Markets will remain closed on 20^th November, 2024 on account of Assembly Elections in Maharashtra.

Gift Nifty Up 37 Points | HFCL's New Project Win | Dr Reddy's Aims Among Top 5 | Top Buzzing Stocks Today

Tue, 12 Nov Pre-Open

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Indian benchmark indices remained volatile as the session progressed and ended the day flat.

The benchmark equity indices, BSE Sensex and NSE Nifty50, ended Monday's choppy session on a flat note.

At the closing bell on Monday, the BSE Sensex stood higher by 9 points.

Meanwhile, the NSE Nifty closed lower by 6 points.

Infosys, Trent and Tech Mahindra were among the top gainers.

ONGC, Cipla and Apollo Hospital 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 0.9% lower and BSE SmallCap index ended 1.1% lower.

Sectoral indices were trading mixed today with socks in power sector and banking sector witnessing buying. Meanwhile stocks in metal sector and oil & gas sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading 0.8% lower at Rs 76,676 per 10 grams at the time of Indian market closing hours on Monday.

At 8:05 AM today, the Gift Nifty was trading 37 Points higher at 24,258 levels.

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

Speaking of the stock market, 32 auditors had resigned between January and May 2018. The number may seem miniscule given the quantum of listed stocks.

However, what was alarming was the rationale of the resignations, which weren't in the normal course of audit contracts.

The role of auditors truly came under the spotlight when a big 4 audit firm (PwC) was found guilty of shadowing the massive corporate governance lapse at Satyam Computers in 2008.

Tanushree Banerjee, research Analyst at Equitymatser in her latest video talks about how story repeated itself in 2018. While auditors were to play a crucial role in pointing red flags, they chose to turn a blind eye to some frauds. And when matters get worse, typically, the auditors resigned.

The story does not change in 2024

Watch now.

Top buzzing stocks today

BEML share price will be in focus today.

India's BEML reported a 1.5 per cent fall in its second-quarter profit on Monday, hurt by lower demand for its heavy machinery and equipment as manufacturing activity dipped.

The state-owned company makes machinery and products for industries like aerospace, mining, rail and metro and has clients such as Rail Vikas Nigam, Adani Power and Chennai Metro Rail.

KIMS will also be a top buzzing stock.

Shares of Krishna Institute of Medical Sciences (KIMS) surged nearly 6% on 11 November following the release of its strong Q2FY25 financial results.

KIMS reported a consolidated net profit of Rs 107.4 crore for Q2FY25, reflecting a 24% increase quarter-over-quarter and a 16.7% year-over-year rise.

HFCL's New Project Win

HFCL along with partners Rail Vikas Nigam Ltd (RVNL) and Aerial Telecom Solutions, emerged as the lowest bidder for BharatNet Phase III project bids totalling Rs 81 bn.

HFCL and its consortium won the Uttar Pradesh East and West bids valued at Rs 69.3 bn, to build a middle-mile broadband network under the government-backed initiative to expand rural connectivity.

This consortium is also slated for an additional operation and maintenance (O&M) contract worth Rs 41.6 bn over a 10-year period.

Additionally, HFCL secured the top bidder position for the Punjab circle, with a standalone bid of Rs 12.4 bn, which will be followed by a separate 10-year O&M order valued at approximately Rs 7.5 bn.

BharatNet Phase III is part of India's major broadband push, aiming to connect over 250,000 gram panchayats (GPs) and reach 640,000 villages.

Designed to enhance rural broadband infrastructure, this phase targets 100 Mbps speeds to promote services like e-health, e-education, and e-governance. It aims to deliver a minimum of 100 Mbps bandwidth at each GP, bringing every GP online

Dr Reddy's Aims Among Top 5

Dr Reddy's Laboratories is aiming to move up to the fifth rank in the Indian pharma market within the next five years, the company's chief financial officer, M.V. Narasimham.

Highlighting Dr Reddy's strategy to climb from its current 10th position in the domestic pharma market, Narasimham outlined four key drivers-brand planning, collaborations, inorganic growth opportunities, and innovation-as pivotal to achieving double-digit growth and advancing up the rankings.

Despite its stellar performance in the US market in recent quarters, primarily banking on the solid contributions from the star cancer drug Revlimid, Dr Reddy's has largely underperformed the growth in the Indian pharma market.

After hiving off some brands to other drugmakers, Dr Reddy's had also been on the lookout for inorganic growth opportunities to drive momentum in its domestic portfolio.

On the way, it acquired Sanofi India's vaccine portfolio, which has helped it deliver double-digit domestic growth in the quarter gone by.

Expanding further on Dr Reddy's strategy for growth, Narasimham stated that the drugmaker has first identified major brands and is revamping its promotional strategies, restructuring teams, and aiming for stronger growth in those select areas.

Secondly, the drugmaker is also pursuing collaborations, such as its partnership with Sanofi and its nutraceuticals joint venture with Nestle.

Thirdly, the company is focused on innovation as it plans to introduce some of its innovative assets into the domestic market, for which it is already building the necessary infrastructure.

Azad Engineering Inks Pact with Baker Hughes

Azad Engineering - an aerospace and energy OEM supplier on 11 November announced a non-binding pact with Baker Hughes to potentially help set up a facility for precision components in Saudi Arabia.

Among other things, the pact enables Azad Engineering to set up a facility to manufacture and supply of precision components, sub-assemblies, and assemblies, to cater the requirements within the Kingdom of Saudi Arabia.

The company had in August 2024 signed up for a 5-year agreement with a subsidiary of Baker Hughes for the supply of critical components for the oil & gas sector, which is extendable up to 3 and additional one-year terms.

During its June earnings call, Azad Engineering reaffirmed its guidance of 25-30% revenue growth for FY25, with scope for margin improvement.

The company claimed an orderbook of Rs 33 bn across verticals, which included two orders from Baker Hughes.

Azad claims to be a supplier to six key manufacturers in the aerospace and defence industry and has been attempting to strategically shift the business mix across verticals, in an effort to seize new opportunities.

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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