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Maruti Suzuki's Production in April, IDBI Bank's Strategic Divestment, and Buzzing Stocks Today
Fri, 7 May Pre-Open | Monish Vora, TM Team

Indian share markets ended higher yesterday.

Benchmark indices witnessed buying tracking positive cues from global peers, even as India reported over 4 lakh Covid-19 cases.

At the closing bell yesterday, the BSE Sensex stood higher by 272 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 107 points (up 0.7%).

Hindalco and Hero MotoCorp were among the top gainers.

Power Grid Corp and UPL, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.9% and 0.6%, respectively.

Sectoral indices ended on a positive note with stocks in the IT sector and auto sector witnessing most of the buying interest.

Shares of Mphasis and Deepak Nitrite hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading up by 75 points, or 0.5% higher at 14,870 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 47,119 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Tata Motors share price will be among the top buzzing stocks today.

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of its dominant position with respect to dealership agreements.

The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services and Tata Motors Finance (opposite parties).

The CCI observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

The CCI has directed its Director General (DG), the investigation arm, to probe the matter in detail.

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Cipla share price will also be in focus today as the company said it will market and distribute a product used to treat Covid-19 infections made by pharmaceutical firm Roche.

Roche Holding has received restricted emergency use approval from the Indian drug regulator for the product, a cocktail of the antibodies Casirivimab and Imdevimab.

Approval was granted based on data that have been filed for emergency use in the US, and the scientific opinion of the Committee for Medicinal Products for Human Use in the European Union, Cipla said.

The product will be used to treat mild to moderate Covid-19 in adults and paediatric patients (12 years of age or older, weighing at least 40 kg) who are confirmed to be infected with SARS-COV2 and are at high risk.

Market participants will also track Maruti Suzuki share price as India's largest car manufacturer reported that its production has shrunk by at least 7% last month, compared to March 2021, after it manufactured 2 lakh units.

It is also far less than what Maruti Suzuki produced a year ago when the overall figures stood at 1.7 lakh units.

The company's production was going on in full swing before it decided to halt work to divert oxygen to hospitals last week.

According to statement issued by the carmaker, Maruti Suzuki produced 29,056 units of mini cars, which include small hatchbacks like Alto and S-Presso, in April as against 28,519 units in March.

It also built 83,432 units of compact cars like WagonR, Celerio, Ignis, Swift, Baleno and Dzire, during the same period.

However, its production has declined from 95,186 units in March 2021.

Production of utility vehicles too were down from March 2021 at 31,059 units. The auto maker produces utility vehicles like Gypsy, Ertiga, S-Cross, Vitara Brezza and XL6.

It also produced 2,390 units of its light commercial vehicle Super Carry in April, down from 2,397 units in March 2021.

Government Clears Strategic Divestment Proposal for IDBI Bank

In news from the banking sector...

The government has cleared a proposal for strategic disinvestment of IDBI Bank, boosting efforts to meet its ambitious Rs 1.75 lakh crore disinvestment target for this fiscal year.

The proposal was approved by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.

The proposal involves the sale of a majority stake in the bank jointly by the government and Life Insurance Corporation of India (LIC), along with management control.

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The government and LIC own 45.5% and 49.2% stake, respectively, in IDBI Bank, giving them a combined stake of more than 94%.

LIC is currently the promoter of IDBI Bank with management control after the government sold its majority stake to the state-run insurance giant in 2019.

Reports state that the government and LIC may not fully sell their stakes and instead retain minority holdings post the strategic disinvestment.

Earlier this week on Monday, IDBI Bank reported a full-year profit for the first time in five years at Rs 12.6 bn for 2020-21.

In the March quarter, the bank reported a nearly four-fold jump in net profit to Rs 5.1 bn due to tax refund and higher net interest income.

How the above stake sale pans out remain to be seen. Meanwhile, we will keep you updated on the latest news from this space.

Wipro Partners with Transcell Oncologics to Transform Vaccine Safety Assessment

Wipro has partnered with Transcell Oncologics to transform vaccine safety assessment using augmented intelligence. This partnership combines Transcell's innovative stem cell technology with the advanced augmented intelligence capabilities of Wipro HOLMES to improve the safety of global vaccine immunization programmes.

By applying augmented intelligence to the vaccine development process, the solution can predict adverse neurovirulent impacts resulting from vaccinations, said Wipro in a press release. Currently, vaccine safety assessment often includes testing on animals to measure adverse impacts.

Using Wipro HOLMES instead, researchers and biopharmaceutical companies have a new and fully viable solution and alternative. Wipro HOLMES can also be integrated into any existing workflow, including quality control tests in vaccine production, batch-wise release and other safety evaluation assays.

This partnership would expand the Wipro HOLMES solutions available to life science companies for drug repurposing and messenger ribonucleic acid (mRNA) based platform for biodefense. It enables the testing of new vaccines by applying augmented intelligence to stem cell research and measuring safety and potency.

This is the first in a series of next-generation solutions that the partnership will offer to determine the safety and efficacy of a wide range of products from vaccines to prescription medications, cosmetics and more.

"Enhancing neurovirulence safety assessment through augmented intelligence is a huge step forward in vaccine research and development. This innovative technology allows life science companies and vaccine manufacturers to develop, trial and release safer and more effective vaccines for people around the world," Harmeet Chauhan, Global Head, Engineering and R&D, Wipro, was quoted saying.

Dr Subhadra Dravida, Founder CEO, Transcell, said, deriving new and advanced insights from the use of stem cells in an in vitro setting transforms vaccine safety assessment and this breakthrough process would lead to new medical treatments and accelerate innovation and vaccine availability that is vital to saving lives.

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

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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Stock Market Updates

Sensex Rises Over 100 Points, Dow Futures Trade Flat (Today's Market)

Jun 11, 2021 12:30 pm

BSE Sensex is trading up by 187 points, while the NSE Nifty is trading up by 36 points.

CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

Jun 11, 2021 11:20 AM

CIPLA share price has hit an all time high at Rs 982 (down 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (down 0.4%) and SANOFI INDIA (up 0.4%). The top losers include ERIS LIFESCIENCES and IPCA LABS (down 0.1%).

MPHASIS Share Price Up by 5%; BSE IT Index Up 0.8% (Today's Market)

Jun 11, 2021 10:30 AM

MPHASIS share price is trading up by 5% and its current market price is Rs 2,069. The BSE IT is up by 0.8%. The top gainers in the BSE IT Index are MPHASIS (up 5.0%) and ECLERX SERVICES (up 20.0%). The top losers are WIPRO (down 0.4%) and FIRSTSOURCE SOLUTIONS (down 3.6%).

WIPRO at All Time High; BSE IT Index Up 0.5% (Today's Market)

Jun 11, 2021 09:44 AM

WIPRO share price has hit an all time high at Rs 556 (down 0.3%). The BSE IT Index is up by 0.5%. Among the top gainers in the BSE IT Index today are WIPRO (down 1.2%) and L&T INFOTECH (up 1.2%). The top losers include HEXAWARE TECHNOLOGIES and PERSISTENT SYSTEMS (down 0.2%).

CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

Jun 11, 2021 09:44 AM

CIPLA share price has hit an all time high at Rs 979 (up 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (up 0.3%) and ABBOTT INDIA (up 0.2%). The top losers include SUN PHARMA ADV. RES. (down 0.1%) and WOCKHARDT (down 0.1%).

Sensex Opens 250 Points Higher; Coal India & Power Grid Top Gainers (Today's Market)

Jun 11, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 248 points, while the Nifty is trading higher by 75 points.

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