Sensex Trades Over 300 Points Higher, Dow Futures Up by 86 Points

Mon, 10 May 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 379 points, up 0.8% at 49,585 levels.

Meanwhile, the NSE Nifty is trading up by 131 points.

Coal India and Hindalco are among the top gainers today. Shree Cement and UltraTech Cement are among the top losers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 1.1%.

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

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

US stock futures are trading mixed today.

Nasdaq Futures are trading down by 36 points (down 0.3%) while Dow Futures are trading up by 86 points (up 0.3%)

The rupee is trading at 73.38 against the US$.

Gold prices are trading up by 0.4% at Rs 47,925 per 10 grams.

Gold prices were trading higher in domestic markets in early trade today following a positive trend in international spot prices which were hovering near a three-month high.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading higher by 0.1% at Rs 47,793 for 10 grams.

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 Ajanta Pharma.

Drugmaker Ajanta Pharma has lined up a capex plan of Rs 2.5 bn for the current fiscal as it looks to expand its corporate office and production facilities.

The Mumbai-based drug maker operates eight manufacturing facilities in India and Mauritius, including two plants that have been approved by the US Food and Drug Administration (USFDA).

"During the current year (FY22), we are estimating the capex to be in the vicinity of Rs 2.5 bn. It will largely go towards maintenance and some new expansions for the corporate office and some key expansions in the facility," Ajanta Pharma Managing Director Yogesh Agrawal said in an analyst call.

The company had earmarked a capex plan of Rs 1.5 bn for FY20.

Agrawal noted that Rs 300 m was invested in the expansion of the corporate office last year, and this year it is going to be in the range of Rs 600-800 m.

Ajanta Pharma currently employs over 7,000 people worldwide and its products are sold in over 30 countries, including in the US, the world's largest market for pharmaceutical products.

When asked about the company's business plans in the US, Agrawal said, "Right now, we are giving out the guidance of 10 to 12 filings and correspondingly we should be able to fructify and launch in the market."

He further said, "As you know, last year it was a very hard lockdown, so because of that the research and development (R&D) was shut for five months and that is the reason we see those reflecting in the abbreviated new drug application (ANDA) filings for the current year or rather last year. But we believe we have made good progress during the last 5-6 months and currently also, our R&D is operating, if not at a full capacity, but at a reasonably good capacity."

The company believes that its ANDA filings will pick up in the current year and it would try to come as close to the target of 10 to 12 per year, Agrawal said.How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

At the time of writing, shares of Ajanta Pharma were trading down by 0.7% on the BSE.

Speaking of stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares his secret to find breakthrough stocks, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

In news from the automobile sector...

Covid-19 Impact: Maruti Suzuki Extends Production Shutdown till 16 May

India's largest car manufacturer Maruti Suzuki has decided to keep its production facilities suspended for another week. The shutdown, which was announced as the country battled against the rising number of cases during the second wave of Covid-19, was to end on Monday (9 May), according to Maruti's original plan.

Maruti Suzuki has not given any reason behind the decision to extend the shutdown at its facilities. However, given that Haryana remains one of the worst-affected states due to the virus, Maruti would put the safety of its own workers as a priority before resuming operations.

Maruti has termed this shutdown as 'planned maintenance' like some of the other carmakers in the last few days.

The company had earlier announced that it will stop producing cars in the company's plants in Haryana for the first nine days of the month to make oxygen available for the healthcare and medical sector. The carmaker said that it uses a small amount of oxygen in its factories which can be channelized to address the oxygen crisis in the Delhi-NCR region.

Besides, it also said that the manufacturers of components use a much larger quantity of oxygen at their plants.

Maruti Suzuki also fears that demand for its cars may go down due to the ongoing Covid-19 restrictions across the country. Earlier this month, the company had reported that its production had shrunk by at least 7% in April, compared to March 2021. It manufactured 159,955 units against 172,433 units it produced a year ago.

RC Bhargava, Chairman of Maruti Suzuki India, recently said in an interview that the carmaker may think about reducing production capacity under the current circumstances. He had said that the problem is on the "sales side because in several states there is a partial lockdown and there's a curfew in some states and the dealers who sell the cars are having to close down."

The ongoing Covid-19 crisis seems to be pushing the auto industry back after it began recovering from the slowdown last year due to strict lockdown for months. The Indian auto sector is now bracing for further fallout from the recent surge in cases.

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

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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