Stocks in focus: The GIFT Nifty was flat during Thursday’s early trading session, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. After trading in the red for most of Wednesday’s session, Nifty pared its losses to close 0.16% in the green at 19,465. From its intraday lows, Sensex gained over 500 points to settle at 65,539.42, clocking a gain of 0.12%.
“”The initial apprehension stemming from an above-expected surge in domestic CPI inflation, driven by higher food prices, induced volatility in the Indian market. However, the market found some relief as the likelihood of this inflation surge being transitory alleviated concerns, leading to a recovery in the latter part of the trading session. Moreover, as core inflation continued to moderate, the market did not anticipate a rate hike, although the possibility of an extended rate pause seemed more probable. Stronger-than-anticipated retail sales data in the US and concerns about further rating downgrades of US banks contributed to choppiness in Western markets, while Asian markets reacted to the rate cut initiated by the Chinese central bank,” said Vinod Nair, Head of Research at Geojit Financial Services.
Adani Green
Adani Green Energy, the renewable energy arm of Adani Group, intends to raise about $5 billion through global bonds for its proposed capacity addition of another 25 gigawatts (GW) by 2030. The fund raising would be in tranches, starting with this financial year, and over the next few years.
Religare Enterprises
The Burman family, promoters of the Dabur group, upped their stake in financial services player Religare Enterprises Limited (REL). The Burman family already owned about 14% in Religare through various entities and bought an additional 7.6% stake in the company on Wednesday.
Paytm
Alibaba group firm Antfin has transferred its 10.3% stake in One97 Communications to the fintech firm’s founder and CEO Vijay Shekhar Sharma. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities.
Vodafone Idea
Vodafone Idea has sought 30 days more time to pay around Rs 1,680 crore for spectrum auction instalment due on Thursday. The company has proposed to pay the amount with interest.
Lupin
Lupin announced the launch of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for the treatment of chronic obstructive pulmonary disease (COPD) in the US. Tiotropium Bromide Inhalation Powder had estimated annual sales of $1,264 million in the US.
Alembic Pharma
BSE returned Alembic Pharma’s draft scheme of reorganisation of the general reserve of the company, which, among other things, would provide for utilisation of the amounts standing to the credit of the general reserve. BSE noted that the drug maker has already identified impairment of Capital Work in Progress against the general reserve in the previous fiscal year and therefore, returned the draft scheme.
Cipla
The US FDA has ordered for the suspension of the FDA licence issued to Cipla’s manufacturing unit located at Patalganga for ten days in December 2023 for non-conformance of good manufacturing practices under Drugs and Cosmetics Act, 1940 and rules made thereunder. Not in agreement with the FDA rulings, being the basis for the said suspension, the Company is in the process of appealing the said order to the State Government.
(With agency inputs.)