Gift Nifty Up 20 Points | Gland Pharma Receives USFDA Approval | Maruti Suzuki Crosses Rs 8 Trillion Mark | Top Buzzing Stocks Today

Tue, 30 Apr Pre-Open

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   10:30 am   

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Indian headline indices returned to their winning ways after a one-day hiatus, led by strong buying action in banks.

At the closing bell on Monday, the BSE Sensex closed higher by 941 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 215 points (up 0.9%).

ICICI Bank, SBI and Axis Bank were among the top gainers.

Bajaj Auto, Apollo Hospital and HCL Tech 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.

The BSE MidCap index ended 0.8% higher and BSE SmallCap index ended marginally higher.

Barring realty sector, all other sectoral indices are trading positive with socks in financial sector, banking sector and power sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 71,639 per 10 grams at the time of Indian market closing hours on Monday.

At 7:30 AM today, the Gift Nifty was trading up by 20 points at 22,785 levels.

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

Speaking of stock markets, Rahul Shah, Co-head of Research at Equitymaster argues that it's better to analyse a company first to determine its intrinsic value before looking at the market price to avoid bias.

We try this technique on a prominent Tata group stock and come away with a surprising result.

Tune in to find out the result.

Top buzzing stocks today

BSE share price will be in focus today.

Shares of BSE tanked 19% today (29 April 2024) in intra-day trade amid heavy volumes after the market regulator on Monday directed the exchange to pay a regulatory fee on the notional value of annual turnover.

BSE is liable to pay Total Regulatory Fees along with 15% interest, to the market regulator based on Annual Turnover considering Notional Value in case of Option Contract.

KPIT Technologies will also be a top buzzing stock.

KPIT Technologies shares zoomed 6 percent after its constant currency (CC) growth in FY24 beat the company's guidance. For FY25, the company expects a revenue growth of 18-22 percent.

The company also declared a dividend of Rs 4.6 a share for the quarter

Gland Pharma Receives USFDA Approval

Gland Pharma has received approval from the United States Food and Drug Administration (US FDA) for Cetrorelix Acetate for Injection.

The approved product is a bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Cetrotide for Injection.

The company expects to launch this product in the near term through its marketing partner.

Cetrorelix Acetate for Injection is used to prevent premature LH surges in women undergoing controlled ovarian stimulation.

It blocks the effects of a natural hormone called gonadotropin-releasing hormone (GnRH), which controls the secretion of another hormone called luteinizing hormone (LH), which induces ovulation during the menstrual cycle.

According to IQVIA, the product had US sales of approximately US$ 129 million (m) for the twelve months ending February 2024.

Gland Pharma is one of the largest and fastest-growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets.

It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions. The company also pioneered Heparin technology in India.

ICICI Bank Crosses Rs 8 Trillion Mark

Private sector lender ICICI Bank Ltd has become the fifth Indian company and the second bank to surpass Rs 8 trillion (tn) market capitalisation for the first time after its shares rallied over 4% on strong earnings.

Reliance Industries, TCS, HDFC Bank, Infosys and Bharti Airtel have so far crossed this milestone. RIL remained India's most valued firm with an mcap of Rs 20.4 tn, followed by TCS and HDFC Bank, which has an mcap of Rs 15 tn and Rs 9.6 tn. Infosys and Bharti Airtel have a market cap of Rs 8.16 lakh crore and Rs 8.1 tn.

The net profit is in line with the market estimates of Rs 103.3 bn. The bank recommended a dividend of Rs 10 per share.

The net interest income (NII) of Rs 190.9 bn, increased by 8% as compared to Rs 176.7 bn reported in the corresponding quarter of the previous fiscal. The NII is slightly higher as against the estimates of Rs 189.6 bn.

The bank's gross non-performing asset (NPA) stood at 2.2%, down from 2.8% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.4% compared to 0.5% last year.

MCX Drops 6%

MCX shares dropped 6.5% to the day's low of Rs 3897.90 on BSE after a fresh directive from the Securities and Exchange Board of India (Sebi) will lead to a higher regulatory fee. MCX and BSE were paying regulatory fees on premium turnover to Sebi, while NSE was paying it on notional turnover in the case of derivatives.

The regulator payment directive will lead to a higher cost burden for MCX and BSE.

MCX received a letter from Sebi asking the exchange to pay regulatory fees on an option basis notional turnover and not premium turnover. The market also instructed the exchange to pay the differential regulatory fee for past periods with an applicable interest of 15% per annum for every delayed month.

The commodity exchange has disclosed that it will have to pay Rs 14.3 bn of differential regulatory fee for the past period and Rs 3.4 bn of interest on the same. For FY24 basis, with this change, MCX will have to pay an additional regulatory fee of Rs 26.6 bn.

Earlier, NSE was calculating the regulatory fees on notional turnover, whereas BSE and MCX were calculating on premium turnover.

Sebi's regulatory charges are calculated on turnover across segments like cash, futures, and options. In cash and futures segments, there is only one turnover, and hence, the calculation is straightforward. In the options segment, there is notional turnover and premium turnover.

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

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