Gift Nifty Trades Up 25 Points | Adani Green's Ambitious Capacity Goal | Gland Pharma Receives EIR | Top Buzzing Stocks Today

Thu, 9 Nov Pre-Open

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On Wednesday, Indian share markets gained the momentum as the session progressed and ended the day marginally higher.

Benchmark indices rose on Wednesday, led by energy stocks, as crude prices fell, while a drop in high weightage financials after a recent rise capped gains.

At the closing bell on Wednesday, the BSE Sensex stood up by 33 points.

Meanwhile, the NSE Nifty closed higher by 37 points.

BPCL, Adani Ports and Cipla were among the top gainers.

ICICI Bank, NTPC and Infosys, on the other hand, were among the top losers.

The BSE MidCap index gained 0.8% while the BSE SmallCap index ended higher by 0.6%.

Sectoral indices ended mixed with stocks in the realty sector, healthcare sector and oil & gas sector witnessing most of the buying. Meanwhile stocks in telecom sector and media sector witness selling.

Shares of Tata Elxis and JK Cement hit their 52-week high on Wednesday.

The rupee was trading at 83.27 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 60,323 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:55 AM today, the Gift Nifty was trading 25 points or 0.1% higher at 19,526 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about the possibility of Sensex at 50,000 in 2024, in her latest video.

With most of the positives priced in, any negative shocker, especially like the macro variables, could cause a huge dent in the index next year.

Watch the below video for more:

Top buzzing stocks today

Escorts Kubota share price will be in focus today.

Escorts Kubota Limited, as per their mid-term business plan (MTBP), has announced that the company proposes to purchase land in Ghiloth, Rajasthan, for the establishment of an integrated greenfield manufacturing facility.

Lupin will also be a top buzzing stock.

Lupin stock gained 1% on 8 November after the company received tentative approval from the United States Food and Drug Administration (USFDA) for its two drugs.

The company has received tentative approval from the USFDA for its abbreviated new drug application (ANDA) for Canagliflozin and Metformin Hydrochloride Extended-Release Tablets.

Gland Pharma Receives EIR for Visakhapatnam Facility

Pharmaceutical company Gland Pharma on Wednesday announced that it has received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Visakhapatnam facility.

The inspection has been closed by the USFDA.

The US federal agency inspected the company's Vizag unit from 20 July to 28 July this year.

The company is making progress with its complex portfolio, and in the next 5-6 months, at least two products will be ready for submission.

The lock-in period for this company will conclude on 20 November 2023. For more, check out Top 5 Stocks to Watch Out Upon IPO Lock-in Period Expiry.

Adani Green's Ambitious Capacity Goal

Adani Green Energy Limited (AGEL) has a planned capex of Rs 140 bn and aims to achieve an operational capacity of 11 GW in FY24.

The company has an operating renewable energy (RE) portfolio of 8.4 GW across solar, wind and hybrid capacity.

With plans to deliver 2.8-3 GW capacity in FY24, the company's operating portfolio will increase to 11 GW. In FY24, the company has indicated a capex of Rs 140 bn.

A large part of the capacity addition will come in Khavda in Gujarat, where the company has deployed a workforce of more than 5,000 people.

The company plans to add 5 GW of RE portfolio every year from FY25 onwards.

AGEL's 97% capacity is under long-term fixed tariff Power Purchase Agreements (PPAs) of 25-year duration and an average portfolio tariff of Rs 3.02 per unit. Its customer base includes Solar Energy Corporation of India (SECI), NTPC and various state DISCOMs.

The company is targeting 45 GW of renewable energy capacity by 2030. India's target is to install 500 GW of renewable capacity by 2030.

Adani Green shares are currently trading at a P/E and P/BV of 153.5x and 24.2x, respectively. Compared to the industry average P/E of 24.1x and P/BV of 2.3x, the shares of Adani Green are highly overvalued.

To know if is this a warning sign, check out The 5 Most Overvalued Stocks in India. Will these Stocks Crash in 2024?

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.

Godrej Industries Q2

Godrej Industries' consolidated net profit tanked 44.1% to Rs 873.0 million (m) from Rs 1.6 bn a year ago. The base quarter had a one-time tax credit of Rs 590 m.

Its revenue from operations came in at Rs 39.4 bn, down 2.1% against Rs 40.2 bn in the corresponding quarter last year.

Godrej Industries is the holding company of the Group. Its businesses include consumer products, real estate, chemicals, agriculture and finance, among others.

The company, in a post-earnings presentation said its consolidated sales grew by 6% in rupee terms, led by volume growth of 10% and 16% constant currency year-on-year. Consolidated EBITDA grew by 30% year-on-year.

Its chemical business was negatively impacted due to industry headwinds. Meanwhile, its real estate business saw the highest ever quarterly sales with a total booking value of Rs 50.3 bn with 5.2 million sq. ft. of area sold during the quarter.

The business also added one new plotted development project in Nagpur with an estimated booking value of Rs 7.3 bn. The company delivered 1.55 million sq. ft. across two markets in Q2 FY24.

Its agribusiness through its subsidiary Godrej Agrovet saw profit rise to Rs 1.1 bn.

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

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