Gift Nifty Down 48 Points | Bajaj Auto Targets 40,000 CNG Bikes | Mangalam Drugs to Develop Antimalarial Drug | Top Buzzing Stocks Today

Tue, 27 Aug Pre-Open

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Indian benchmark indices maintained the momentum as the session progressed but ended the day on firm footing.

Indian benchmarks, BSE Sensex and NSE Nifty ended the week's first trading session on a higher note.

At the closing bell on Monday, the BSE Sensex stood higher by 612 points (0.8%).

Meanwhile, the NSE Nifty closed higher by 187 point (up 0.8%).

TCS, ICICI Bank and Tata Motors were among the top gainers.

ONGC, NTPC and Hindalco 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 0.7% lower and BSE SmallCap index ended 0.2% higher.

Barring Telecom sector, all other sectoral indices were trading mixed with socks in metal sector and oil & gas sector witnessed buying speer.

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 72,197 at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading 48 points lower at 24,023 levels.

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

Speaking of the stock market, technical analysts are buzzing about this real estate stock, but is the fundamental analysis strong enough to justify a 10x return?

Co-head of Research at Equitymaster, Rahul Shah dives deep into the company's financials, growth prospects, and industry trends to find out.

Tune into below video for more

Top buzzing stocks today

Paytm share price will be in focus today.

Paytm's share price dropped sharply to the day's low Rs 505.5 per share on the NSE in Monday's trade after founder Vijay Shekhar Sharma and board members faced markets regulator SEBI's show-cause notices over IPO breaches.

Zen Technologies will also be a top buzzing stock.

Zen Technologies' share price today hit a record new high of Rs 1,876.05, up 5% on the BSE in Monday's (26 August) intraday trade.

The rise in the share price came after the company successfully raised Rs 10 bn through its first-ever qualified institutional placement (QIP).

Bajaj Auto Targets 40,000 CNG Bikes

Two- and three-wheeler maker Bajaj Auto aims to clock in monthly sales of 40,000 units of its CNG motorcycle Freedom 125.

The firm dispatched 2,000 CNG bikes last month and will deliver 8,000-9,000 by the end of August.

The two- and three-wheeler maker also hopes to record sales of about 100,000 units of clean energy vehicles by the end of this festive season or September.

He also announced that Bajaj Auto would launch affordable and premium electric scooters in the FY25 post-festive season.

Bajaj believes scooters in the EV format hold far more potential than motorcycles and that his firm is very focused on EV scooters.

He also said that the government is considering his company's suggestions on GST reduction on CNG two-wheelers favourably.

Bajaj Auto commercially launched the world's first CNG motorcycle on 5 July.

Bajaj Freedom 125 is the world's first CNG-integrated motorcycle and is available in three variants, with a starting price of Rs 95,000 ex-showroom.

According to the company, the Freedom 125 brings down operating costs by 50% and gives a range of 330 kilometres. The motorcycle has a dual fuel capability with a CNG cylinder and a two-litre petrol tank.

Mangalam Drugs to Develop Antimalarial Drug

Small-cap pharma player Mangalam Drugs and Organics saw its share price jump to a fresh 52-week high on 26 August after the firm was awarded a grant by The Medicines for Malaria Venture (MMV).

The grant award by MMV amounts to US$ 274,800 and is designated for the research and development of Pyronaridine.

Mangalam Drugs & Organics plans to commercialize this product by the end of 2024 which will position the company at the forefront of global anti-malaria API production and performances.

The Medicines for Malaria Venture (MMV), headquartered in Geneva, Switzerland, is a nonprofit organization committed to the development and support of innovative antimalarial therapies.

MMV focuses on advancing new treatments for malaria and optimizing combination therapies.

The grant will support research and development efforts aimed at improving the technology and efficiency of pyronaridine production, with an estimated international market size to reach 50 million treatments in the next few years.

Aarti Drugs Share Buyback

Aarti Drugs Ltd. on Monday announced that it will buyback equity shares worth up to Rs 600 m. Following the announcement, the stock rallied up to 10%, marking its biggest single-day jump since 14 September 2023.

The company intends to repurchase up to 6.65 lakh fully paid-up equity shares, which carry a face value of Rs 10 each through this process.

The number of shares Aarti Drugs intends to buyback amounts to 0.7% of the total equity shares of the company.

The company has fixed the buyback price at Rs 900 per share, which is at a 60% premium to the current market levels.

The company also intends to buyback the shares through the tender offer route, which means that the buyback price will remain fixed and will not change.

The record date for the share buyback has been fixed as 5 September 2024.

This is the sixth instance of the company carrying out a share buyback since the first time it did so in 2016.

Post 2016, the company has repurchased its shares in 2018, 2019, 2021, and 2023.

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

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