SGX Nifty Down 89 Points | MRF Q3 Results and Interim Dividend | the Latest on Adani Group Companies | Top Buzzing Stocks Today

Fri, 10 Feb Pre-Open

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On Thursday, Indian share markets struggled for direction throughout the session, only to turn higher during the last hour of trade.

Benchmark indices closed in the green led by positive sentiment in IT and finance stocks, while Adani-Hindenburg saga came back to haunt the indices as most Adani group stocks fell.

At the closing bell on Thursday, the BSE Sensex stood higher by 142 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 21 points (up 0.1%).

Bajaj Finserv, Hindalco, and HDFC Life Insurance were among the top gainers.

Adani Enterprises, Adani Ports, and Cipla, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE Midcap ended flat while the BSE SmallCap index fell 0.2%.

Sectoral indices ended on a mixed note with stocks in the capital goods sector, IT sector and finance sector witnessing buying.

While stocks in the power sector, realty sector, and telecom sector witnessed selling.

Shares of M&M Financial Services, Cummins India and Supreme Industries hit their 52-week high on Thursday.

To get the latest news and which stocks are moving the market, check out the stocks to watch today section on our website.

The rupee was trading at 82.53 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.1% at Rs 57,256 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the SGX Nifty was trading down by 89 points or 0.6% lower at 17,830 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Speaking of stocks markets, auto stocks are buzzing these days and one auto company in particular has been in focus for many reasons.

This auto stock, already up by 75% in the last one year, has come out with a brand new electric vehicle, which should give its prospects a boost.

So, is this the auto stock to watch out for instead of industry leaders like Tata Motors and Maruti Suzuki? Or have the valuations already run up?

Tune in to the below video to find out.

Top Buzzing Stocks Today

IRCTC will be among the top buzzing stocks today.

Indian Railway Catering and Tourism Corporation (IRCTC) on 9 February 2023 reported a 70% YoY jump in revenue to Rs 9.18 billion (bn) from Rs 5.4 bn a year back.

Its net profit grew by 22.3% YoY to Rs 2.6 bn from Rs 2.1 bn a year back.

The company has also declared an interim dividend of Rs3.5 per share, which is 175% of the paid-up share capital amounting to Rs 1.6 bn.

Hindalco will also be in focus today.

Hindalco, on 9 February 2023, reported a 6% YoY rise in revenue to Rs 531.5 billion (bn) from Rs 502.7 bn logged in the corresponding quarter a year ago.

Profit and revenue were hit due to a below-par performance by its subsidiary Novelis. However, higher volumes and steady operational performance across India operations helped overall performance.

Stake sale in Adani companies

Norway's wealth fund's phased divestment in Adani group stocks came to an end when it sold its remaining stakes worth over US$200 million (m) in the remaining three Adani Group companies in the last two months.

The wealth fund sold its stakes in three companies of the Adani group, including Adani Green, Adani Total Gas and  Adani Ports and SEZ.

The fund had sold its stakes in five Adani companies since 2014, and at the end of 2022, it owned shares in three of its companies.

The wealth fund, at the end of 2022, held a stake in Adani Total worth US$83.6 million (m), a stake in Adani Ports worth US$63.4 m and a stake in Adani Green Energy of US$52.7 m.

Adani Group stocks have been facing intense volatility since US short-seller Hindenburg Research on 24 January 2023 alleged the group for improper use of offshore tax havens and concerns about high debt.

Lupin bags USFDA nod to market generic products in the US

The drug major has received US Food and Drug Administration (USFDA) approval for its abbreviated new drug application (ANDA) for Glycopyrrolate Injection.

Glycopyrrolate Injection is used before or during certain surgeries to reduce secretions and to reduce the unwanted effects of certain medicines used during surgery.

This marks the first approval of its new injectable facility in Nagpur, Maharashtra. The Nagpur facility is equipped with modern technology for the consistent production of liquid, lyophilized vials, prefilled syringes, and cartridges.

Further, it is committed to expanding its portfolio and capabilities to meet the under-served demand for injectable drugs to continue to serve patients around the world.

According to IQVIA data, Glycopyrrolate Injection USP multiple-dose vials had estimated annual sales of US$ 39 m in the US for the 12 months ending December 2022.

Lupin is a leading pharmaceutical company from India and is among the top 10 generic companies in the world.

Lupin, one of the top pharma companies in India, is losing its shine and it fell sharply in 2022. To know what triggered the fall, check out why Lupin share price is falling.

MRF announces interim dividend

Tyre maker MRF on Thursday reported a 14.6% YoY rise in consolidated revenue to Rs 56.4 bn against Rs 49.2 bn a year back.

It reported a 17% YoY rise in consolidated net profit from continuing operations at Rs 1.7 bn.

Operating margins remained nearly flat at 10% compared to 9.9% in the corresponding period from the previous financial year.

The company's steady revenue growth was due to robust replacement demand. Margins also held steady due to price hikes and decreasing raw material prices.

The board of directors has declared a second interim dividend of Rs 3 per equity share for the financial year 2023.

It has further re-appointed Arun Mammen as the managing director of the company.

With a share price of Rs 89,000, it is among the 5 Indian companies with the highest share price.

Shares of some of the tyre majors MRF, Ceat, and JK Tyre, have risen by 20-40% in the last couple of months.

To know what's behind the rally, check out why tyre stocks are rising.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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