Gift Nifty Up 36 Points | Akums Drugs Partners with Canadian Firm | L&T's Wins Agra Metro Project | Top Buzzing Stocks Today

Thu, 17 Oct Pre-Open

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Indian benchmark indices continued the downtrend as the session progressed and ended the day on negative note.

Benchmark equity indices BSE Sensex, and NSE Nifty50 settled in the negative territory on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood lower by 319 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 86 points (down 0.3%).

Trent, Infosys and M&M were among the top gainers.

Wipro, Bajaj Auto and Hindalco 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 0.2% lower and BSE SmallCap index ended 0.3% higher.

Sectoral indices were trading mixed with socks in realty sector and telecom sector witnessing buying. Meanwhile stocks in power and auto sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 76,799 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:35 AM today, the Gift Nifty was trading 36 points higher at 25,038 levels.

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

Speaking of the stock market, Tanushree Banerjee, Research Analyst in her latest video talks about how technological obsolescence has, in the past, made the biggest of the businesses redundant.

Kodak is of the most cited examples of a business losing relevance with changes in technology. But it is certainly not the only one.

Also, apart from technology, climate change and geopolitics also threaten to bring about certain dramatic shifts in traditional business models. These disruptions may not occur overnight. But they could certainly put several companies out of business unless they pivot.

Watch now.

Top buzzing stocks today

Sterlite Technologies share price will be in focus today.

Shares of Sterlite Technologies surged 6% on 16 October after the company showcased its latest AI-driven data centre solutions at the India Mobile Congress 2024.

The telecom firm launched a portfolio of optical fibre products to support the rapid growth of AI infrastructure in data centres, which require greater fibre density as they shift to GPU-based servers.

Railtel Corporation will also be a top buzzing stock.

Shares of Railtel Corporation of India jumped 10% to Rs 449 in the afternoon trade on Wednesday, 16 October, after securing a Rs 798 m order from Maharashtra Housing And Area Development Authority (MHADA).

The telecom company announced that it will establish, migrate, and manage cloud-based data centres and disaster recovery sites for MHADA under the new contract. Railtel shares have slipped 21% in the past three months.

Akums Drugs Partners with Canadian Firm

Akums Drugs and Pharmaceuticals on Wednesday said it has inked a licensing pact with Canada-based Triple Hair Inc.

As per the terms of the agreement, the company has been granted exclusive rights to further develop and market the products recently innovated by Triple Hair Inc, in India.

The company will undertake this development and commercialisation after obtaining the necessary regulatory approvals or requisite licenses in India.

Further, the company will manage the commercial strategy to promote and offer Triple Hair's patented products to its own marketing partners and clients within the Indian market exclusively.

Akums Drugs and Pharmaceuticals is a leading pharmaceutical company specialising in contract development and manufacturing (CDMO). It produces a diverse range of pharmaceutical products, including tablets, capsules, liquid orals, vials, and ampoules. Akums also manufactures and supplies key starting materials, intermediates, and active pharmaceutical ingredients (APIs).

KBC to Raise Funds

Construction and infrastructure company KBC Global announced plans to raise up to Rs 100 crore through an issue of equity shares.

The company's board is scheduled to meet later today to consider and approve the proposal, which includes raising the funds through permissible modes such as preferential allotment and warrants.

The proceeds from the equity issue will be used for debt repayment.

The company will also release its July-September earnings today along with the approval of the fund raise.

KBC Global on September 21, 2024 fulfilled its payment obligation to Capri Global Capital Ltd and fully regularized the default on September 19, 2024.

As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs 135 m.

A step-down arm of KBC Global recently signed an MoU with Liberia Special Economic Zone Authority for the construction and development of residential building complexes, low-cost housing and Commercial space in SEZ with an estimated cost of USD 12.5 million.

The company has commenced a new project at Deolali in Nashik (Maharashtra) with six commercial and 22 residential units.

L&T's Wins Agra Metro Project

Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday said it has bagged a significant order from Uttar Pradesh Metro Rail Corporation Ltd (UPMRCL) for the design and construction of Agra Metro.

The project has been bagged by the heavy civil infrastructure vertical of L&T.

The company classifies a significant order as orders valued between Rs 10 bn and 25 bn.

The company has secured an order from Uttar Pradesh Metro Rail Corporation Ltd (UPMRCL) for the design and construction of Agra Metro Phase 1, Line-2.

The stretch will run from Agra Cantonment to Kalindi Vihar.

The project, which will mark a key milestone in increasing urban mobility in Agra, is to be completed within 30 months.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

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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