Gift Nifty Trades Flat | Aurobindo Pharma Receives WHO GMP Approval | Why BSE SME IPO Index is Falling | Top Buzzing Stocks Today

Wed, 13 Mar Pre-Open

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On Tuesday, Indian share markets gave up some gains as the session progressed and ended the day marginally higher.

After clocking tepid gains in early deals, the benchmark indices rose sharply higher in intraday trade on Tuesday amid buying in TCS, Infosys, HCL Tech.

At the closing bell on Tuesday, the BSE Sensex closed up by 165 points (up 0.2%).

Meanwhile, the NSE Nifty closed lower by 3 points.

TCS, Infosys and Maruti Suzuki were among the top gainers.

Cipla, Grasim Industries and Adani ports 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.

Broader markets ended the day lower. The BSE Mid Cap ended 1.4% lower and the BSE Small Cap index ended 2.1% lower.

Barring IT sector, other all sectoral indices are trading negative, with stocks in realty sector and power sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 66,425 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:30 AM today, the Gift Nifty was trading 8 points higher at 22,465 levels.

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

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Top buzzing stocks today

ITC share price will be in focus today.

Shares of ITC experienced a decline in the early trading session on Tuesday, 12 March 2024.

The decline in shares came after an announcement from British American Tobacco (BAT), regarding a potential disposal of a small part of its shareholding in the Indian conglomerate through an on-market block trade.

Sanghi Industries will also be a top buzzing stock.

Adani Group-owned Ambuja Cements on 12 March intends to divest up to 2% stake in Sanghi Industries to comply with minimum public shareholding norms.

Why BSE SME IPO Index is Falling

The BSE SME IPO index, which tracks the performance of recently listed small and medium enterprises stocks, extended the previous session's losses to close 4.7% lower at 52,858.6 on 12 March.

Small and medium enterprises stocks came under pressure after SEBI chairperson Madhabi Puri Buch said on 11 March that the market regulator has noticed signs of manipulation in the SME segment.

Besides having the technology to identify patterns that suggest manipulation, the regulator has also received feedback from market participants on how such fraudulent activity can be identified and how they can be dealt with.

The regulator tried to provide a listing environment for SMEs that is more facilitative and thus less regulated than that for the mainboard.

SME IPOs were in the news throughout 2023 for attracting record-breaking investments. A record 176 companies raised Rs 48.4 bn from the BSE SME and NSE Emerge platform during the previous year.

While the companies intended to raise only Rs 48.4 bn, a record Rs 2.8 trillion (tn) worth of applications were submitted.

The BSE SME IPO index has jumped 116% in the last year and, so far, has gained 14% year-to-date. However, the market regulator received feedback of some entities misusing this facilitative framework.

The BSE SME IPO Index tracks the current primary market conditions in the Indian capital market and measures the growth in investors' wealth over a while. The index constitutes SMEs listed on the BSE SME platform.

Aurobindo Pharma Receives WHO GMP Approval

The Prequalification Unit Inspection Team (PQT-INS) of the World Health Organization (WHO) inspected Unit IV.

The formulation manufacturing facility is owned by APL Healthcare and is located in Menakuru Village, Naidupeta Mandal, Tirupati District, Andhra Pradesh. The inspection took place between 11 September and 15 September 2023.

After reviewing the inspection findings and our response to them, the PQT-INS has recommended that the facility be named as a manufacturing site in the dossier for Dolutegravir, Lamivudine, Tenofovir Disoproxil Fumarate Tablets (50/300/300 mg) to the Prequalification Assessment Team.

The company has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fingolimod Capsules, 0.5 mg. This product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Gilenya Capsules, 0.5 mg of Novartis Pharmaceuticals Corporation. The launch of this product is scheduled for March 2024.

In February, the USFDA inspected the injectable facility of Eugia SEZ Pvt Ltd, a 100% subsidiary of Aurobindo Pharma, at Polepally Village in Mahaboobnagar district of Telangana. After inspection, the company received seven observations from the USFDA. The inspection took place from 19 to 29 February.

Infibeam Avenues Sinks 9%

Shares of AI-powered fintech player Infibeam Avenues slumped 9% to an intra-day low of Rs 36.37 in Tuesday's session amid heavy volumes as 6 million shares changed hands in the pre-open block deal window on NSE.

The names of the buyers and sellers were not known. The block deal was worth Rs 237.6 m, and was done at Rs 39.6 per share.

The digital payment solution provider's stock has posted a handsome rally of 87% so far in the calendar year 2024 (against the previous close) as it has surged from the Rs 21.9 level of 29 December 2023.

The company on 5 March 2024, received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator with its payment gateway brand - CCAvenue.

RBI introduced the payment aggregator framework in March 2020, which necessitates payment gateways to secure an aggregator license for acquiring merchants and delivering digital payment acceptance solutions.

The company also recently received RBI approval to act as an Operating Unit under the Bharat Bill Pay license. These are the system participants in BBPS, which may function either as a Biller Operating Unit (BOU) or a Customer Operating Unit (COU) or both.

The company has a total 10 million plus merchants on its platforms. In the first half of FY24, it has already onboarded over half a million merchants due to its growing relationship with bank partners and merchants.

The company's payment infrastructure solution includes issuing solutions and offering infrastructure for banks.

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

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