SGX Nifty Down 21 Points | Tata Power's Solar Plant | Suzlon's Renewable Energy Milestone | Dr Reddy & Top Buzzing Stocks Today

Tue, 6 Jun Pre-Open

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On Monday, Indian share markets continued their momentum as session progressed and ended the day higher.

Benchmark indices inched higher on Monday powered by sustained gains in auto stocks and tracking the mood in the broader Asian market, as mixed US jobs data bolstered bets that the Federal Reserve may skip an interest rate hike later this month.

At the closing bell on Monday, the BSE Sensex higher by 240 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 60 points (up 0.3%).

Axis Bank, L&T, and Grasim were among the top gainers.

Tech Mahindra, Asian Paints and Nestle, on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and BSE SmallCap ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the capital goods sector, auto sector and power sector witnessing most of the buying.

On the other hand, stocks from the FMCG sector and IT sector witnessed selling pressure.

Shares of Procter & Gamble Health and Hindustan Aeronautic hit their 52-week highs on Monday.

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...

The rupee was trading at 82.67 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 59,530 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the SGX Nifty was trading down by 21 points or 0.1% lower at 18,704 levels.

Indian share markets are headed for a negative opening today following the trend onSGX Nifty.

Speaking of stock markets, PVR INOX is down almost 40% from its 52-week highs. The correction seems a result of the stock running into a few business challenges.

But has the correction been overdone? More importantly, are the fundamentals still strong enough for the stock to be a good long-term bet?

Rahul Shah,  Co-head of Research at Equitymaster, answers all these questions in the video below.

Top Buzzing Stocks Today

TCS will be among the top buzzing stocks today.

TCS on Monday bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales.

Patel Engineering will also be in focus today.

shares of Patel Engineering were locked in an upper circuit of 5% today after the company announced a letter of acceptance (LoA) for a new order from CIDCO.

Tata Power's Solar Plant

Tata Power Renewable Energy Limited (TPREL) has commissioned a 110-megawatt (MW) solar energy project at Bikaner, in Rajasthan.

A subsidiary of Tata Power, TPREL is one of the major renewable energy players in the country.

The project is expected to generate approximately 211 million units (MU) of green electricity and reduce the 258,257 metric tonnes (MT) carbon footprint annually.

The project has used 2,59,272 mono-bifacial PERC half-cell modules. It was completed within seven months despite various challenges, including adverse weather conditions, temperatures touching 50+ degrees, the coldest of winters and sandstorms, along with adverse geopolitical challenges.

This project was one of the fastest commissioned projects in Rajasthan, backed by a skilled team, cutting-edge technology, and experienced leadership.

With this installation, the total renewables capacity of TPREL has reached 6,788 MW with an installed capacity of 4,047 MW and 2,741 MW under various stages of implementation.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Suzlon's 20 GW milestone achieved

Renewable energy solutions provider Suzlon Group announced on Monday crossed the 20 GW wind energy installations milestone.

The company has achieved this feat through the installation of 12,467 wind turbines across 17 countries. This accomplishment spans six continents and solidifies Suzlon's position as a significant player in the global wind energy landscape.

Suzlon's achievement of crossing the 20 GW wind energy installations milestone can be attributed to the visionary policy framework of the Government of India and the unflinching support of our diverse customer base of over 1,900 customers and vendor partners.

This milestone represents Suzlon's commitment to taking India's wind energy expertise to the global stage, with 5.9 GW of Indian Wind Turbines installed across the world.

According to the Ministry of New and Renewable Energy, India currently has a total renewable energy capacity of 168.96 GW (as on 28 February 2023), with about 82 GW at various stages of implementation and about 41 GW under tendering stage.

This includes 64.38 GW of solar power, 51.79 GW of hydropower, 42.02 GW of wind power and 10.77 GW of biopower.

With eight dedicated R&D centers spanning four countries, Suzlon consistently delivers a comprehensive range of robust and reliable products.

For a fundamental analysis of Novartis India, check out Equitymaster's Indian stock screener, which has a separate screen for top energy stocks in India.

Dr Reddy's Biosimilar Triumph

Dr Reddy's Laboratories, a global pharmaceutical company, announced that its tocilizumab biosimilar candidate successfully met its primary and secondary endpoints in a Phase I study.

This biosimilar candidate, which is used in the treatment of adult patients with moderate-to-severe active rheumatoid arthritis, has been evaluated on the parameters of pharmacokinetic equivalence, safety and immunogenicity in comparison to reference products.

Tocilizumab is an important anti-rheumatic agent that has a unique place in treating patients with rheumatoid arthritis and other diseases.

The clinical trial also confirmed the similarity between DRL_TC and the EU and USA reference products in terms of pharmacodynamic parameters and found no noteworthy differences in safety and immunogenicity across these three treatment groups.

Dr Reddy has already demonstrated pharmacokinetic equivalence and similarity in pharmacodynamic parameters, safety and immunogenicity by subcutaneous route.

The company is now initiating a global Phase-III study to compare the efficacy, safety, tolerability and immunogenicity of DRL_TC with the reference product in patients with moderate to severe active rheumatoid arthritis.

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

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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