SGX Nifty Up 24 Points | IFL Enterprises Bonus Issue and Stock Split | Ajanta Pharma Share Buyback | Top Buzzing Stocks Today

Mon, 13 Mar Pre-Open

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On Friday last week, Indian share markets witnessed heavy selling pressure throughout the trading session. Benchmark indices declined over a percent tracking heavy selling in banking and finance stocks.

The heavy selling was triggered by weak Asian markets and overnight losses in the US market.

At the closing bell on Friday, the BSE Sensex stood lower by 671 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 177 points (down 1%).

Tata Motors and Maruti Suzuki were among the top gainers.

HDFC Bank and SBI, on the other hand, were among the top losers.

The BSE MidCap index fell 0.6% while the BSE SmallCap index declined 0.7%.

Sectoral indices ended on a mixed note with stocks in the banking sector, finance sector and capital goods sector witnessing most of the selling.

While power stocks and FMCG stocks witnessed buying.

Shares of Siemens, Blue Star and Jindal Saw hit their 52-week highs on Friday.

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 82.01 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 55,388 per 10 grams at the time of Indian market closing hours on Friday.

At 8:20 AM today, the SGX Nifty was trading up by 24 points or 0.1% higher at 17,460 levels.

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

Speaking of stock markets, there's a sugar rush on Dalal Street.

Sugar stocks are in demand. There are many fundamental reasons why sugar stocks are rising.

But what do the charts say? Are these stocks worth trading now from a technical point of view?

Find out in the below video...

Top Buzzing Stocks Today

Marksans Pharma will be among the top buzzing stocks today.

Marksans Pharma on Friday received final USFDA nod for generic version of Famotidine tablets indicated for the treatment of acid indigestion and heartburn.

Swan Energy will also be in focus today.

Swan Energy on Friday signed an agreement to lease out its floating storage regasification unit (FSRU) vessel to Turkish government-owned natural gas and LNG firm Botas for an annual rental of around Rs 8 billion (bn).

IFL Enterprises bonus issue and stock split

IFL Enterprises board, on Friday, approved a 10:1 stock split and 1:4 issue of bonus shares.

The firm's board has approved the sub-division of one equity share, having a face value of Rs 10 each, into ten equity shares having a face value of Re 1 each.

The record date for the same will be announced post the board meeting.

The rationale behind the split is to enhance the liquidity in the capital market to widen the shareholder base and to make the shares more affordable to small investors.

The sub-division is expected to be completed within two months from the date of the member's approval.

The company's board has also approved issuing one bonus equity share for every four existing shares held on the record date.

The bonus share would be dispatched within two months from the date of the board meeting.

IFL Enterprises is involved in the acquisition and trading of shares, stocks, bonds etc. It also carries on the business of all kinds of fabrics and other similar products.

For the companies with long history of issuing bonus shares, check out 5 Indian companies which have consistently declared bonus shares.

Also check out 5 stocks to watch out for bonus shares and stock split in March 2023.

Ajanta Pharma share buyback

Ajanta Pharma's board on Friday approved the buyback of shares worth Rs 3.2 bn at Rs 1,425 per share via the tender offer route. The company will buy back about 22,10,500 equity shares of the company, representing 2.59% of total equity.

The record date for the same is 24 March 2023.

The total payout towards the buyback of shares will not be exceeding Rs 3.9 bn.

Ajanta Pharma is a speciality pharmaceutical formulation company having branded generic business in India and emerging markets, generic business in US and institution business in Africa.

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

Oil registers worst weekly drop since February

Oil fell for a fourth session on Friday, and registered its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand.

Brent dipped 0.6%, to US$ 81.11 a barrel, while US West Texas Intermediate crude (WTI) was down 0.8% at US$ 75.12 a barrel.

Expectations of ongoing rate hikes in the world's largest economy and Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5.5% so far this week, in their worst drop since early February.

US Federal Reserve Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was transitory and was surprised by the strength of the labour market.

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

Natco Pharma unveils additional strengths of cancer drug

Natco Pharma on Friday launched additional strengths for the generic version of Revlimid in 2.5 mg and 20 mg strengths in the United States through its marketing partner Teva Pharmaceuticals.

Revlimid Generic is a cancer drug having a total market size of nearly US$ 3 bn.

With the launch of additional strengths, companies made available all the strengths of Revlimid in the US market.

Why did Adani Enterprises share fall 11% in two days?

After rallying non-stop for six trading sessions, shares of embattled Adani group's flagship Adani Enterprises have lost up to 11% in the last two days.

The Nifty stock lost up to 6.7% during on Friday before recovering some of the losses on buying at lower levels.

The bull's grip on Adani Enterprises stock loosened after CARE Ratings downgraded the outlook on Gautam Adani's flagship entity from stable to negative while keeping in mind the ongoing regulatory and legal scrutiny.

Also, its strengths continue to be tempered by the incubation risk associated with large-sized projects in diverse areas as it does not possess prior experience, large capex envisaged in the airport segment, and continued dependence on subcontractors for road project execution.

In the meantime, shares of Adani Total Gas, Adani Transmission, and Adani Green Energy were locked in 5% upper circuit limits.

According to value investor Aswath Damodaran, Adani Enterprises has more downside. To know why, check out our editorial What should you think about Aswath Damodaran's views on Adani enterprises?

To know what's moving the Indian stock markets, 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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