SGX Nifty Trades Flat | Infosys Ends Ties with Synergy360 | BEML Bags MoD Contract | Top Buzzing Stocks Today

Mon, 26 Jun Pre-Open

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On Friday, Indian share markets extended losses as session progressed and ended the day lower.

Benchmark indices declined on Friday, extending their previous day's fall, in line with weak trend in Asian markets and fresh foreign fund outflows. Rising interest rates globally also dampened investor sentiments.

The downward trajectory was further boosted due to profit booking by investors.

At the closing bell on Friday, the BSE Sensex stood higher by 260 points (up 0.3%).

Meanwhile, the NSE Nifty closed down by 105 points (up 0.3%).

IndusInd Bank and Bharti Airtel were among the top gainers.

Tata Motors 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 lower. Both the BSE Midcap index and the BSE SmallCap ended 1.2% lower.

All sectoral indices ended on a negative note with stocks in the metal sector, oil & gas sector, and power sector witnessing most of the selling.

Shares of Tube Investments of India hit their 52-week highs on Friday.

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 0.2% higher at Rs 59,280 per 10 grams at the time of Indian market closing hours on Friday.

At 7:45 AM today, the SGX Nifty was trading higher by 3 points at 18,718 levels.

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

Speaking of stock markets, a recent survey by Gartner states that almost 33% of electronics supply chain leaders have already moved their businesses out of China.

Or at least are planning to. The increased tariffs imposed by the Chinese and the US government have resulted in rising business costs.

Of course, India has begun reaping the benefits.

Smartphone and premium electronics maker Apple, for instance, is set to triple its production in India in the next three years.

Co-head of Research at Equitymaster Tanushree Banerjee, in below video talks about such stocks that are set to benefits from India's electronics revolution.

Top Buzzing Stocks Today

ONGC will be among the top buzzing stocks today.

Oil and Natural Gas Corporation (ONGC) share price fell 1.3% to Rs 157 on 23 June 2023 after Brent crude declined by US $ 4 (about Rs 328.1) overnight.

Upstream companies like ONGC, involved in the exploration and production of oil, stand to lose when oil prices tumble.

Aurobindo Pharma will also be in focus today.

Aurobindo Pharma share price rose 2.5% on Friday after one of its subsidiaries entered into a sub-licensing pact with medicines patent pool for Nilotinib Capsules

Infosys cuts ties with Australian lobbying firm

Software major Infosys on Friday ended ties with Australian lobbying firm Synergy 360, which is in the middle of a scandal about a former member of Parliament Stuart Robert.

Further, a top Infosys executive stated in a parliamentary committee hearing that the company has taken steps to strengthen governance in the country and denied that it used the firm for lobbying.

In a parliamentary hearing, Infosys' Regional Head for the Asia Pacific region Andrew Groth, said that it had paid Synergy360 AU$16 million over five years to help it grow the company's government business in Australia since it had only worked in commercial contracts up until that point.

An investigation was launched last year amid claims that former MP Stuart Robert had helped the lobbying firm and its client win government contracts.

In response to questions by the committee, Groth said that of the US$ 16 m, 70% of the amount pertained to the resources required to deliver on the programs it was on, 15% for work in terms of sales support, and 15% was in success fees. A success fee is a type of agreement where the fee is paid when a particular outcome is positive.

However, this was because the MP had wished to be apprised of progress made on a specific project to upgrade the information technology systems at Services Australia.

For more, check our recent editorial, why Infosys and TCS are the best hedge against fancy AI stocks.

BEML wins MoD deal

State-owned BEML on Friday won a significant contract from the Ministry of Defence (MOD) for the supply of High Mobility vehicles. The total contract value amounts to Rs 4.2 bn, reaffirming BEML's strong position in the defence sector.

The High Mobility vehicles to be supplied under this contract will serve critical functions and play a pivotal role in the defence and strategic mobility of the armed forces.

These vehicles are designed to meet the demanding operational needs and provide enhanced mobility in diverse terrains, ensuring the smooth movement of troops, equipment, and supplies.

The order received by BEML from MOD underscores the company's expertise and capabilities in meeting the stringent requirements of the defence industry.

As a trusted partner of the MOD, BEML is committed to delivering high-quality, reliable, and technologically advanced solutions.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Dr Reddy's forays into trade generics

Pharmaceutical company Dr Reddy's Laboratories, on Friday, entered into the trade generics business in India with the launch of its new division RGenX. Trade generics are drugs that are pushed directly to trade and not promoted via doctors.

The Hyderabad-based company aims to roll out its trade generics across cities and towns in India, including rural areas. The company will work closely with its channel partners to ensure the availability of its products.

The move comes after the Indian government warned government hospital doctors to prescribe generic medicine or face consequences last month. Furthermore, the order asked them to ensure that visits of medical representatives to the hospital premises are completely curtailed.

According to an office order, the doctors at central government hospitals, Central Government Health Scheme (CGHS) wellness centres, and polyclinics have been instructed time and again to only prescribe generic medicines.

However, Dr Reddy's, via RGenX, aims to provide patients with access to a wider range of products and increased affordability. The new business will further the company's goal of reaching over 1.5 bn patients by 2030.

Check out Equitymaster's stock screener for screening?India's top pharma stocks.

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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