SGX Nifty Trades Flat| L&T, DRDO Sign AIP Deal | Why Sugar Stocks Are Rising | Top Buzzing Stocks Today

Fri, 23 Jun Pre-Open

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On Thursday, Indian share markets lost its momentum as session progressed and ended the day lower.

Benchmark indices fell yesterday, facing heavy volatility, amid emergence of profit-taking and negative trend in the US markets. Hawkish remarks from Federal Reserve Chair Jerome Powell made investors cautious.

At the closing bell on Thursday, the BSE Sensex stood lower by 281 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 84 points (down 0.5%).

L&T and Tata Steel were among the top gainers.

Bajaj Finance and Power Grid 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 lower. The BSE Midcap index ended 1.1% lower and BSE SmallCap ended 0.6% higher.

All sectoral indices ended the day on a negative note with stocks in the realty sector, telecom sector, and power sector witnessing most of the selling.

Shares of MRF & ZF Commercial 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 81.95 against the US$.

Gold prices for the latest contract on MCX were trading lower by Rs 213 at Rs 58,501 per 10 grams at the of Indian market closing hours on Thursday.

At 7:55 AM today, the SGX Nifty was trading lower by 12 points at 18,819 levels.

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

Speaking of stock markets, have you ever wondered how advertising technology has grown leaps and bounds, in recent years.

For instance, I was randomly looking for some stay options for a break at a hill station.

While their trip has been cancelled, there are still popups and random advertisements that keep appearing whenever I'm on my mobile.

Well, I'm sure you too have had moments when you wondered how your mobile knows everything that you need or are thinking about.

It's like a genie ready to pop up, to cater to what whatever we are aspiring or wishing for. Be it your midnight food cravings or some workshop you have been intending to attend, there is a way to everything through a pop up and a click.

This may seem too random. But there is a lot of intentional work in place. There are businesses collecting billions of data points and making sense of it using AI and ML for companies to grow and their users to consume more.

In the below video, editor of Hidden Treasure, Richa Agarwal talks about two such companies.

Top Buzzing Stocks Today

Vedanta will be among the top buzzing stocks today.

Vedanta, is planning to revive its copper plant in Tamil Nadu, is exploring options to sell the unit at a valuation of Rs 45 billion (bn).

The company invited expressions of interest (EoIs) for the unit in June 2022 but did not get a positive response as the plant was closed for the last five years. The process has now started again with bankers reaching out to potential bidders.

The company invited EoI on 12 June to restart activities following the Supreme Court''s direction. The plant was shut down on the orders of the Tamil Nadu Pollution Control Board (TNPCB).

Venus Remedies will also be in focus today

On Thursday, Venus Remedies received marketing authorisationuthorization from Spain for meropenem, its highest selling generic product.

The company's German subsidiary Venus Pharma GmbH has received this approval for 500mg, 1g and 2g injections of this last-recourse antibiotic. Venus Remedies has been the largest exporter of meropenem from India in the last three years.

L&T hits fresh 52-week high

L&T announced on 22 June signed contract with DRDO for realisation of two air independent propulsion (AIP) System Modules for Kalvari Class of Submarines of the Indian Navy.

These modules constitute the core of the fuel-cell based AIP System, developed by Naval Materials Research Laboratory (NMRL) of DRDO with L&T as prime industry partner. The energy modules (EMs) comprising fuel cells produce the required power, along with on-board hydrogen generation.

Following this development, the stock hit a fresh 52-week high of Rs 2,424 on the exchanges.

On realisation and integration of these modules in the submarines, India will join an elite club of a handful of nations who have indigenously developed fuel cell based submarine AIP technology which is critical for increasing the endurance of conventional submarines.

L&T is the recipient of transfer of technology (ToT) for this DRDO developed AIP System. The manufacturing, integration and factory acceptance trials of the EMs will be undertaken in L&T's AM Naik Heavy Engineering Complex at Surat.

L&T's new initiative will enhance the Indian defence sector.

Quant Mutual Funds acquires further stake in Sula Vineyards

Quant Mutual Fund picked up a 0.7% stake in India's largest wine producer, Sula Vineyards.

Quant Mutual Funds bought an additional 500,000 shares in the company on 20 June, raising its stake to 3.1% at Rs 471 per share.

Sula Vineyards' revenue for financial year 2023 increased by 21% year on year to Rs 5,198 m and net profit jumped 61% during the same period. The liquor company's operating margin increased 378 basis points to 30.3%.

The share price rallied 44.6% in 2023 so far. Yesterday, it touched a 52-week high of Rs 489.6 and a 52-week low of Rs 305.6 on 26 December 2022.

Why Sugar stocks are rising

Yesterday overall sugar stocks were buzzing. Analysts predict this trend to continue and advise using dips to purchase as this sector may outperform in the next few sessions.

Uttam Sugar Mills , Ugar Sugar Works , Magadh Sugar & Energy recorded new 52-week high and Balrampur Chini Mills was trading near its 52-week high level.

Due to the firming of sugar prices globally and the US sugar futures market, which is trading at decade-high levels, the majority of sugar companies, including Uttam Sugar, Vushwaraj Sugar, Avadh Sugar, and Ugar Sugar Works, have enjoyed a remarkable run recently.

Furthermore, reportedly, the government has extended the interest subvention scheme for sugar firms until 30 September. The move was made in order to meet the ethanol blending requirement. This news added to the stocks optimistic sentiment.

Another factor influencing stock sentiment was market forecasts that sugar prices would remain high owing to a poor weather forecast and demand would rise.

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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