Gift Nifty Up 18 Points | Lupin Inks Licensing Pact with Takeda | Zee Entertainment Refutes Star India's Claim | Top Buzzing Stocks Today

Thu, 19 Sep Pre-Open

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Indian benchmark indices remained negative as the session progressed and ended the day lower

Benchmark equity indices, the BSE Sensex and NSE Nifty50, retreated from record high levels to settle in the red on Wednesday, ahead of the US Federal Reserve's policy decision announcement later in the day.

At the closing bell on Wednesday, the BSE Sensex stood lower by 131 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 41 points (down 0.1%).

ICICI Bank, Nestle and Shriram Finance were among the top gainers.

TCS, Infosys and Wipro 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 0.5% lower.

Sectoral indices were trading mixed with socks in banking sector and finance sector witnessing buying speer. Meanwhile stocks in IT sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 73,073 per at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 18 points higher at 25,418 levels.

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

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Top buzzing stocks today

BSE share price will be in focus today.

BSE share price advanced to a fresh all-time high in Wednesday's trade to Rs 3,794 per share on the NSE, zooming 14.4% from its previous close amid rising buyer interest in the stock.

BSE stock has gained nearly 30% in three sessions. BSE was leading the pack as the top gainer in the NSE 200 index today.

The sharp rise was witnessed as NSE fixed the record date for the bonus issue of shares, which it had approved earlier this year.

DCM Shriram will also be a top buzzing stock.

Shares of DCM Shriram Industries surged over 4% to Rs 200 per share on 18 September after the BSE issued 'no adverse' observations for the company's proposed merger plan.

A year back, Shriram Group had approved a scheme of arrangement to amalgamate Lily Commercial with DCM Shriram Industries.

The board has approved the demerger of DCM Shriram Industries into two separate entities: DCM Shriram Fine Chemicals and DCM Shriram International.

Zee Entertainment Refutes Star India's Claim

Zee Entertainment Enterprises Ltd. on Wednesday (18 September) informed the stock exchanges that it will strongly contest all unfounded claims by Disney-owned Star India and reserves all its rights.

Star India has filed for damages quantified at US$ 940 m (or nearly Rs 80 bn) from Zee.

The media company has categorically refuted all claims and assertions made by Star India including its claims for damages.

According to a filing by Zee, Star has filed a statement of the case before the London Court of International Arbitration (LCIA), in which it has sought to declare that the Alliance Agreement between Star and the company has been validly terminated by Star.

LCIA is a private, not-for-profit organization aimed at resolving commercial disputes through arbitration and other proceedings.

On August 26, 2022, Star entered into an alliance agreement with Zee to sublicense ICC TV rights for Men's and Under-19 (U-19) global events for a period of four years till 2027.

However, Zee did not go ahead with the alliance agreement due to the failure of its merger deal with Sony Pictures Networks India. As a standalone entity, Zee would have found it challenging to service the ICC TV rights deal.

Zee Entertainment Enterprises is a media and entertainment company engaged in providing broadcasting services. It is one of India's leading media and entertainment companies.

The company operates through content and broadcasting segment.

Why Renewable Energy Stocks are Rising

Stocks from the renewable and green energy sector are in focus with the government unveiling its ambitious plans for the segment as part of the ongoing Global Renewable Energy Investors Meet and Expo (RE-INVEST) in Gujarat, which was inaugurated by Prime Minister Narendra Modi.

So far this year, companies focusing on green energy have seen their stocks deliver solid returns, averaging 80%. The list of top performers includes stocks like Waaree Renewables, Suzlon Energy, and Inox Wind among others.

Further, the BSE Power Index has gained around 44% to date in CY24 while the Sensex has gained 14.9% and the Nifty has gained around 16.8%.

At the investors' meeting, Union Minister Pralhad Joshi announced that Rs 32.45 trillion (tn) in financing has been committed by banks and financial institutions to green projects in India as part of India's target of 500 GW by 2030.

Lupin Inks Licensing Pact with Takeda

Pharma major Lupin Ltd announced on Wednesday that it has entered into a non-exclusive patent licensing agreement with Takeda to bring Vonoprazan tablets, a novel gastrointestinal drug, to the Indian market.

The drug will be sold under the brand name Lupivon and will come in two doses - 10mg and 20mg. According to Lupin, Vonoprazan has been approved by the Drug Controller General of India (DCGI) for the treatment of reflux esophagitis, gastric ulcers, and duodenal ulcers, and as part of the treatment for Helicobacter pylori eradication.

According to the agreement, Takeda has granted Lupin the non-exclusive rights to commercialise Vonoprazan in India.

Lupin develops, manufactures, and sells a wide range of branded and generic formulations, APIs, and biotechnology products.

It has a comprehensive product portfolio, and it manufactures in its 15 manufacturing facilities across the world.

The company also has 6 state-of-the-art API facilities and 7 R&D facilities located across the world.

Lupin's products are spread across various therapeutic areas including cardiovascular, diabetology, asthma, paediatrics and central nervous system.

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

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