AstraZeneca Pharma Receives CDSCO Approval | Why Defence Stocks are Rising | Top Buzzing Stocks Today

Wed, 27 Nov Pre-Open

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

Benchmark equity indices ended their two-day winning streak, closing Tuesday's session in negative territory.

At the closing bell on Tuesday, the BSE Sensex stood lower by 105 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.1%).

Infosys, Asian Paints and Britannia were among the top gainers.

Adani Enterprises, Adani Ports and Bajaj Auto 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 0.1% higher and BSE SmallCap index ended 0.6% higher.

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

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Top buzzing stocks today

ACME Solar share price will be in focus today.

shares of ACME Solar Holdings took a hit on November 26 after plunging as much as 7.5% on the back of a sharp decline in the company's Q2 net profit.

Consolidated net profit for the July-September period dropped 60% on year to Rs 152.9 million (m), a sharp downturn from the Rs 386.3 m it reported in the same quarter last fiscal. The drag in net profit was mainly on account of lower revenue after the company monetised 369 MW of operational assets in the second half of the previous fiscal.

Route Mobile will also be a top buzzing stock.

Shares of Route Mobile surged over 3% to Rs 1,460 apiece on November 26, the most in 15 weeks amid heavy volumes.

Despite today's rise, the stock has declined over 9% so far this year, as compared to the benchmark Nifty 50's 10% surge.

Why Defence Stocks are Rising

Shares of defence and related companies have continued to trade higher for the second consecutive day following the decisive victory of the ruling National Democratic Alliance (NDA) in Maharashtra. The political stability is expected to bolster the Government of India's (GOI) capital expenditure momentum, leading to improved order inflows across key sectors such as railways and defence.

Garden Reach Shipbuilders & Engineers (GRSE), Cochin Shipyard, Bharat Dynamics (BDL), BEML, Mazagon Dock Shipbuilders (MDL), Mishra Dhatu Nigam (MIDHANI), Bharat Electronics (BEL) and Hindustan Aeronautics (HAL) are up in the range of 3% to 10% on the BSE in Tuesday's intra-day trade in otherwise a subdued market.

The resurgence in the performance of the BJP in Assembly Elections, after failing to secure a majority in Lok Sabha elections, should help assuage investor concerns about the government's policy priorities and development agenda.

Doubts regarding the slow progress of government spending, especially Capex, should be behind us, as the next two elections in 2025 -- Delhi and Bihar -- are unlikely to consume as much bandwidth as Maharashtra and Haryana did.

Nifty IT Hits Record High

Shares of IT companies have zoomed up to 11 per cent in the last month as the outlook for IT firms turned hotter owing to a confluence of factors that included President-Elect Donald Trump's return to the White House.

The Nifty IT index hit an all-time high on Tuesday, reaching the 44,244.60 level, up 1.4% intraday.

Meanwhile, in the last 30 days, the index has surged 5.2% compared to a 0.7% rise in the benchmark Nifty50 index.

Individually, Coforge rallied 11.2 per cent, Wipro jumped 7.1%, TCS climbed 6.3%, and LTTS surged 5.5%. Others including Infosys, Persistent Systems, LTIMindtree and HCL Technologies gained in the range of 1-4% each in the last four weeks

AstraZeneca Pharma Receives CDSCO Approval

AstraZeneca Pharma India Ltd has received approval from the Central Drugs Standard Control Organisation (CDSCO) to import and distribute the cancer treatment drug Olaparib, branded as Lynparza, in India.

The approval allows the company to import the drug in film-coated tablet form in dosages of 100 mg and 150 mg for sale and distribution in the country.

Lynparza, which is used in combination with Durvalumab, is indicated for the maintenance treatment of adult patients with advanced or recurrent endometrial cancer.

Specifically, the combination is used for patients whose disease has not progressed following first-line treatment with Durvalumab in combination with platinum-based chemotherapy.

With the CDSCO's approval in hand, AstraZeneca Pharma India can now move ahead with the launch of Lynparza in India, offering a new treatment option for patients with advanced endometrial cancer.

In addition to the approval for Lynparza, AstraZeneca Pharma India also received import and market permission last week for its inhalation preparation, Breztri Aerosphere, which is intended for the treatment of chronic obstructive pulmonary disease (COPD).

The company plans to launch Breztri Aerosphere in India in January 2025, expanding its product offerings in the country.

AstraZeneca Pharma, the Indian subsidiary of the British-Swedish multinational pharmaceutical giant, operates across several therapeutic areas, including oncology, cardiovascular diseases, and respiratory conditions.

The company gained global prominence for its role in developing the Oxford-AstraZeneca Covid-19 vaccine.

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

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Indian Share Market Update: Top Gainers and Losers