Gift Nifty Trades Flat | Emcure Pharmaceuticals Receives IPO Approval | Biocon Eyes China Trials | Top Buzzing Stocks Today

Fri, 21 Jun Pre-Open

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Indian share continued the momentum as the session progressed and ended the on positive note.

Benchmark indices remained volatile all through the day on Thursday, swinging between gains and losses, and investors adjusted their position amid the weekly F&O expiry.

At the closing bell on Thursday, the BSE Sensex stood higher by 141 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 51 points (up 0.3%).

Hindalco, BPCL and Adani Ports were among the top gainers.

NTPC, M&M and Wipro, 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 0.6% higher and BSE SmallCap index ended 1% higher.

Sectoral indices are trading mixed, with socks in metal sector, realty sector and oil & gas sector witnessing most buying. Meanwhile stocks in auto sector, telecom sector and media sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 72,047 at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading up 6 points at 23,599 levels.

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

Speaking of the stock market, in a recent video, Rahul Shah, Co-Head of Research at Equitymaster, discusses the essential quality for a successful investor aiming to outperform the market index by at least 5% annually.

Drawing inspiration from legendary investors like Warren Buffett, Shah emphasizes the importance of strategically adjusting one's investment style, shifting between aggressive and defensive approaches and selecting high-quality stocks at attractive valuation.

The author recommends using the Sensex PE ratio to determine when to be aggressive (PE < 20) or defensive (PE > 22) in the Indian stock market.

Tune into below video for more details.

Top buzzing stocks today

Suzlon share price will be in focus today.

Suzlon shares hit the upper circuit in the morning trade on 20 June, after shares worth Rs 1.8 bn changed hands in a block deal.

Around 0.3% equity or 37 m shares of the wind energy player were exchanged.

Blue Dart will also be a top buzzing stock.

Shares of Blue Dart Express surged up to 2.5% to Rs 8,049 apiece on 20 June after the company launched drone deliveries in collaboration with Skye Air.

The company said that this move marked a significant advancement towards cleaner and more efficient delivery solutions.

Emcure Pharmaceuticals Receives IPO Approval

Maharashtra-based Emcure Pharmaceuticals has received approval from the capital markets regulator Securities and Exchange Board of India (SEBI) to launch its initial public offering. The IPO may be launched in July, according to people familiar with the development.

The IPO comprises a fresh issue of Rs 8 bn worth of equity shares by the company, and an offer-for-sale (OFS) of 1,36,78,839 equity shares by existing shareholders, including promoters.

Satish Ramanlal Mehta and Sunil Rajanikant Mehta are the promoters selling shareholders in the OFS. Namita Vikas Thapar, Pushpa Rajnikant Mehta, Bhavana Satish Mehta, Kamini Sunil Mehta, BC Investments IV, Arunkumar Purshotamlal KhannaI, Berjis Minoo Desai, and Sonali Sanjay Mehta will also be selling shares in the OFS.

The SEBI issued an observation letter on the Emcure IPO on 10 June, as per the processing status of draft offer documents published by the regulator. The issuance of an observation letter means the company can go ahead with its IPO plans.

Emcure filed the preliminary papers for its IPO with the regulator in December 2023.

The pharmaceutical firm that competes with Dr Reddy's Labs, Cipla, Alkem Labs, Torrent Pharma, Mankind Pharma, and Abbott India intends to utilise Rs 6.4 bn out of the net fresh issue proceeds for repaying its debt and the remaining amount for general corporate purposes.

Biocon Eyes China Trials

India's Biocon is searching for a partner in China to test generic versions of Novo Nordisk's hot-selling diabetes drug Ozempic and weight loss treatment Wegovy.

Biocon, which aims to eventually launch generic versions of the injectible drugs globally, wants to find a Chinese partner for clinical trials on 500-plus patients so they can be sold in the world's second-biggest economy.

Biocon's generics would join at least 15 other generics or biosimilars in development by Chinese drugmakers ahead of the expiry of patent protection on semaglutide, a key ingredient in both Ozempic and Wegovy, in early 2026 in China.

At least two local firms have already applied to begin commercial sales.

Huge demand for Wegovy and Ozempic - which is sometimes used unofficially as a weight-loss treatment - have helped to turn Novo Nordisk into one of Europe's most valuable companies.

The number of adults who are overweight or obese in China is projected to reach 540 million and 150 million, respectively, in 2030, up 2.8 and 7.5 times from 2000 levels, according to a 2020 study.

Rupee Plunges 17 Paise

The rupee plunged 17 paise to settle at over two-month low level of 83.61 (provisional) against the US dollar on Thursday amid surging crude oil prices due to renewed geopolitical tensions in the Middle East, even though the domestic equity markets hit fresh peaks.

According to forex traders, the inflow of foreign capital and positive momentum in domestic equity markets failed to support the local unit, which gave in to the pressure due to a firm American currency against major rivals overseas.

At the interbank foreign exchange market, the local unit opened at 83.43 and touched the intra-day high of 83.42 against the greenback.

During the session, the currency hit an all-time low of 83.68 against the dollar. The rupee finally settled at 83.61 (provisional) against the dollar, registering a steep fall of 17 paise from its previous close.

On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar.

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