Gift Nifty Down 48 Points| Garden Reach Shipbuilders Inks Deal at DSEI | Ashoka Buildcon's New Order Win | Top Buzzing Stocks Today

Thu, 21 Sep Pre-Open

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On Wednesday, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Equity benchmark indices fell in early trade on Wednesday in tandem with weak trends in global markets ahead of the US Federal Reserve's interest rate decision.

HDFC Bank was the biggest drag on the Sensex, crashing almost 4%. Meanwhile, Reliance Industries slumped over 3% to a two-month low further dragging the market down.

At the closing bell on Wednesday, the BSE Sensex stood lower by 796 points (down 1.2%).

Meanwhile, the NSE Nifty closed down by 231 points (down 1.1%).

Coal India and ONGC were among the top gainers.

HDFC Bank and BPCL on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index ended 0.3% lower and the BSE SmallCap index fell 0.6%.

Sectoral indices ended on a negative note with stocks in the realty sector, banking sector, and financial sector witnessed heavy selling.

Shares of TCS and Axis Bank hit their 52-week high on Wednesday.

The rupee was trading at 83.07 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 59,154 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 48 points or 0.2% lower at 19,858 levels.

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

Speaking of stock markets, owning scores of stocks delivering 15% annual rate of return or thereabouts is not a bad idea.

But do not cut the potential mango tree along with the grass.

Only then will you have a few 15% return contenders getting converted into the 15 baggers of your portfolio over time.

In the below video, Research Analyst, Tanushree Banerjee talks about catalyst to convert 15% CAGR into 15x return.

Top buzzing stocks today

IRFC share price will be in focus today.

Indian Railway Finance Corporation (IRFC) shares were trading 2% higher today after the union government extended its current chief managing director Shelly Verma's tenure by six months.

The extension has been provided for a further period of six months to Ms Shelly Verma, who holds the charge of chief managing director in an additional capacity apart from the position of Director of Finance. This will be in effect from 15 October 2023.

Venus Remedies will also be a top buzzing stock.

shares of Venus Remedies traded 2% higher yesterday after the pharma company received marketing approval from Serbia for its drugs used in the treatment of cancer.

The company has secured marketing authorisation from Serbia for gemcitabine and docetaxel, widely used chemotherapy drugs beneficial in the treatment of various types of cancer.

Garden Reach Shipbuilders Inks Deal At DSEI

Garden Reach Shipbuilders and Engineers, on Wednesday, signed two non-binding agreements at the DSEI exhibition in London.

The details of both the MoUs are confidential. However, the Kolkata-based company said that it has signed MoUs with Lloyd's Register and Caterpillar.

It has entered into an agreement with Lloyd's Register for the development of a hydrogen fuel cell ferry and with Caterpillar Inc. for potential collaboration in the production, sales and service of medium-speed engines, particularly for the Indian Navy and Indian Coast Guard.

Reacting to the disclosure of new MoUs, shares of So Garden Reach Shipbuilders and Engineers surged as much as 3.6% to a high of Rs 852.65 apiece on BSE.

So far this year, shares of Garden Reach Shipbuilders and Engineers have gained more than 73% and have given stellar returns of 142.5% over the past year.

India is home to many prominent engineering companies that cater to a wide range of sectors. To know who is driving the country's growth and development, check out the top engineering companies in India.

Ashoka Buildcon's New Order Win

Ashoka Buildcon shares gained by 1% in the morning trade of September 20th after the infra-company announced having bagged orders worth Rs 6.5 bn from Maharashtra State Electricity Distribution Company.

The awarded projects are Yavatmal Circle, Amravati Zone (Rs 1.7 bn), Nashik Urban Circle, Nashik Zone (Rs 1.3 bn), and Latur Circle, Latur Zone (Rs 1.7 bn).

The total accepted Contract Value for all the aforementioned projects is Rs 6.5 bn (excluding GST).

Ashoka Buildcon is engaged in the business of infrastructure construction and development. The company specializes in constructing and upgrading roads, highways, bridges, and other vital infrastructure projects in India.

When it comes to real estate stocks, you need to be very careful about the management quality. Poor accounting and lack of corporate governance have been the reason for many large realty companies performing poorly in the past.

Also, a big drag on real estate players is high debt. So you need to check the debt-to-equity ratio. To know the top real estate stocks, check out Equitymaster's stock screener for the best real estate stocks in India.

Aurobindo Pharma Arm Receives USFDA Inspection

Pharmaceutical major Aurobindo Pharma's subsidiary, APL Healthcare Limited has received a Form 483, with one observation from the US Food and Drug Administration for its Unit IV plant in Tirupati District, Andhra Pradesh.

The inspection was conducted from 13-19 September 2023.

The company said in the press statement that Form 483, which was issued with one observation is procedural. The US FDA issues a Form 483 when it observes any lapses during its inspection of a facility. The companies are then guided to implement corrective action plans to rectify the issues.

Aurobindo Pharma will respond to the US FDA within the stipulated timelines and work closely with the US FDA to close the observation at the earliest.

Aurobindo Pharma is among the pharma companies in India that have solid growth in sales and profits and a high Return on Equity (ROE).

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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