SGX Nifty Trades Flat | GQG Partners to Double Down on Adani Stocks | Natco Pharma Share Buyback | Top Buzzing Stocks Today

Thu, 9 Mar Pre-Open

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On Wednesday, Indian share markets trimmed losses and recovered smartly as the session progressed to end in green.

Benchmark indices ended marginally higher on Wednesday as investors were back to bottom fishing in select heavyweights which lifted benchmark indices off lows, leading to a positive close for a third consecutive day.

At the closing bell on Wednesday, the BSE Sensex stood lower by 900 points (up 1.5%).

Meanwhile, the NSE Nifty closed lower by 272 points (up 1.6%).

Adani Ports, Adani Enterprises, and Bajaj Auto were among the top gainers.

Bajaj Finance, Hindalco, and Tech Mahindra, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index gained 0.6% and BSE SmallCap index gained 0.3%.

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

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

Shares of Hindustan Aeronautics and Blue Star hit their 52-week highs on Wednesday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.04 against the US$.

Gold prices for the latest contract on MCX were trading lower by 0.2% at Rs 54,940 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:30 AM today, the SGX Nifty was trading down by 6 points or 0.1% lower at 17,790 levels.

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

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Top Buzzing Stocks Today

Hindustan Aeronautics will be among the top buzzing stocks today.

HAL on Wednesday signed an agreement with India's defence ministry (MoD) to provide 70 HTT-40 Basic Trainer Aircraft for Rs 68 billion (bn).

Aurobindo Pharma will also be in focus today.

Aurobindo Pharma, on Wednesday, received final approval from the US Food & Drug Administration (USFDA) for its wholly owned subsidiary, Eugia Pharma, to manufacture and market Lenalidomide Capsules.

GQG Partners to Double Down on Adani Group Stocks

GQG Partners to likely expand its investment in the Adani group, the fund firm's founder Rajiv Jain said on Wednesday, a week after its US$ 1.9 billion (bn) infusion into the embattled Indian conglomerate.

The firm typically initiates a position and then increases its investment based on earnings and performance.

Earlier this month, GQG Partners, a US-based boutique investment firm, bought shares of four Adani group companies - Adani Ports, Adani Green Energy, Adani Transmission, and Adani Enterprises - worth Rs 154.5 bn.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Natco Pharma's Share Buyback Plan

The board of Natco Pharma on 8 March 2023 approved a buyback of maximum 3 million shares via the open market.

The maximum buyback price of Rs 700 per equity share represents a 23.64% premium to Monday's closing price of Rs 566.15.

If the shares are bought back at a price below the maximum buyback price, the total number of shares could exceed the indicative maximum buyback shares but will still be subject to the maximum buyback size.

It represents 5.13% and 5.04% of the aggregate of total paid-up capital and free reserves of the company.

The maximum buyback size will not include any other expenses incurred for the buyback.

As on 8 March 2023, promoters and promoter group held 48.8% of the company.

Assuming the buyback of maximum buyback size, promoter group holding will increase to 49.63%.

Natco Pharma is engaged in the business of pharmaceuticals, which comprises research and development, manufacturing and selling of bulk drugs and finished dosage formulations.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

Oil prices decline

Oil prices fell for a second straight session on Wednesday, driven by fears that more aggressive US interest rate hikes would hit demand, while the market awaited further clarity on inventories.

Brent crude futures dipped 0.3% to US$ 83.07 per barrel. US West Texas Intermediate (WTI) crude futures slid 0.4% to US$ 77.24 a barrel.

Both Brent and WTI fell by more than 3%, on Tuesday, after comments by US Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data.

A stronger dollar also capped a lid on oil prices. Powell's comments had propelled the US dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

Alembic Pharma receives USFDA nod for Hypertension drug

Alembic Pharmaceuticals on Wednesday received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Prazosin Hydrochloride Capsules.

The approved drug is the therapeutic equivalent to the reference listed drug product - Minipress Capsules, 1 mg, 2 mg and 5 mg, of Pfizer Inc.

Prazosin Hydrochloride Capsules are used in the treatment of hypertension and lower blood pressure.

The drugs had an estimated market size of US$ 50 million (m) for the 12-month period that ended in December 2022, according to the IQVIA data.

As of date, Alembic Pharma has a total of 183 ANDA approvals, which includes 160 final approvals and 23 tentative ones.

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

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