Gift Nifty Down 28 Points | Boost to P&G Supply Chain | Dr Reddy's to Set Up Subsidiary | Adani Power & Top Buzzing Stocks Today

Fri, 29 Sep Pre-Open

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

Indian shares fell on Thursday amid weakness in global equities markets, rise in crude oil prices and persistent FII selling.

At the closing bell on Thursday, the BSE Sensex stood lower by 610 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 193 points (down 0.9%).

L&T and ONGC were among the top gainers.

Tech Mahindra and Wipro on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index 1.2% lower and the BSE SmallCap index fell 0.3%.

Sectoral indices ended on a negative note with stocks in the FMCG sector, IT sector, and metal sector witnessed heavy selling.

Shares of L&T and Dixon Technologies hit their 52-week high on Thursday.

The rupee was trading at 83.2 against the US$.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 58,211 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the Gift Nifty was trading down by 28 points at 19,629 levels.

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

Speaking of stock markets, recently, something interesting has happened in the aviation space.

The country flew its first commercial flight from Pune to New Delhi. It was powered by Sustainable Aviation Fuel, or SAF blended Aviation turbine jet fuel.

You see, as India becomes signatory to CORSIA - or Carbon Offsetting and Reduction Scheme for International Aviation. It calls for compulsory blending of SAF from 2027.

Even at just 1% blending of SAF, the requirement for SAF will be 14 crores litres.

Now SAF is a second stage fuel, and it is produced from ethanol. This itself would create an additional requirement of 28 crore liters per annum of ethanol.

In the below video, Hidden Treasure, Richa Agarwal talks about a specific company in the biofuel economy that has enabled these feat and could be a big beneficiary of this mandate.

Top buzzing stocks today

Adani Enterprises share price will be in focus today.

Shares of Adani Enterprises traded 0.6% higher at Rs 2,496 in early trade on 28 September, staying in the green for the second day in a row.

Bulls rushing for the stock seem to have brushed aside the cancelling of the iron ore mining contract by NMDC-CMDC, a joint venture of the National Mineral Development Corporation and the Chhattisgarh Mineral Development Corporation.

Vedanta will also be a top buzzing stock.

Vedanta is preparing to spin off businesses into several listed entities in a broad restructuring that, if successful, could help tycoon Anil Agarwal manage his metals-to-energy empire's debt load.

Adani Power promoters raise holding

Promoters of Adani Power have increased their stake in the company in September, according to an exchange filing.

Adani Power's promoters increased their stake to 69.1% from 66.9% earlier between 5 September - 25 September.

As per the exchange filing, Fortitude Trade and Investment Ltd. acquired 65.8 m shares or 1.7% of the total equity between 5 September - 21 September 2023.

Additionally, Emerging Market Investment DMCC, another promoter group entity acquired another 19.2 m shares or 0.5% of the total equity between 21-25 September 2023.

Last month, Rajiv Jain's GQG Partners acquired an 8.1% stake in Adani Power in a transaction valued at Rs 90 bn.

Post the sale, the promoter stake in Adani Power had declined to 66.9% from 74.9% earlier.

India's two richest men, Mukesh Ambani and Gautam Adani, are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks

Dr Reddy's enters the nutraceuticals market

Dr Reddy's Laboratories' board of directors has approved the incorporation of a wholly-owned subsidiary for nutraceuticals, vitamins, minerals, herbals and supplements, the Hyderabad-based pharma company, 28 September.

The company told the exchanges that the wholly owned subsidiary would focus on health and wellbeing, which would business related to medical nutrition, specialised nutrition, supplements and related foods or drugs.

The company was looking to enhance its presence in various emerging segments like nutraceuticals.

The proposed authorised and paid-up share capital for the subsidiary is Rs 1 m. The decision is subject to approval of the corporate affairs ministry.

In July, the company forayed into child nutrition with CeleHealth Kidz Immuno Plus Gummies in the Indian market.

According to market research company IMARC, the Indian dietary supplements market size was Rs 436.5 bn in 2022. It is expected to reach Rs 958.1 bn by 2028, a growth rate (CAGR) of 13.5% during 2023-28.

Check out Equitymaster screener for  pharma companies in India that have solid growth in sales and profits and a high Return on Equity (ROE).

P&G India's Supply Chain Boost

Procter & Gamble India (P&G India), renowned for household brands such as Gillette, Whisper and Vicks, announced a Rs 3 bn P&G Supply Chain Catalyst Fund.

The initiative aims to collaborate with external innovators and partners to co-develop solutions propelling the company towards its vision of Supply 3.0 - an advanced supply chain ecosystem.

The fund seeks to offer start-ups and innovators a platform to collaborate with P&G focusing on tailor-made business solutions. The primary goal is to elevate the supply chain, emphasising agility, flexibility, scalability, transparency and resilience.

The company also launched the sixth edition of the P&G vGROW External Business Partner Summit, which will be held between 28-29 September.

Aligned with the Prime Minister's Gati Shakti initiative, which emphasises enhancing the multi-modal connectivity for the fluid movement of goods and services, this endeavour is aimed at fortifying P&G India's supply chain capabilities.

Moreover, the fund integrates seamlessly with P&G India's growth programme. vGROW is P&G's unique platform designed to collaborate with entities offering top-tier industry solutions.

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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