Gift Nifty Up 18 Points | Khadim Considers Distribution Spin-off | Glenmark Pharma Partners Cosmo | Top Buzzing Stocks Today

Thu, 28 Sep Pre-Open

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On Wednesday, Indian share market reversed the trend as session progressed and ended the day higher.

Benchmark indices were muted on Tuesday as some domestic buying helped limit losses from relentless selling by foreign funds over fears that global interest rates will stay higher for longer.

At the closing bell on Wednesday, the BSE Sensex stood 65 points lower.

Meanwhile, the NSE Nifty closed 6 points lower.

ITC and Cipla were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended 0.7% higher.

Sectoral indices ended mixed, with stocks in the healthcare sector and FMCG sector witnessing buying. Meanwhile stocks in the oil and gas sector and banking sector witnessed selling.

Shares of REC and TVS Motors hit their 52-week high on Wednesday.

The rupee was trading at 83.22 against the US$.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 58,229 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:33 AM today, the Gift Nifty was trading 18 points higher at 19,843 levels.

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

Speaking of stock markets, when it rains, it pours.

If you don't believe in this phrase, just ask the Delta Corp management. They will tell you from their first-hand experience that the phrase is pretty much valid and can make life very, very difficult.

Talking of a difficult life, the share price performance of Delta Corp Ltd has certainly made the life very difficult for its investors and management alike.

What now though? Is the risk-reward equation in favour of investors or is there very high unpredictability?

In the below video, Cohead of research, Rahul Shah answers all this in the video below.

Top buzzing stocks today

Sun Pharma share price will be in focus today.

Sun Pharma on Wednesday announced that PRWINLEVI is now available in Canada.

According to the company's press statement, WINLEVI is the first and only androgen receptor inhibitor indicated for the topical treatment of acne vulgaris (acne) in patients 12 years of age and older.

Aditya Birla Fashion will also be a top buzzing stock.

Aditya Birla Fashion & Retail (ABFRL) has completed the acquisition of a 51% stake in TCNS Clothing to become a promoter of the women's apparel brand.

TCNS has become a subsidiary of the company and will also be a material subsidiary of the company by SEBI Listing Regulations.

Khadim Considers Distribution Spin-off Plan

Khadim India stock jumped as much as 4% Yesterday on higher volumes after the company said it would consider hiving off its distribution business into a new wholly-owned subsidiary.

Khadim India's board of directors will meet on 29 September to consider and approve the scheme of arrangement between the company and KSR Footwear.

The company primarily operates through its retail and distribution business verticals and under the new scheme of arrangement, will decide the demerger of its distribution business into KSR footwear.

According to this scheme, the entire shareholding of the resultant company will be held directly by the shareholders of Khadim, proportionate to their shareholding in Khadim.

Khadim India was established in 1981 and started with whole-selling and distribution of branded basic utility footwear. The company has a retail presence in 24 states and three union territories in India.

Khardim India is one of the Top 5 Stocks to Benefit from this Upcoming Festive Season.

Glenmark Pharma Partners Cosmo

Glenmark Specialty SA, a subsidiary of Glenmark Pharmaceuticals and Cosmo Pharmaceuticals NV, on Wednesday announced the signing of distribution and licence agreements for Winlevi in Europe and South Africa.

This agreement grants Glenmark the exclusive right to commercialise Winlevi in 15 EU countries, South Africa, and the UK.

Cassiopea, a subsidiary of Cosmo, will handle the Centralised Marketing Authorization for the European Medicines Agency. They will receive an initial payment of $5 million and royalties on net sales. Meanwhile, Glenmark will be in charge of product registration in South Africa and the UK. Cosmo will be the exclusive supplier of the product.

Winlevi has already gained approval from the United States Food & Drug Administration as a topical treatment for acne in patients aged 12 years and older.

Winlevi has become the most prescribed branded topical acne drug in the US, representing 88% of total healthcare providers in dermatology (per IQVIA MAT June 2023).

Glenmark Pharmaceuticals is an integrated, research-led, global pharmaceutical company with a presence across branded, generic, and OTC segments with a focus on therapeutic areas of respiratory, dermatology, and oncology.

It is among 4 Pharma Stocks to Watch Out for Potential Multibagger Returns.

JSW Infrastructure IPO booked 37 times

The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 36.96 times on the final day of bidding.

Retail investors, who have 10% reservation in the public issue, have bought 9.91 times the allotted quota, while the portion set aside for high net worth individuals, which is 15% of the total offer, was subscribed 15.94 times.

Qualified institutional buyers (QIB), who are generally considered medium-to-long-term investors, have bid 56.49 times their reserved portion, which is 75% of the issue size.

The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 36.96 times on the final day of bidding.

Retail investors, who have a 10% reservation in the public issue, have bought 9.91 times the allotted quota, while the portion set aside for high-net-worth individuals, which is 15% of the total offer, was subscribed 15.94 times.

For more, check out JSW Infrastructure IPO: 5 Things to Know.

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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