SGX Nifty Up 54 Points | Godrej Properties' Shopping Spree | Tata Consumer's Latest Acquisition | Top Buzzing Stocks Today

Fri, 30 Dec Pre-Open

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On Thursday, Indian share markets staged a smart recovery during closing hours and ended near the day's high.

Benchmark indices remained under pressure throughout the session on the penultimate day of 2022 but bounced back in the final hour to end in green.

China's worsening Covid situation made investors pessimistic about the future global economic outlook.

At the closing bell on Thursday, the BSE Sensex stood higher by 224 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 69 points (up 0.4%).

Eicher Motors, SBI, and Bharti Airtel were among the top gainers.

Apollo Hospital, Tata Motors, and Titan, on the other hand, were among the top losers.

Broader markets settled on a mixed note. The BSE MidCap inched 0.1% lower while the BSE SmallCap index ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the energy sector, oil and gas sector, metal sector and banking sector witnessing heavy buying.

While stocks in the FMCG sector, and capital goods sector witnessed selling.

From the best auto stocks, shares of Eicher Motors added 2.2%.

Shares of Adani Total Gas, Jindal Steel and Power, and Mahindra CIE Auto hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading trading flat at Rs 54,777 per 10 grams, while silver prices for the latest contract on MCX were trading marginally lower at Rs 69,000 per kg at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the SGX Nifty was trading up by 54 points or 0.3% higher at 18,340 levels.

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

Speaking of stock markets, as the year 2022 is about to end, it's time to look at the stocks that will make your portfolio better in 2023. It is the time you found what should be the top 3 stock picks for 2023.

In the below video, Research Analyst at Equitymaster Aditya Vora talks about a daredevil stock for 2023.

Top Buzzing Stocks Today

Ashok Buildcon will be among the top buzzing stocks today.

The company on Thursday announced that it has received notification of award for three projects worth Rs 7.5 bn from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company.

The scope of the projects entails supplying, installing, testing, and commissioning new 11 kilovolts (kV) lines, LT Lines on AB cable, distribution transformer substation and supporting works such as DPs, and TP.

SBI share price will also be in focus today.

SBI announced its plan to raise Rs 100 billion (bn) through the issue of infrastructure bonds.

SBI's Executive Committee of the Central Board will meet on 3 January 2023 for the approval of the same.

Tata Consumer's UK arm acquires Joekels Tea Packers

Tata Consumer Products (TCP) UK group's arm on Thursday acquired a 23.3% stake in Joekels Tea Packers.

The above acquisition of the stake by TCP Overseas from the JV partners is for a consideration value of ZAR 91 million (~Rs 436.5 m).

The said transaction is subject to the fulfilment of various terms and conditions as specified in Transaction Agreements.

As a result of the above acquisition, the holding of TCP Overseas in Joekels will increase from 51.7% to 75% of the equity share capital and the remaining 25% is held by the joint venture partners.

TCP Overseas is a step-down wholly owned subsidiary of the Tata Group through the Tata Consumer Products UK Group Limited.

With a diverse portfolio, Tata Consumer is among top FMCG companies by growth.

Why Dr Reddy's Share Price is rising

The share price of Dr Reddy's Lab jumped 2% on Thursday.

This rise in the stock was seen after the company on Thursday said all claims against it in the antitrust litigation filed in the US related to a prescription medicine Revlimid, used in, the treatment of multiple myeloma have been dismissed.

Dr Reddy, along with Celgene, Bristol Myers Squibb, and several other generic pharmaceutical companies, were accused of restrained competition and shared monopoly in the sale of generic Revlimid in the US.

Revlimid, also known as lenalidomide, is an oral drug that is used for the treatment of multiple myeloma or blood cancer.

According to IQVIA, Revlimid capsules had sales of approximately US$2.58 billion in the US for the 12 months ending June 2022.

Following this news, the share price of Dr Reddy opened on a higher note on Thursday.

Godrej Properties acquires 9-acre land

Godrej Properties has acquired approximately 9 acres of land in Gurugram in an outright purchase for a housing project with a sales potential of Rs 25 bn.

The project includes about 1.6 million square feet of premium residential realty.

The land parcel is strategically located with easy access from Golf Course Road Extension.

Golf Course Road Extension is one of the most premium micro markets in the National Capital Region (NCR), with quality residential, corporate, and retail assets.

This project will allow the company to significantly increase our market share in Gurugram over the next several years and fits within its strategy of strengthening our presence in key micro markets.

The company recently acquired approximately 62 acres of land through an outright purchase in Kurukshetra.

This project will offer approximately 1.4 million square feet of plotted residential development.

Godrej Properties, a part of the Godrej group, is a dominant player in the real estate market with a major focus on markets in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

GPL has been aggressively buying land parcels over the last six months, which it had largely refrained from in favor of asset light development models all these years, making it among the top real estate stock.

The company's management believes the Indian real estate sector is in early stages of a multi-year recovery cycle and the company is looking to cash in on it to enhance margins and improve returns.

To know what's moving the Indian stock markets, 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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