Sensex Trades Over 200 Points Higher; Dow Futures Up by 37 Points

Mon, 8 Mar 12:30 pm

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   Momentum Moves   

   SGX Nifty   

   09:30 am   

   Closing   

Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 214 points, up 0.4% at 50,619 levels.

Meanwhile, the NSE Nifty is trading up by 76 points.

Bajaj Auto and Hero MotoCorp are among the top gainers today. Axis Bank and Hindalco are among the top losers today.

The BSE Mid Cap index is trading up by 0.6%.

The BSE Small Cap index is trading up by 1%.

On the sectoral front, stocks from the energy sector, are witnessing most of the buying interest

On the other hand, stocks from the real estate sector, are witnessing most of the selling pressure.

US stock futures are trading mixed today.

Nasdaq Futures are trading down by 105 points (down 0.3%) while Dow Futures are trading up by 37 points (up 0.1%)

The rupee is trading at 72.83 against the US$.

Gold prices are trading down by 0.2% at Rs 44,615 per 10 grams.

Gold prices struggled in Indian markets today while silver rates surged. On MCX, gold futures were flat at near 10-month lows of  Rs 44,731 per 10 grams while silver futures rose 1.3% to Rs 66,465 per kg.

Note that gold prices have fallen sharply this year, hurt by optimism over a robust economic recovery and faster-than-anticipated rise in bond yields. Gold prices in India are down over Rs 5,000 from the start of this year as compared to the August highs of  Rs 56,200; the precious metal is off by about Rs 11,500.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Adani Ports & SEZ.

Windy Lakeside Investment, a unit of private equity firm Warburg Pincus, will invest Rs 8 billion for a 0.5% stake in Adani Ports and Special Economic Zone (APSEZ), the latter confirmed in a regulatory filing on March 7, 2021.

The Board of Directors of APSEZ took the decision to issue up to 10 million equity shares to Windy Lakeside Investment (Windy) at a price of Rs 800 per equity share (at a premium of Rs 798 per equity share), for an aggregate consideration of up to Rs 8 billion, APSEZ said in the notice issued to the exchanges.

Apart from this, the board approved the issue of notice convening an extraordinary general meeting (EGM) of the shareholders of the company to be held on April 6, 2021 through video conferencing.

Earlier this week, there were reports that APSEZ is acquiring  31.5% stake held by Windy Lakeside Investment in Gangavaram Port. The acquisition is valued at Rs 19.5 billion and subject to regulatory approvals.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Adani Ports & SEZ share price was trading up by 0.5% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani talks about why you should be wary of the new and exciting metals  HYPERLINK "https://www.equitymaster.com/detail.asp?date=06/27/2013&story=4&title=Is-the-commodity-supercycle-over" \t "_blank" supercycle theory, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the Indian pharma sector...

Aarti Drugs' Unit Gets Approval Under Pharma PLI Scheme

Shares of Aarti Drugs rose to their highest in more than a month after a wholly owned unit of the bulk drugmaker received an approval accorded under India's scheme to offer incentives to boost local pharma ingredients capacity.

Aarti Specialty Chemicals has received approval for 2-methyl-5-nitro-imidazole, with a committed production capacity of 4,000 million tonnes per annum, under the production-linked incentive scheme, according to an exchange filing on Monday.

The rate incentive will be 10% of the total sales value per annum for a period of six years. The approval will be valid until FY28.

The Indian government allocated Rs 69.4 billion for domestic manufacturing of critical key starting materials or drug intermediates and active pharmaceutical ingredients-raw materials that go into making medicines-and reduce reliance on imports by setting up greenfield projects in the country with a minimum domestic value addition in four different target segments.

The approval accorded to Aarti Drugs, the filing said, is under target segment III. "This is a very positive development for us as it will help the company diversify its product portfolio, increase the top line and enhance the profitability and margin profile of the company," Chief Financial Officer Adhish Patil was quoted as saying in the filing.

The capex for this project, Patil said, will be done through a mix of debt and internal accruals.

"We expect the capex for this project to spread over a period of 18 months and this will further reduce our dependence on imports."

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

And 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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