Gift Nifty Up 26 Points | Vodafone Idea FPO Fully Subscribed | Zydus Lifesciences Launches Generic Drug | Top Buzzing Stocks Today

Tue, 23 Apr Pre-Open

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Indian share markets continued the momentum as the session progressed and ended the day firm.

The Indian stock market benchmarks, the Sensex and the Nifty 50 extended their gains into the second consecutive session on Monday, 22 April, tracking positive global cues amid easing concerns over geopolitical tensions in West Asia.

At the closing bell on Monday, the BSE Sensex closed higher by 622 points (up 0.9%).

Meanwhile, the NSE Nifty higher by 223 points (up 0.9%).

BPCL, L&T and Eicher Motors were among the top gainers.

Titan, Coal India and Reliance Industries on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.3% lower and BSE SmallCap index ended flat.

Broader markets ended the day higher. The BSE Mid Cap ended 1% higher and the BSE Small Cap index ended 1.3% higher.

Sector indices are trading on positive note, with stocks in oil & gas sector, and healthcare sector witnessing buying.

Gold prices for the latest contract on MCX were trading up by 1.2% lower at Rs 71,952 per 10 grams at the time of Indian market closing hours on Monday.

At 8:10 AM today, the Gift Nifty was trading up by 26 points at 22,410 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, Tejas Networks shares gained momentum after Tata Sons acquired a controlling stake in the company.

In the latest video, Research Analyst, Tanushree Banerjee why this Tata Stock outran Tata Elxsi.

Tune in to find out more.

Top buzzing stocks today

NTPC share price will be in focus today.

NTPC shares were trading lower in early trade on 22 April after the company's wholly-owned subsidiary signed a Memorandum of Understanding (MoU) with Indus Towers.

NTPC Green Energy Limited (NGEL) is a wholly owned subsidiary of NTPC.

Persistent Systems will also be a top buzzing stock.

Shares of Persistent Systems (PSYS) tumbled more than 9% on 22 April, the biggest single-day drop in the stock since March 2018, a day after the IT services company's reported fourth-quarter earnings. A flat margin guidance for FY25 disappointed the street.

The IT player recorded a total contract value (TCV) of US$ 447.7 million, a slight decrease from the previous quarter's $475 million, which was its highest-ever deal win

Zydus Lifesciences Launches Generic Drug

Zydus Lifesciences on 22 April 2024 launched the generic version of the bladder control drug Mirabegron in the US.

Mirabegron is used in the treatment of overactive bladder (OAB) with symptoms of urge urinary incontinence, urgency and urinary frequency. The company is among the first to launch the generic version in 25 mg dosages in the US market and is prepared to launch 50mg dosages imminently.

Since the company is among one of the first suppliers, Incred said the drugmaker will be eligible for 180 days of shared generic drug exclusivity for Mirabegron.

Mirabegron had an annual sale of $2.42 billion in the US (both 25 mg and 50 mg), according to IQVIA data.

The company got the US Food and Drug Administration's nod for the 25 mg and the 50 mg dosages in October 2022. So far, only Lupin and Zydus Life have launched their generic versions of the drug.

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Welspun's New Order Win

The company got the US Food and Drug Administration's nod for the 25 mg and the 50 mg dosages in October 2022. So far, only Lupin and Zydus Life have launched their generic versions of the drug.

In an exchange filing on Monday, the company said it has bagged multiple line pipe orders, both in India and the USA, cumulatively valued at Rs 872 crore since the last disclosure made on 22 March 2024.

Welspun World is one of the fastest-growing global conglomerates, engaged in the businesses of Line Pipes, Home Textiles, Infrastructure, Warehousing, Oil & Gas, Steel, Advanced Textiles, and Flooring Solutions.

The Group has a diversified presence in over 50 countries, and has manufacturing facilities strategically located in India, the USA and Saudi Arabia.

So far in the current calendar year, the stock price of Welspun Corp has slipped 3.4% as against an over 1.5% rise in the benchmark Sensex index.

Meanwhile, last month, Welspun Corp's associate firm, East Pipes Integrated Company for Industry, and Saudi Arabia's oil giant Aramco mutually terminated a contract of Rs 3.39 bn.

Welspun's unit had bagged the contract for manufacturing and supply of steel pipes for eight months in January.

The deal represented 3 per cent of the total value of contracts announced by Aramco for Welspun in the financial year 2023-24, which amounts to about Rs 98 m.

Vodafone Idea FPO Fully Subscribed

Vodafone Idea's follow-on public offer (FPO) was fully subscribed 1.5 times by the afternoon of 22 April, the final day of bidding, with investors picking 18.7 bn equity shares, subscription data from exchanges showed.

The country's third-largest telecom operator has offered 12.6 bn shares in the Rs 180 bn FPO, the largest such offering in the country. This move is part of a larger strategy to gather Rs 450 bn through a combination of debt and equity.

Qualified institutional buyers (QIBs) have taken the lead, subscribing 2.7 times the portion reserved for them. Non-institutional investors purchased 2.24 times their allotted quota of shares reserved. Retail investors are yet to warm up to the FPO, picking 49% of their allotted quota of shares.

The telecom giant raised Rs 54 bn from institutional investors via the anchor book in the upper price band of Rs 11. The price band for the offer has been fixed at Rs 10-11 apiece.

Citigroup, Goldman Sachs, Morgan Stanley, GQG Partners, Fidelity, UBS Fund Management, Redwheel Funds, HDFC Mutual Fund, Government Pension Fund Global, Carnelian Capital, Copthall Mauritius Investment, and Societe Generale were among the anchor investors.

Vodafone Idea will spend Rs 127.5 bn of the net issue proceeds for the expansion of the network infrastructure by setting up new 4G and 5G sites and the expanding the capacity of existing 4G sites.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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