamics Inks various MOUs

In news from the defense sector, Bharat Dynamics was among the top buzzing stocks today.

The share price of Bharat Dynamics jumped over 3% intraday after it signed various MOUs during Defexpo 2022.

The company has entered an MOU with Dassault Aviation. It is for the integration of Weapon Systems like Astra & Smart Anti-Airfield Weapon on Rafale Aircraft for the Indian Armed Forces and future export market.

Also, it has entered another MOU with IIT Ropar. This MOU is to work on joint research projects and technology development for all missiles and underwater weapons.

Further adding to the above pacts, the company has signed MoU with Ashok Leyland Defense Systems, Mahindra Defense System, and Newspace Technologies.

Separately, the company also announced the launch of three new products during the ongoing Defexpo-2022.

This includes an anti-tank guided missile for MBT ARJUN, the Sangramika, a lightweight vehicle-mounted anti-tank guided weapon system, and the Sanharika, an armored vehicle mounted laser-guided short-range anti-aircraft weapon system.

Bharat Dynamics is a public sector undertaking under the Ministry of Defense.

It is among the 6 defense stocks with big growth stories having a leading position in India's missile manufacturing.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling defense production to US$ 25 bn by 2025. To boost this the Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

We believe the defense sector could produce the next set of multibagger stocks over the long run.
 

Adani Group to Raise US$10 bn in Debt

Adani group is looking forward to raising at least US$10 bn in new debt over the next year. It is to refinance the company's high-cost borrowings and fund projects in the pipeline.

Out of the total amount, US$6 bn will be used to swap its existing high-interest debt with lower-cost borrowings and deploy the rest for project financing.

It will be raised using multiple instruments, such as foreign currency debt and green bonds.

The move is aimed at lowering the ports-to-power group's overall burden of repayments. It came into the spotlight after the group's ambitious acquisitions to diversify into sectors like green energy, digital services, and media.

Despite global interest rates rising, the company is optimistic about obtaining lower-cost loans because of its expanded asset base.

However, depending on the state of the world market, the timeframe of this fundraising campaign may alter.

Note that all Adani group stocks have hit the stock markets like a growth storm. The group has performed tremendously well on the bourses in the past couple of years.
 

United Breweries Q2 Result

Moving on to the news from the food and tobacco sector, United Breweries reported a 67% jump in the net profit to Rs 1.3 bn, aided by volume growth.

The revenue from operations rose to 11.5% to Rs 36.7 bn during the quarter. It stood at Rs 32.9 bn in the corresponding period of the previous fiscal year.

The volume for the second quarter jumped 23% and rose by 3% than the pre-pandemic numbers of the July- September Quarter.

However, the gross margin for the quarter came in lower by 508 basis points compared to the same quarter a year ago. It was due to the continued inflationary pressures on costs, particularly on prices of barley and packaging materials.

For the September quarter of 2022, it carried out a capex of Rs 900 m to meet the expansion needs of the company.

More By This Author: