SGX Nifty Up 45 Points | Adani Group's Green Energy Endorsement | Raymond Q4 Results | Top Buzzing Stocks Today

Wed, 10 May Pre-Open

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On Tuesday, Indian share markets shed most of the early gains and ended flat.

Benchmark indices held on to gains for the better part of the day but fell during closing hours and registered a flat close as selling in US index futures forced investors to book profits.

At the closing bell on Tuesday, the BSE Sensex stood at 61,761 level, down by 3 points.

Meanwhile, the NSE Nifty closed at 18,266.

Coal India and Axis Bank were among the top gainers.

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

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a mixed note with the BSE Midcap index ending flat and the BSE SmallCap index ending 0.4% lower.

Sectoral indices ended on a mixed note with stocks in the telecom sector and energy sector witnessing buying.

On the other hand, stocks from the power sector and realty sector witnessed selling pressure.

Shares of Tata Motors and ITC hit their 52-week highs on Tuesday.

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 higher by 0.5% at Rs 61,217 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:20 AM today, the SGX Nifty was trading up by 45 points or 0.2% higher at 18,350 levels.

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

Speaking of stock markets, the Indian share markets have remained quite volatile in recent weeks.

Even a genius mathematician was once a victim of such market volatility. Instead of going with near term trends and speculative bets on stocks like Infosys and HDFC Bank, it is important to study their long-term financials and valuations carefully.

Especially, if you are considering these stocks as your 10-year bets.

Co-head of Research at Equitymaster Tanushree Banerjee, in her latest video talks about which is the best

Top Buzzing Stocks Today

Adani Ports will be among the top buzzing stocks today.

Adani Ports, on Tuesday, announced early repayment of US$ 130 million (m) debt. The company offered nearly US$ 413 m worth of debt for early payment.

Indiabulls Real Estate will also be in focus today.

The company on Tuesday announced that the merger of Nam Estates Private Limited and Embassy One into the company had been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT).

Adani Group companies lose climate endorsement

Three Adani Group companies have lost their endorsement from the world's leading arbiter of corporate green goals, a blow to the industrial conglomerate's attempt to reposition itself as a leader of India's energy transition.

The companies affected by the loss of endorsement are Adani Enterprises, Adani Green Energy, and Adani Ports and Special Economic Zone. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement's target of limiting global warming.

These entities were previously part of the Climate Group's global initiatives aimed at accelerating the transition to clean energy and reducing greenhouse gas emissions.

The decision to revoke the endorsement came as a result of concerns raised by environmental activists and organizations regarding the Adani Group's involvement in the coal industry and alleged environmental violations associated with its projects.

The Climate Group's decision reflects the increasing scrutiny faced by companies regarding their environmental impact and adherence to sustainable practices.

It may impact the group's ability to attract investors who prioritize environmental, social, and governance (ESG) factors in their investment decisions.

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.

Raymond Q4 net profit slips 26%

Diversified group Raymond on Tuesday reported a 9.8% YoY rise in revenue to Rs 21.5 billion (bn). This was against the revenue of Rs 19.5 bn a year back.

The leading textile and apparel maker reported a 25.8% decline in net profit at Rs 19.6 bn in the March 2023 quarter. The company posted a net profit of Rs 2.6 bn a year back.

The decline was due to a 17.3% YoY rise in total expenses at Rs 19.4 bn against Rs 17.9 bn in the same quarter last year.

During the quarter, Raymond registered a loss of Rs 930 million (m) on exception items such as expected credit loss of trade receivables, write-down of inventories, and retrenchment compensation, among others.

Its profit before exceptional items and tax was at Rs 2.7 bn.

In the March quarter, Raymond's revenue from the textile segment stood at Rs 9 bn.

The apparel segment reported a revenue of Rs 3.3 bn while garmenting section recorded a revenue of Rs 3 bn.

Meanwhile, Raymond, on Tuesday, recommended the payment of a dividend of 30% on the equity share capital i.e., Rs 3 per equity share of the face value of Rs 10 each for the financial year 2023.

Raymond is one of the leading players in the suiting business with a market share of over 60%. It is also the largest branded fabric player in the organized shirting segment.

With a significant market share in Indian Ethnic space, Raymond is the top wedding season stock to watch in India.

Venus Remedies to bolster oncology space

Venus Remedies, a prominent provider of cancer drugs worldwide, achieved marketing authorization for two additional cancer medications in the Philippines and Iraq.

In the Philippines which stands as the second-largest market in the Association of Southeast Asian Nations region, Venus Remedies successfully obtained marketing approval for Bleomycin.

This medication is primarily utilized to treat squamous cell cancer in the head and neck regions, Hodgkin's lymphoma, and testicular carcinoma in adults.

This approval signifies the company's growing presence in the Philippine pharmaceutical market, which amounts to US$ 5 billion (bn).

Thus far, Venus Remedies has obtained marketing approval for 37 products across various segments in the country. Additionally, the company has submitted dossiers for over 50 oncology products awaiting marketing authorization from the Health Ministry of the Philippines government.

Furthermore, Venus Remedies made its inaugural entry into the Iraqi market by securing product registration for Gemcitabine.

Moreover, Venus Remedies is on the verge of obtaining marketing approval for a crucial cancer drug from the UK Medicines and Healthcare Products Regulatory Agency (MHRA), demonstrating its commitment to global regulatory compliance and ensuring access to its medications.

For a fundamental analysis of Venus Remedies, check out Equitymaster's Indian stock screener which has a separate screen for top pharma companies in India.

To know what's moving the Indian stock markets today, 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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