Sensex Today Gains 298 Points, Nifty Ends Above 18,200 | Tata Motors Up 3% | NTPC & ONGC Top Gainers

Fri, 19 May Closing

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After opening the day higher, Indian share markets traded on a volatile note and regained lost ground in late noon deals, ending higher.

Benchmark indices ended higher amid positive trends in the global stock markets and foreign fund inflows. However, both benchmark indices shed around 0.8% overall this week.

At the closing bell, the BSE Sensex stood higher by 298 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 73 points (up 0.4%).

Tata Motors, Tech Mahindra and Infosys were among the top gainers today.

NTP, ONGC and Britannia on the other hand, were among the top losers today.

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

The SGX Nifty was trading at 18,231, up by 52 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index and the BSE SmallCap ended flat.

Sectoral indices ended on a mixed note with stocks in the IT sector and the metal sector witnessing most of the buying.

On the other hand, stocks from the metal sector and Oil & gas sector witnessed selling pressure.

Shares of Cyient and Hitachi Energy hit their 52-week highs today.

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...

Asian stock markets ended on a mixed note. The Nikkei ended higher by 0.7%, while the Hang Seng was down 1.4%. The Shanghai Composite ended 0.4% lower.

The rupee is trading at 82.66 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.2% at Rs 59,854 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.6% at Rs 72,570 per kg.

Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?

Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.

Gland Pharma shares plunge to 52-week low. Here's why...

In news from the pharma sector, shares of Gland Pharma nosedived 20% today, hitting their lowest level in 52 weeks, a day after the company reported a dismal set of earnings for the March 2023 quarter.

The drugmaker's revenue from operations declined 29% YoY to Rs 7.9 bn during the March 2023 quarter. This decline was due to a shutdown in the production line during the quarter at its Pashamylaram (Telangana) Penems manufacturing facility due to line upgradation.

The company's net profit plunged 72% To Rs 786.8 million (m) from Rs 2.8 bn in the same quarter last year. The net profit was also impacted by a one-off expense worth Rs 564.6 m towards an impairment loss.

Additionally, a softer off-take in the rest of the world (RoW) market due to tender seasonality led to this sequential decline in the top line.

RoW markets, which accounted for 22% of the March 2023 quarter revenues, saw revenues decline 12% sequentially and 10% year-on-year. The company's business from the domestic B2C division also reduced during the year compared to the previous year.

Going forward, the company expects a slow recovery over the next 12-15 months aided by new launches in China/other regulated markets, the newer contracts in the CDMO segment and inventory rationalization of existing products.

However, it is not the first time the shares of the company have seen such a wild swing, a similar decline was seen in January 2023. To know the reason behind his continuous decline, check out our editorial-  why Gland Pharma share price is falling.

With a return on equity (RoE) and return on capital employed (RoCE) of 17% and 22.7%, respectively, it is the top pharma company in India by growth.

Why Axita Cotton's share price hit lower circuit today?

Moving on to news from the textile sector, shares of Axita Cotton hit a lower circuit during the afternoon deals on Friday.

This decline was seen after the company announced that the board will consider a share buyback proposal next week.

The stock opened today's trading session at an upside gap of Rs 27.01 apiece and went on to hit a lower circuit limit of Rs 24.70.

The company board of Axita Cotton is scheduled to meet on Tuesday, 23 May 2023, to consider the proposal for the buyback of fully paid-up equity shares of the company.

Following the update, shares of Axita Jumped 5% in the morning before hitting its lower circuit at noon.

Axita Cotton has been exporting Raw cotton & cotton yarns to Asian countries, including Bangladesh, China, Vietnam and some European countries in the last six years. The company is among the leading raw cotton manufacturers and exporters in India.

The shares of this multibagger textile stock witnessed a similar downfall early in the month, slipping 54% in 5 days.

To know why this top multibagger penny stock in India has hit a snag, check out why Axita Cotton share price is falling.

Why GR Infraprojects share price is rising

Moving on to news from the engineering sector, shares of G R Infraprojects surged 9% on Friday, buoyed by the company's strong performance beat for the March 2023 quarter.

Revenue for the quarter rose 2.7% YoY to Rs 24.6 bn from Rs 23.9 bn in the same quarter last year.

The construction company's net profit grew 41% YoY to Rs 3.9 bn in the March 2023 quarter against Rs 2.7 bn in the year-ago period.

The operational performance also improved as the EBITDA margin expanded to 27.2% in the March 2023 quarter from 21.2% a year back.

Meanwhile, its operating income was up just 3% to Rs 24.9 bn against Rs 24.1 bn in the corresponding quarter last fiscal.

For the overall financial year 2023, the company's net profit surged almost 75% to Rs 14.5 bn compared to Rs 8.3 bn in the financial year 2022.

However, before May, the stock was in the red for three straight months since February. It fell 2.3% in April 2023.

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

And 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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