Gift Nifty Up 19 Points | Sun Pharma's New Drug Launch | Grasim Eyes Paint Business | Top Buzzing Stocks Today

Fri, 15 Sep Pre-Open

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On Thursday, Indian share continued the momentum as the session progressed and ended higher.

After hitting all-time highs in intraday trade on Thursday, benchmark indices took a breather and settled flat.

At the closing bell on Thursday, the BSE Sensex stood higher by 52 points

Meanwhile, the NSE Nifty closed 33 points higher (up 0.2%).

UPL, ONGC and M&M were among the top gainers.

Asian Paints, ITC and Coal India on the other hand, were among the top losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 1% higher and the BSE Small Cap index is trading higher by 1.2%.

Sectoral indices ended on a positive note, with stocks in realty sector, oil and gas sector and metal sector are witnessing buying.

Shares of Maruti Suzuki and TCS hit their 52-week high on Thursday.

The rupee was trading at 83.01 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 58,466 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 19 points higher at 20,237 levels.

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

Speaking of stock markets, smallcap stocks have been on fire for the last few months.

Some smallcaps have even doubled in price since March.

Investors and traders alike are looking for the next hot smallcap to buy.

In the below video, Chartist Brijesh Bhatia talks about 5 smallcap stocks that you can keep on your watchlist.

Top buzzing stocks today

Cipla share price will be in focus today.

the sale of a stake in Cipla is in jeopardy as potential buyers have baulked at the Rs 1.09 tn (US$ 13.1 billion) valuation members of the founding family are targeting the Indian firm in a deal.

Venus Remedies will also be a top buzzing stock.

Venus Remedies shares were trading 3% higher in the morning trade of 14 September after the pharma company, in a regulatory filing, announced having registered with the union government's Department of Scientific and Industrial Research (DSIR).

Sun Pharma-Pharmazz deal

Pharmaceutical manufacturer Sun Pharma on Thursday announced that one of its wholly-owned subsidiaries has entered into a licensing agreement with US-based Pharmazz to introduce its drug Sovateltide in India.

Sun Pharma said in a filing that it had been granted rights for marketing Sovateltide in India under the brand name Tyvalzi. Pharmazz will be entitled to upfront and milestone payments, including royalties.

Sovateltide is indicated for treating cerebral ischemic stroke. It is a condition that occurs when a vessel supplying blood to the brain is obstructed, leading to a limited oxygen supply. The chief cause of ischemic strokes is fatty deposits that line the vessel walls.

The Phase 3 clinical trial for Tyvalzi conducted in India demonstrated a statistically and clinically meaningful improvement in neurological outcomes in ischemic stroke.

The drug can be administered within 24 hours for the treatment of ischemic stroke. The current treatment options provide a narrow time window of 4-5 hours limiting its use in most patients.

Sun Pharma stated that Sovateltide can be administered up to 24 hours after the onset of symptoms. India is the first global territory where Sovateltide is being introduced.

The Indian pharma industry is set for a 3x growth in the next decade. Sun Pharma could lead the charge in its fields. For more, 4 Pharma Stocks to Watch Out for Potential Multibagger Returns.

Grasim Eyes Paint Business

Grasim Industries will launch its paint business under the brand name Birla Opus in the fourth quarter of the current financial year (Q4FY24).

In a release on Thursday, the flagship company of the Aditya Birla Group said that it will offer a full suite of high-quality products in the decorative paint segment.

A research and development (R&D) facility has already been set up in Maharashtra. Moreover, it has piloted its painting services in key metro cities.

Grasim had previously committed an investment of Rs 100 bn towards setting up the paints business. The paints will be produced at the company's manufacturing plants in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal.

They will have a total capacity of 1,332 million litres per annum (MLPA).

Grasim had previously committed an investment of Rs 10,000 crore towards setting up the paints business. The paints will be produced at the company's manufacturing plants in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal.

They will have a total capacity of 1,332 million litres per annum (MLPA).

Indian Oil Firms To Buy Russian Oil

Indian oil companies are exploring the possibility of using close to USD 600 million of their dividend income stranded in Russia to buy oil from that country.

India's top four oil companies, Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation, Oil India and ONGC Videsh, haven't been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields.

That money is lying in their bank accounts in Russia but could not be brought to India due to tough Western sanctions that followed Moscow's invasion of Ukraine.

This is at a time when Russia has emerged as the top crude oil supplier to India, accounting for more than a third of all purchases New Delhi makes from overseas.

The option could be to loan the money lying in Russian bank accounts to entities buying oil. These entities could repay the loan in India.

The entities that buy oil from Russia include IOC and BPCL.

Indian state oil firms have invested US$ 5.46 bn in buying stakes in four different assets in Russia. These include a 49.9% stake in the Vankorneft oil and gas field and another 29.9% in the TAAS-Yuryakh Neftegazodobycha fields.

They get dividends on profits made by the operating consortium from selling oil and gas produced from the fields.

Also, the Russian government has put restrictions on the repatriation of dollars from that country to check volatility in foreign exchange rates.

This led to a situation of dividend money getting stranded in Russia.

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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