Gift Nifty Trades Flat | Dr Reddy's Laboratories Declares Dividend | Nifty Realty Sheds 4% | Top Buzzing Stocks Today

Wed, 8 May Pre-Open

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Indian share markets turned negative as the session progressed and ended lower.

Indian benchmark indices were seen trading with a negative bias on Tuesday, weighed by HCL Tech, ICICI Bank, HDFC Bank, and Reliance Industries.

At the closing bell on Tuesday, the BSE Sensex closed lower by 384 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 141 points (down 0.6%).

TCS, HUL and Nestle were among the top gainers.

Bajaj Auto, ONGC and Hindalco 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 1.9% lower and BSE SmallCap index ended 1.6% lower.

Sectoral indices are trading mixed with socks in FMCG sector, IT sector and media sector witnessing most buying. Meanwhile stocks in power sector, energy sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 71,134 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the Gift Nifty was trading up by 2 points at 22,395 levels.

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

Speaking of stock markets, Kotak Bank has lost more than 10% of its market value following the ban by the RBI. It has pushed an already underperforming stock deeper into the underperforming zone.

HDFC has also disappointed investors in the last few years. ICICI Bank on the other hand has been a stellar outperformer.

Rahul Shah, Co-head of Research at Equitymaster discusses can HDFC and Kotak manage a turnaround in his latest video

Tune in to find out the result.

Top buzzing stocks today

Bigbloc Construction share price will be in focus today.

Shares of Bigbloc Construction rose over 3% on 7 May, extending the previous day's 8% gain, after renowned investor Shankar Sharma bought an equity stake in the company. Sharma bought 3.65 lakh shares, or a 0.5% stake in Bigbloc Construction at an average price of Rs 235.

The total value of the deal translated to Rs 85.7 m worth of shares.

Lupin will also be a top buzzing stock.

Shares of pharmaceutical company Lupin slipped 5.2%. This came after the pharma major reported its quarterly earnings on Tuesday that missed street expectations.

Mumbai-based Lupin posted a 52% year-on-year increase in consolidated net profit, reaching Rs 3.6 bn for the January-March quarter of FY24. This compares to a profit of Rs 2.4 bn in the same period last year.

Nifty Realty Sheds 4%. Here's Why.

Shares of real estate companies cracked under intense selling pressure on 7 May, falling anywhere between 2-8% as investors rushed to book partial profits amid a weak market.

All participants of the Nifty Realty index, except Sunteck Realty, have delivered 9-88% gains in 2024 so far, giving investors plenty of headroom to take home at least partial profits.

it was Prestige Estates that fell the most, trading nearly 8% lower, followed by DLF, Sobha and Phoenix Mills, which slumped around 4-6%. Meanwhile, Nifty Realty was also the worst hit among all sectoral indices as it plummeted over 4%.

Realty stocks have been enjoying the fruits of their stellar pre-sales numbers and an even stronger growth outlook for the coming times.

The robust growth story of the sector has been consistently attracting investors, resulting in an over 21% surge in the Nifty Realty index year-to-date. For context, the benchmark Nifty 50 has gained just a little over 2% in the year so far.

Meanwhile, the robust demand outlook for the sector has also taken its valuation to historical levels.

Gland Pharma Receives USFDA Approval

Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for Plerixafor Injection, 24 mg/1.2 mL (20 mg/mL), Single-Dose Vial (Product).

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), MOZOBIL (plerixafor) injection of Genzyme Corporation, a Sanofi company.

The product is a hematopoietic stem cell mobilizer indicated in combination with filgrastim to mobilize hematopoietic stem cells (HSCs) to the peripheral blood for collection and subsequent autologous transplantation in patients with non-Hodgkin's lymphoma or multiple myeloma.

The company expects to launch this product through its marketing partner within FY25. According to IQVIA, the product had US sales of approximately US$ 152 million (m) for the twelve months ending January 2024.

Gland Pharma has grown over the years from a contract manufacturer of small-volume liquid parenteral products to one of the largest and fastest-growing generic injectables manufacturing companies, with a global footprint across 60 countries.

Dr Reddy Declares Final Dividend

The board of directors of Dr Reddy's Laboratories has recommended a final dividend of Rs 40 or 800% per equity share for the financial year 2023-24.

The pharma company has not announced the payment date but said that the final dividend will be paid to eligible shareholders on or after five days from the 40th Annual General Meeting.

Meanwhile, the pharmaceutical giant has reported a consolidated net profit of Rs 13.1 bn in the fourth quarter of financial year 2024, which is a jump of 36% year-on-year. The company had reported a net profit of Rs 9.6 bn in the same quarter a year ago.

The Hyderabad-headquartered drug maker registered revenue of Rs 7,083 crore for the January-March period, up 12.5% on year.

Revenue from the company's pharmaceutical services and active ingredients unit grew 12.3% to Rs 11.5 bn and that from its global generics segment increased 12.8% to Rs 61.2 bn.

Dr Reddy's Laboratories is an Indian multinational pharmaceutical company based in Hyderabad. It manufactures and markets a wide range of pharmaceuticals in India and overseas.

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

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