SGX Nifty Down 44 Points| SpiecJet Enters Settlement Agreement | Why Syschem India Share Price is Rising | Top Buzzing Stocks Today

Thu, 22 Jun Pre-Open

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On Wednesday, Indian share markets continued its momentum as session progressed and ended the day higher.

Benchmark indices ended in green aided by persistent foreign inflows into equities on the back of strong macroeconomic data. BSE Sensex scaled a fresh all-time high of 63,588 on the BSE in the intra-day trade on Wednesday, surpassing its previous high of 63,583 touched on 1 December 2022.

At the closing bell on Wednesday, the BSE Sensex stood higher by 195 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 42 points (up 0.2%).

ONGC and HDFC Bank were among the top gainers.

Hindalco and ITC 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 higher. The BSE Midcap index ended 0.7% higher and BSE SmallCap ended 0.2% higher.

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

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

Shares of MRF & ABB India hit their 52-week highs.

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 82.11 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 58,756 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the SGX Nifty was trading lower by 44 points or 0.2% at 18,865 levels.

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

Speaking of stock markets, the Indian stock market has had a great run over the last three and a half months.

The benchmark indices have hit new an all-time high. Midcaps and smallcaps are up significantly from the lows of March 2023. The sentiment in the market is very bullish.

But all is not well. The technical charts don't paint such a rosy picture.

In the below video, chartist Brijesh Bhatia shows why the market rally could be running out of steam.

Top Buzzing Stocks Today

SpiceJet will be among the top buzzing stocks today.

Yesterday SpiceJet entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for the airline's Q400 aircraft.

The agreement between the two settles all past liabilities for the Q400s leased by NAC to SpiceJet. At present, the airline operates five Q400 aircraft from NAC in its fleet.

Lupin will also be in focus today.

Yesterday Lupin received a USFDA nod for Tiotropium Bromide Inhalation Powder in the strength of 18 mcg per capsule.

The drug is a generic equivalent of Spiriva HandiHaler, owned by Boehringer Ingelheim Pharmaceuticals, and will reduce exacerbations in chronic obstructive pulmonary disease (COPD) patients.

This generic approval given to Lupin for Spiriva HandiHaler is the first in the US and is also the first dry powder inhalation product from India for the US.

Why Syschem India share price is rising

Syschem India share price gained nearly 9% in early trade on 21 June as the company plans to expand its existing facilities.

The board of directors of the specialty chemical company has approved the plan for expansion of the existing facilities for manufacturing of amoxicillin and cephalexin at Bargodam in Panchkula, Haryanaby, setting up a parallel production line.

The installed capacity of the unit will be increased from 720 TPA to 1380 TPA approximately in order to cater the demand of the market.

The total fund required towards completion of the projects shall be around Rs 100 to 120 million (m).

The company has also decided to start the foundation laying work of the new Pharma Block on 22 June 2023.

Syschem India is a listed company engaged in the manufacture of bulk drugs, specialty chemicals and contract manufacturing.

Why Dev Information Technology hit 52-week high

Dev Information Technology share price hit its 52-week high of Rs 159.7 on 21 June after the Ahmedabad-based IT firm's wholly owned stepdown subsidiary of US-headquartered Lilikoi Holdings, acquired a 51% stake in the company.

Reportedly, the all-cash deal is estimated to be worth Rs 3 billion (bn).

Through acquisitions and in-house expertise, Lilikoi is creating a unique ecosystem to design, engineer, manufacture, and support their IoT devices, and seamlessly integrate various technologies.

This strategic acquisition will boost the IT company's presence in North American markets directly and tap into global business opportunities. It will facilitate growth in digital transformation services via cloud, blockchain, and other existing services while adding IoT-led business to the revenues.

The share purchase and subscription agreement (SPSA) between the parties was signed on 16 June, the company had informed the exchanges earlier.

The shares of the company have been hitting its upper circuit of 5% ever since the deal was announced.

An extraordinary general meeting (EGM) of the company is scheduled to be held on 16 July 2023, to seek shareholders' approval for increase in the authorised share capital of the firm, and issue of equity shares on a preferential basis to the acquiring entity.

Shree Cement share price under pressure

Shree Cement's share price fell over 2% on 21 June after various media houses reported that Income Tax Department was conducting surveys at five company locations.

The surveys were being carried out under Section 80IA of the Income Tax Act, which provides for tax deduction for certain industrial undertakings involved in infrastructure development.

After falling 2% intraday, the stock managed to recoup some losses in late trade to close at Rs 25,780, down 0.6% from the previous close.

In the March quarter of the financial year 2022-23, Shree Cements reported a 15.3% year-on-year decline in standalone profit at Rs 5,462 m on back of higher power and fuel costs. The company's standalone revenue, however, grew 16.7% from the year-ago period to Rs 47.9 billion (bn).

The cement company's premium multiples currently reflect most of its capital expenditure intensity and cost curve positioning, Investec. However, the firm sees both capex intensity and cost-curve positioning eroding with time, resulting in such a low target price.

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

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