Gift Nifty Trades Flat | CG Power to Set Up Semiconductor Assembly | Sterling & Wilson Bags Nigerian Order | Top Buzzing Stocks Today

Thu, 23 Nov Pre-Open

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On Wednesday, Indian share markets displayed volatility in trades amid subdued cues from global peers but ended the day higher.

Benchmark indices ended higher helped by buying in index major Reliance Industries. Gains were however restricted amid unabated foreign fund outflows from the equity markets and mixed trends in global markets.

At the closing bell on Wednesday, the BSE Sensex stood higher by 93 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 29 points (up 0.1%).

BPCL and NTPC were among the top gainers.

Hindalco and Adani Ports on the other hand, were among the top losers.

Broader markets ended mixed. The BSE Midcap index ended 0.3% higher and the BSE SmallCap index ended 0.6% lower.

Sectoral indices ended mixed with stocks in the FMCG sector and auto sector witnessing buying. Meanwhile, the stocks in the realty sector and metal sector witnessed selling pressure.

Shares of Bajaj Auto and Tata Investment hit their 52-week high on Wednesday.

The rupee was trading at 83.31 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 61,275 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 8 points lower at 19,891 level.

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

Speaking of stock markets, one of the most anticipated initial public offerings (IPOs) of 2023 is finally here.

Tata Technologies, a wholly-owned subsidiary of Tata Motors plans to offer 23.6% of its paid-up share capital currently held by Tata Motors, Alpha TC Holdings, and Tata Capital Growth Fund I.

The IPO will open for subscription on 22 November 2023 and close on the 24 November. Are the valuations justified? How does it fare against its peers?

Tune in to below video where we answer all these questions and access the Tata group company's IPO.

Top buzzing stocks today

GMR Power share price will be in focus today.

Shares of GMR Power and Urban Infrastructure rallied 5% to Rs 42 per share on 22 November after the company acquired an additional 29.2% stake in subsidiary - GMR Energy.

The current acquisition consolidates the existing stake of GMR Power in GMR Energy from 57.7%, held by itself and its subsidiaries, to about 86.9%.

IDBI Bank will also be a top buzzing stock.

Shares of IDBI Bank fell more than 3% on 22 November morning after the government cancelled the bid invitation process to appoint an asset valuer for the lender's divestment.

The Centre will call for a fresh request for proposal (RFP) for appointing the asset valuer. This cancellation comes after the government extended the RFP four times.

Sterling & Wilson Bags Nigerian Order

Sun Africa LLC, a joint venture involving Sterling & Wilson Renewable has been awarded an order worth US$ 2.2 billion (bn) in Nigeria's power sector.

The unit, along with the Nigerian government has announced a collaboration to enhance the country's power landscape.

A definitive agreement between the parties is yet to be signed.

Sun Africa has committed to delivering 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy, for which the total contract value will be around $2.2 billion.

According to Adelabu, the move will address Nigeria's increasing power demand, supporting economic and energy sustainability objectives.

Financing partners like ING Bank and Citi, backed by US-EXIM Bank, will actively support this venture, committing up to US$ 10 bn over the years.

The renewable energy transformation project in Nigeria is expected to have four phases worth over US$ 10 bn.

Sterling and Wilson Renewable will be a contender for Phase 2 of the project as well.

India is home to many prominent engineering companies that cater to a wide range of sectors. To know who is driving the country's growth and development, check out the top engineering companies in India.

Discover Now: The Key to Stress-free Investing

CG Power to Set Up Semiconductor Assembly

CG Power and Industrial Solutions has applied to set up an outsourced semiconductor assembly and test facility in India with an investment of about US$ 791 million over five years.

The company said the funding for the project is expected to be funded by a combination of subsidy, joint venture (JV) partners' equity contribution, and debt, as required.

The discussion for the same is underway.

Ever since India's Semiconductor Mission was launched in 2021, several companies and joint ventures have expressed their intention to set up semiconductor assembly and fabrication units.

They include Tata Group, Vedanta, Foxconn, TSMC, L&T, Qualcomm, Micron Technology, Simmtech, Sahasra Semiconductor and AMD. Some have already announced capital outlay.

Indian mid-cap stocks have been quietly delivering impressive growth, outpacing their large-cap counterparts.

For more, check out the Top 5 Midcap Stocks that Reported Massive Growth in Q2 Results.

Dr Reddy's & Glenmark Pharma recall's product

Dr Reddy's Laboratories, Glenmark Pharma, and Zydus are recalling products in the US market for manufacturing issues, according to the US Food and Drug Administration (USFDA).

In its latest enforcement report, the US health regulator said Princeton-based Dr Reddy's Laboratories, a unit of the Hyderabad-based drug firm, is recalling 1,656 bottles of Montelukast sodium tablets.

The product is indicated to prevent wheezing, breathing difficulty, chest tightness, and coughing caused by asthma in adults. As per the USFDA, the company is recalling the affected lot due to the presence of foreign tablets and capsules.

A foreign tablet was found in a bottle of Montelukast sodium tablets, USP 10mg, identified as metoprolol 25 mg, it added. The company initiated the Class II voluntary recall on 13 October.

The USFDA noted that Mahwah-based Glenmark Pharmaceuticals Inc, USA, a unit of Mumbai-based Glenmark Pharma, is recalling 5,856 bottles of Deferasirox tablets for oral suspension. The product is used to treat hemochromatosis, or iron overload in the blood.

Glenmark Pharmaceuticals Inc. is also recalling 16,944 bottles of Ranolazine Extended-Release tablets, used to treat chronic chest pain, in the US due to failed dissolution specifications, the USFDA stated. The company initiated the Class II nationwide recall on 23 October.

The US health regulator noted that Zydus Pharmaceuticals (USA) Inc. is recalling a certain number of Oxybutynin Chloride extended-release tablets in different strengths due to failed dissolution specifications-out-of-specification test results.

For pharma companies in India that have solid growth in sales, profits and a high Return on Equity (ROE), check out top pharma companies in India.

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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