Gift Nifty Up 42. Points | Greaves Cotton and its EV Financing Deal | Adani Promoters Hike Stake | Top Buzzing Stocks Today

Wed, 23 Aug Pre-Open

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On Tuesday, Indian share pared early gains as session progressed and ended the day flat.

Benchmark indices were muted on Tuesday as a slide in information technology (IT) stocks offset broader sectoral gains amid risk aversion due to persistent concerns over the health of China's economy and US interest rates.

At the closing bell on Tuesday, the BSE Sensex stood higher by 4 points.

Meanwhile, the NSE Nifty closed up by 3 points.

Adani Enterprises, NTPC and ITC were among the top gainers.

BPCL, Cipla and TCS on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index is trading 0.9% higher.

Sectoral indices ended on a mixed note with stocks in the power sector, telecom sector and capital goods sector witnessing buying.

On the other hand, stocks in IT sector and banking sector witnessed most selling pressure.

Shares of Dixon Technologies, CRISIL, and Trent hit their 52-week high on Tuesday.

The rupee was trading at 82.94 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 58,625 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading 42 points or 0.2% higher at 19,357 levels.

Indian share markets are headed for a positive opening today following the trend on trend on Gift Nifty.

Speaking of stock markets, interesting events have unfolded over the last few days.

Fitch has downgraded US credit rating.

Morgan Stanley recently upgraded India's outlook to overweight, suggesting we are entering a long growth phase.

The world is acknowledging that the elephant can dance, and that the dragon's fire is losing heat.

And guess gave India's growth story the thumbs up?

Well, it's none other than China.

China's top State-run bank and biggest lender has joined India dedicated investment fund, citing that India offers the best opportunity for a double-digit growth.

While China itself is slowing down after a spectacular growth phase triggered by manufacturing, capex and infra revolution lasting decades, it seems to be India's turn now.

In the below video, Hidden Treasure, Richa Agarwal talks about a smallcap company that is all set to ride the infra wave.

Top buzzing stocks today

Adani Enterprises share price will be in focus today.

Shares of billionaire Gautam Adani-led Adani Enterprises rose over 3% to Rs 2,721 in Tuesday's intraday trade on NSE after the promoters of the Adani Group increased their stake in the conglomerate's flagship company by 2.22% through open market purchases.

Patel Engineering will also be a top buzzing stock.

Patel Engineering's joint venture bagged an urban infrastructure development project from Madhya Pradesh Jal Nigam.

Glenmark Pharma settles with DOJ

Glenmark Pharmaceuticals on Tuesday said that its US arm is settling a case about drug pricing by former employees with the United States Department of Justice, Antitrust Division (DOJ).

To settle the case, the company's US subsidiary Glenmark Pharmaceuticals would pay US$ 30 million (m) in six instalments.

Glenmark Pharmaceuticals Inc. has agreed to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015.

Further, the company has entered into a three-year Deferred Prosecution Agreement, and if the company complies with the terms of the agreement, including the payment of $30 million, the DOJ will dismiss the pending Superseding Indictment.

In April, Glenmark Pharmaceuticals announced that it will pay US$ 87.5 m to three plaintiff groups to settle multiple antitrust and consumer protection cases in the US about a generic drug.

There were multiple antitrust and consumer protection lawsuits, including a class action, consolidated in the Eastern District of Virginia against the company and its subsidiary Glenmark Pharmaceuticals about generic Zetia, which is used for the treatment of cholesterol.

According to industry estimates, the Indian pharma industry is expected to grow to US$130 billion (Rs 10.6 trillion) by 2030. Glenmark Pharma is set to benefit from it, making it among the 4 pharma stocks to watch out for potential multibagger returns.

Greaves Retail's new EV financing deal

Greaves Retail, the retail arm of Greaves Cotton, has partnered with Usha Financial Services to offer financing solutions for electric three-wheelers.

Under the partnership, Greaves Retail will offer a range of financing options to customers, including loans, leases, and rentals. Usha Financial Services will provide the financial backing for these solutions.

The partnership is a significant step for Greaves Retail as it looks to expand its presence in the electric vehicle market. The company is targeting a market share of 20% in the electric three-wheeler segment by 2025.

The partnership is also a boost for Usha Financial Services as it looks to expand its reach into the EV market. The company is targeting a loan book of Rs 10 bn in the EV segment by 2025.

The company is over a decade old company and has a presence in the electric 2-wheeler and 3-wheeler segments.

Note that the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Marksans Pharma receives USFDA nod

Marksans Pharma received United States Food and Drug Administration (USFDA) nod for it's cough-and-cold tablet guaifenesin.

Guaifenesin tablets are extended-release tablets (that) help to loosen phlegm (mucus) and thin bronchial secretions to rid the bronchial passageways of bothersome mucus and make coughs more productive.

The Mumbai-headquartered drugmaker expects to launch the drug immediately.

The company was confident of tapping the market opportunity for the product and remained committed to working diligently towards sustaining the momentum in the coming quarters.

Guaifenesin 600 mg and 1,200 mg tablets are bioequivalent of the reference listed drug (RLD), Mucinex extended-release tablets of RB Health (US) LLC.

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

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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