Gift Nifty Up 6 Points | DCX Arm Secures Defence License | Zydus Lifesciences to Acquire Sterling API | Top Buzzing Stocks Today

Wed, 18 Sep Pre-Open

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Indian share markets traded on a positive note throughout the trading session and ended higher.

At the closing bell on Tuesday, the BSE Sensex stood higher by 91 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 34 points (up 0.1%).

Hero MotoCorp, Bajaj Auto and M&M were among the top gainers.

Tata Motors, Adani ports and Coal India 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 and the BSE SmallCap index ended 0.1% lower.

Sectoral indices ended mixed with stocks in the telecom sector, auto sector, IT sector and metal sector witnessing most of the buying.

While metal and capital goods stocks witnessed selling.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 73,228 per at the time of Indian market closing hours on Tuesday.

At 7:40 AM today, the Gift Nifty was trading 6 points higher at 25,468 levels.

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

Speaking of the stock market, Warren Buffett, the legendary investor, once famously advised individuals to invest in low-cost index funds.

But is this advice still relevant today, especially for Indian investors?

With the surge in passive funds, it's time to re-evaluate whether active or passive investing is the better strategy.

Rahul Shah, Co-head of research at Equitymatser talks about the pros and cons of both approaches and decide which one aligns best with your investment goals.

Tune in for more

Top buzzing stocks today

Bajaj Housing Finance share price will be in focus today.

Bajaj Housing Finance Ltd., the country's most valuable mortgage lender following its blockbuster trading debut Monday, sees competition in the housing market easing as larger banks retreat from retail segments and switch focus to corporate credit, where demand is picking up.

The company has been focused on seven or eight key markets, which account for most of the housing demand in the country.

Globus Spirits will also be a top buzzing stock.

shares of Globus Spirits rose 4% on 17 Sep following the launch of DOAAB India Craft Whisky.

This marks the company's entry into the luxury segment of the growing whisky market in India.

DOAAB India Craft Whisky is a contemporary range of limited-edition Indian whiskies, created with a spirit of exploration and experimentation, according to a release.

DCX Systems' arm Receives Defence Equipment Manufacturing License

DCX Systems subsidiary secured an industrial license from the Cochin Special Economic Zone (CSEZ) to manufacture and test microwave submodules, along with avionics and defence electronic equipment.

The newly acquired license permits DCX Systems' wholly-owned subsidiary to manufacture items classified under CATEGORY-A, according to the Ministry of Defence Security Manual. These products are considered highly classified and sensitive, representing the highest level of security in defence manufacturing. The granted license is valid for 15 years.

Last month, DCX secured a Rs 1.9 bn order from an overseas customer for the supply of electronic kits. The order is said to be executed within 12 months.

In early August, the company secured an order worth Rs 1.1 bn from domestic and overseas customers for the supply of electronic kits, cables, and wire harness assemblies.

The order is expected to be executed within 12 months.

In the recently concluded June quarter, DCX Systems saw its revenue decline by 19% year-on-year, while net profit plunged 69%. The company also posted an operating loss of Rs 48 m, largely attributed to rising costs.

Zydus Lifesciences to Acquire Sterling API

Zydus Lifesciences shares faced selling pressure on the 17 September trading session after the board approved for acquisition of the API business of Sterling Biotech for Rs 840 m. The announcement comes days after the company announced buying a 50% stake in Sterling Biotech.

The active Pharmaceutical Ingredients (API) business of SBL is an excellent strategic fit for the company given that it has a fermentation-based products portfolio with a manufacturing facility at Masar in Gujarat which is in proximity to the company's existing facility at Dabhasa and can meet our strategic and commercial objectives.

Earlier, the company announced the acquisition of a 50% stake in Sterling Biotech Ltd. from existing owner Perfect Day for Rs 5.5 bn.

Sterling Biotech is one of the large manufacturers of pharmaceutical gelatin, di-calcium phosphate (DCP) and APIs including lovastatin, doxorubicin, epirubicin, and daunorubicin.

At one point in 2012, SBL was one of the largest global producers of gelatin and was among the top four players with a 6.5% global market share.

Western Carries IPO Subscribed 7x

The initial public offering (IPO) of Western Carriers was subscribed seven times so far on day 3, receiving nearly 14.6 crore consolidated share bids as of 1 pm on Monday against 2,08,68,467 crore shares available for subscription. The retail portion received a solid response and was booked 10.4 times.

The non-institutional investors (NIIs) subscribed to the issue 8.23 times while the quota reserved for qualified institutional buyers (QIBs) was booked at just 3%. In all, 2.5 lakh share bids were received from QIBs around this time against 58,98,528 shares available for booking.

The IPO comprises a fresh equity sale of Rs 400 crore and an offer for sale (OFS) of up to 54 lakh shares by promoter-selling shareholder Rajendra Sethia.

The company has fixed a price band of Rs 163-172 per share, where investors can bid for 87 shares in one lot.

Proceeds from the fresh issue will be used to repay borrowings, and fund capital expenditure towards the purchase of commercial vehicles, containers, and reach stackers, with the remainder allocated for general corporate purposes.

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

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