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Sensex Rises Over 100 Points, Dow Futures Trade Flat

Fri, 11 Jun 12:30 pm

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Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 187 points, up 0.4% at 52,487 levels.

Meanwhile, the NSE Nifty is trading up by 36 points.

Bajaj Finance and Coal India are among the top gainers today. Adani Ports and SBI are among the top losers today.

The BSE Mid Cap index is trading down by 0.3%.

The BSE Small Cap index is trading up by 0.2%.

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

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

US stock futures are trading mixed today.

Nasdaq Futures are trading up by 8 points (up 0.1%) while Dow Futures are trading down by 7 points (flat).

The rupee is trading at 72.97 against the US$.

Gold prices are trading up by 0.3% at Rs 49,357 per 10 grams.

Gold prices in India continued to struggle for the sixth day in a row, moving in a very narrow range. On MCX, gold futures were up 0.2% at Rs 49,275 per 10 grams in early trade,

Note that gold has struggled in a narrow range after hitting a 5-month high of Rs 49,750 last week. In August last year, the precious metal had hit a record high of Rs 56,200.

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 eClerx.

Shares of eClerx Services were locked in 20% upper circuit on the BSE today after the company reported healthy March quarter numbers.

The company reported a 78.3% rise in net profit at Rs 987.5 m for the March 2021 quarter, which was largely on the back of an improvement in staff utilization.

Sales of the BPO firm rose 34.7% to Rs 4.7 bn against Rs 3.5 bn in the quarter ended March 2020.

As a result, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) also increased by 55.9% to Rs 1.2 bn from Rs. 789.5 m in the March 2020 quarter.

eClerx is an Indian IT consulting and outsourcing multinational company based in Mumbai and Pune.

The company provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, and technology companies.

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

At the time of writing, eClerx shares were trading up by 20% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares the best 'unlock' investments you can make in the market, in his latest video for Fast Profits Daily.

Tune in here to find out more:

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

Suven Pharma Shares Rally 6% After MoU for Covid-19 Drug

Suven Pharmaceuticals (SPL) rallied over 6% in early trade today after the company entered into a Memorandum of Understanding (MoU) with CSIR-Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT) and CSIR-National Institute of Interdisciplinary Science & Technology, Thiruvananthapuram (NIIST).

The MoU is for the process technology transfer and manufacture of anti-Covid 19 drugs Molnupiravir and 2-DG.

In a regulatory filing, the company said -

• It is a related party transaction as one of our Independent Directors Dr. S Chandrasekhar is the Director of CSIR-IICT, Hyderabad. The agreements between the parties involve a total fee of Rs 8 lakh plus taxes for the grant of the licenses on a non-exclusive basis to SPL.

Molnupiravir, an antiviral drug, was initially developed for the treatment of influenza. It is repurposed to completely suppress the transmission of the Covid-19 virus within 24 hours, according to a recent study published in the journal Nature Microbiology.

The synthetic process know-how for Molnupiravir was sourced from CSIR-NIIST and the scale-up process was successfully carried out by CSIR-IICT.

The complete technology know-how will be transferred to Suven Pharmaceuticals, which will in turn manufacture and launch the drug in the domestic market as an effective medication for Covid-19 infected patients.

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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