SGX Nifty Down 125 Points | Ajanta Pharma Share Buyback | Why AC Stocks Are Rising | Top Buzzing Stocks Today

Wed, 8 Mar Pre-Open

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On Monday, Indian share markets continued their momentum throughout the session and ended higher.

Benchmark indices advanced aided by a rise in IT stocks following strong economic data from the US, while a rally in Adani group stocks boosted risk appetite.

At the closing bell on Monday, the BSE Sensex stood higher by 415 points (up 0.7%).

Meanwhile, the NSE Nifty closed up by 117 points (up 0.7%).

Adani Enterprises, Tata Motors, and ONGC were among the top gainers.

Britannia, Tata Steel and JSW Steel were among the top losers.

Broader markets ended on a positive note on Monday. The BSE Midcap index gained 0.7% and BSE SmallCap index gained 0.9%.

Sectoral indices ended on a mixed note, with stocks in power sector, energy sector, and auto sector witnessing buying.

While stocks in the metal sector and realty sector witnessed selling.

Shares of Procter and Gamble Health, and Triveni Turbine hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should

Gold prices for the latest contract on MCX were trading higher by 0.3% at Rs 55,900 per 10 grams at the time of Indian market closing hours on Monday.

At 7:20 AM today, the SGX Nifty was trading down by 125 points or 0.7% lower at 17,730 levels.

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

Speaking of stock markets, while growth is important for a company's survival in the long term, it should not be the end all for investors while picking stocks.

A lot of times, investors get blindsided by high growth companies, even though they are barely profitable or in some cases, burning massive piles of cash. So, does that mean an investor must choose between growth and profit?

Not necessarily. Investors can use financial ratios such as ROCE to gauge how efficiently the company is using its capital to generate returns for its shareholders.

For this video, we have done the groundwork and identified 10 fast growing companies with high ROCE.

Top buzzing stocks today

Mahanagar Gas share price will be in focus today.

Mahanagar Gas announced that it has entered into an agreement to acquire 100% stake in city gas distributor (CGD) Unison Enviro (UEPL) for Rs 5.3 bn.

The company has signed a Share Purchase Agreement (SPA) with Unison Enviro Private Limited (UEPL) and existing shareholders of UEPL (Ashoka Buildcon Ltd. and an investment fund managed by Morgan Stanley India Infrastructure) to acquire 100% stake in UEPL.

UEPL has been authorised by PNGRB to implement the CGD network in Geographical Areas (GAs) of Ratnagiri, Latur & Osmanabad in the state of Maharashtra, and Chitradurga & Devengere in the state of Karnataka.

Hero MotoCorp share price will also be a top buzzing stock.

The company has signed agreements with the US-based zero motorcycles to collaborate on premium electric motorcycles.

Hero MotoCorp had in September 2022 approved an equity investment of up to US $ 60 m (about Rs 4,916.6 m) in zero motorcycles, a California-based manufacturer of premium electric motorcycles and powertrains.

Alembic Pharma gets USFDA approval

Indian pharma company Alembic Pharmaceuticals has received approval for its colon cancer injection, Fluorouracil Injection USP, 2.5 g/50 mL (50 mg/mL) Pharmacy Bulk Vial, from the US Food & Drug Administration (USFDA).

The injection is indicated for the treatment of adenocarcinoma of colon and rectum, adenocarcinoma of the breast, gastric adenocarcinoma, and pancreatic adenocarcinoma.

Last week, Alembic Pharma announced that it will be accounting for an impairment charge of Rs 11.5 bn for three of its under-construction manufacturing facilities, which caused its share price to drop. Last week, it hit a fresh 52-week low of Rs 476.

The company's total write-off now stands at Rs 14.9 bn, which includes Rs 3,400 m of write-off due to the buyout of its partner stake Aleor Derma in March last year.

In Q3 financial year 2022-23, the pharma company witnessed a 29% YoY decline in net profit at Rs 1,220 m, impacted by weak operating performance and low other income. However, its revenue from operations grew by 19% YoY to Rs 15.1 bn with growth across verticals, with the US business growing by 10% to Rs 4,320 m and India segment reporting a 12% growth at Rs 5,450 m.

AC stocks on the rise amid rising temperature

Shares of companies engaged in producing cooling products such as fans, coolers, and air conditioners (ACs) come into focus with the onset of summer.

In anticipation that rising temperatures would boost demand for such products, shares of Voltas, Blue Star, and Whirlpool of India have gained by 5%-12% in the past month.

Here, the Indian Meteorological Department's (IMD) forecast of March to May being hotter than usual in some parts of Indiaaugurswell.

Even so, it remains to be seen if these companies can capitalize on the opportunity, given the stiff competition in the industry, which is leading to pricing pressure. Price hikes have not been meaningful. Voltas, which has a significant market share in ACs, has not taken any price hikes in the last two quarters despite elevated costs.

It doesn't intend to raise prices in the current quarter as well due to subdued demand.

Ajanta Pharma to consider share buyback

Pharmaceutical company Ajanta Pharma on Monday said its board is scheduled to meet on 10 March to consider approving the proposal for buyback of the equity shares of the company.

Ajanta Pharma also said that the trading window for dealing in securities of the firm will remain closed up to 48 hours after the conclusion of the board meeting scheduled to be held on Friday.

Ajanta Pharma is a multinational company based in India engaged in development, manufacturing, and marketing of pharmaceutical formulations. It has a presence in India, the United States, and about 30 other countries in Africa, South East Asia, West Asia, and CIS. It was established in 1973.

Speaking of pharma stocks, one of the leading pharma Cipla share price is under pressure following observations received from USFDA after inspection of its Pithampur facility.

To know more, read our editorial on why Cipla share price is falling.

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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