SGX Nifty Up 97 Points | LIC Plans Investment Cap Post Adani Rout | Railway Stock Declares Big Dividend | Top Buzzing Stocks Today

Mon, 27 Mar Pre-Open

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On Friday last week, Indian share markets fell sharply during closing hours and ended lower for the second straight session.

Benchmark indices witnessed selling in the fag-end of the session as investors digested amendments to Finance Bill 2023.

Besides, selling in US index futures and European markets also weighed on the sentiment.

At the closing bell on Friday, the BSE Sensex stood lower by 398 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 132 points (down 0.8%).

Cipla, Kotak Mahindra and Infosys were among the top gainers.

Bajaj Finance, Adani Enterprises and Tata Steel, on the other hand, were among the top losers.

Broader markets ended the day on a negative note. The BSE Midcap index fell 1.3% while the BSE SmallCap index ended 1.4% lower.

Sectoral indices ended the day on a negative note, with stocks in the metal sector, realty sector, telecom sector and energy sector witnessing selling pressure.

Shares of Siemens and Cyient hit their 52-week highs on Friday.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 59,858 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading up by 97 points or 0.6% higher at 17,020 levels.

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

Speaking of Indian share markets, Harsha Upadhyaya is a big believer in the India story. He believes the way to go about making the most of it as an investor is to pick stocks using the Growth at Reasonable Price (GARP) approach.

In the latest episode of the investor hour podcast, Rahul Goel discusses Harsha Upadhyay's framework for picking stocks, position sizing and asset allocation. Further talking about how to detect and avoid fraudulent companies.

Tune into the video to know more:

Vedanta withholds windfall tax

In signs of protests against the 9-month-old windfall tax, mining mogul Vedanta has withheld about US$ 91 million (m) from the share of profit due to the government from its oil and gas fields to make up for the additional tax outgo.

India first imposed windfall profit tax on 1 July 2022, joining a growing number of nations that tax super normal profits of energy companies.

But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as a violation of the contract, which provides fiscal stability.

The SAED initially was Rs 23,250 per tonne, and in fortnightly revisions brought down to Rs 3,500 per tonne.

This is in addition to the 10-20% royalty on the price of oil and gas realised and an oil cess of 20%. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from the sale of oil and gas.

The firm has been in focus recently with some of the rating agencies flagging the group's inability to raise funds to pay back its scheduled debt repayment later this year.

However, this isn't the only reason for Vedanta shares reeling under pressure...check out our editorial for more - Why Vedanta share price is falling.

With forming a recent joint venture with Foxconn to manufacture semiconductor chips, the company has made its space among India's top 5 semiconductor stocks.

Also as China tries to move up the technology supply chain with advanced chips, the US is getting wary, this makes semiconductor the top Indian megatrends.

Zydus Lifesciences gets approval for two generic drugs

Home-grown drug maker Zydus Lifesciences, on Friday, received final approval from the United States Food and Drug Administration (USFDA) for Lubiprostone capsules.

The drug will be manufactured at the group's formulation manufacturing facility in Moraiya, Ahmedabad (India).

According to IQVIA MAT January 2023 data, Lubiprostone capsules had annual sales of $196.5 million in the United States.

Further, the company also received final USFDA approval for Doxepin Hydrochloride capsules.

Doxepin Hydrochloride capsule is indicated to treat mental/mood problems such as depression and anxiety.

The said drug will also be manufactured at the group's formulation manufacturing facility in Moraiya, Ahmedabad.

Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

Rail Vikas Nigam declares interim dividend

Rail Vikas Nigam's (RVNL) board, on Friday, announced the interim dividend of Rs 1.77 per share for the financial year 2022-23.

The record date for the same has been fixed on 6 April 2023.

Rail Vikas Nigam Limited is a PSU company involved in building rail infrastructure.

The company executes projects by raising funds via a special purpose vehicle (SPV) route on project specific basis and strategic stakeholders.

The PSU Railway stock has given a return of more than 87% in a year.

For more check out Equitymaster's stock screener for screening best railway stocks in India.

LIC Plans investment cap amid Adani contagion

According to media reports, Life Insurance Corporation (LIC) is reportedly planning to impose caps on its debt and equity exposure to companies.

This is being done to lower the concentration of risk after the insurer faced criticism over its investment in Adani Group companies.

The insurer plans to cap its debt and equity exposure in individual firms, group companies and companies that are backed by the same promoters.

LIC, which has assets under management of about US$ 539 bn, had exposure to Adani to the tune of over $4 billion.

Moreover, the insurer cannot invest more than 10 per cent of the outstanding equity in a company and 10 per cent of the outstanding debt.

Now if the caps are approved by the LIC board, the insurer's exposures would get limited further.

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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