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Gift Nifty Trades Flat| Lupin Receives USFDA Approval | Netweb Technologies IPO to Open Next Week | Top Buzzing Stocks Today
Thu, 13 Jul Pre-Open

Lupin Receives USFDA Approval | Netweb Technologies IPO to Open Next Week | Top Buzzing Stocks Today

On Wednesday Indian share markets reversed early gains and fell sharply in the final hour and ended the day lower.

Benchmark indices ended in red dragged by information technology (IT) stocks ahead of Tata Consultancy Services and HCL Tech's quarterly results, and as caution prevailed ahead of domestic and US inflation data.

At the closing bell on Wednesday , the BSE Sensex stood lower by 223 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 55 points (down 0.3%).

ONGC and Eicher Motors were among the top gainers.

Adani enterprises and BPCL 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 higher. The BSE Midcap index and BSE SmallCap ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector and FMCG sector witnessing most of the buying.

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

Shares of MRF and ABB India hit their 52-week highs.

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 82.24 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 58,747per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading flat at 19,564 levels.

Indian share markets are headed for a muted opening today following the trend on trend on Gift Nifty.

Speaking of stock markets, the stellar rally in Nifty from 17,500 to 19,400 levels has caught many investors off guard, but more importantly, there have been a lot of frequent sector rotations happening.

First, it was the banking stocks that rallied. They passed the baton to auto companies which made a decent comeback. IT stocks have been slightly struggling but there still have been a few pockets like Tech Mahindra.

Then there's healthcare stocks, Sun Pharma, Lupin, Divi's Lab, among others, that have continued the strong momentum.

Chartist Brijesh Bhatia believe now it's time for metal stocks to stage a comeback. The charts indicate that there's a strong momentum coming into the Nifty metal index.

What do you think? Will metal stocks be the next big thing for investors? Most of the stocks from the Nifty metal index are already on a bullish run and trending higher.

Watch this video till the end to know more.

Top Buzzing Stocks Today

Lupin will be among the top buzzing stocks today.

Lupin has received the establishment inspection report (EIR) from the United States Food and Drug Administration (USFDA) for its Pithampur Unit-2 manufacturing facility that manufactures oral solids and ophthalmic dosage forms.

The EIR was issued post the last inspection of the facility conducted from 21 March to 29 March 2023.

The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).

MEP Infrastructure Developers will also be in focus today.

MEP Infrastructure Developers informed that its subsidiary company Victory Infra LLC has identified as the preferred contractor for engineering, procurement and construction of Kasumbalesa Dry Port in Democratic Republic of Congo (DRC).

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The estimated contract price for EPC contract is between $ 115 Mio and $ 130 Mio and to be executed in 24 months from the appointed date.

Sterlite Technologies partners with Windstream

Sterlite Technologies share price were up 3% in morning trade on 12 July after the company announced its partnership with Windstream.

Under the agreement, Sterlite Technologies will support Windstream's their large-scale fiber expansion projects. The collaboration started in February 2021, when the IT company began providing optical networking solutions to windstream.

Sterlite Technologies is an end-to-end solutions provider for global digital networks.

The company reported consolidated net profit of Rs 650 million (m) in Q4 FY23 as against loss of Rs 220 m in Q4FY22. Net sales jumped 25.1% year-on-year (YoY) to Rs 18.7 billion (bn) in Q4 FY23.

IPO opening next week

Leading high-end computing solutions (HCS) provider in India, Netweb Technologies is set to launch its initial public offering (IPO) on 17 July 17.

The IPO will be open for a 3-day subscription and will close on 19 July. Post the public offer, the company will list its proposed equity shares on the stock exchanges BSE and NSE.

Here are the 10 key highlights of the IPO:

IPO size: The IPO consists of fresh issues worth Rs 2.1 bn and an offer for sale (OFS) of up to 85 lakh equity shares.

Price band: The lower and upper price bands of the IPO will be announced in due course. Also, the lot size will be announced accordingly. However, the proposed equity shares offered in the IPO will have a face value of Rs 2 each.

Selling shareholders: Among promoters to participate in the offer for sale, Sanjay Lodha will sell up to 2,860,000 equity shares; Navin Lodha, Vivek Lodha, and Niraj Lodha will offload 1,430,000 equity shares each. Also, Ashoka Bajaj Automobiles LLP will sell 1,350,000 equity shares.

IPO dates: The public offer will open on 17 July and will close on 19 July. Ahead of the IPO, anchor investors will be allowed to bid on 14 July.

Investors detail: 50% of the total IPO size is reserved for qualified institutional buyers (QIBs), while 15% of the portion is kept for non-institutional investors (NII) and the remaining 35% is to be allotted for retail individual investors (RIIs).

Proceeds: Netweb will use the proceeds from the fresh issue for funding capital expenditure requirements worth Rs 323 m, while a further Rs 1,280.2 m will be used for funding long-term working capital requirements.

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Also, Rs 2,250 m will be utilized for repayment of outstanding borrowings. Additionally, a portion of the proceeds will be used for general corporate purposes.

Listing and other important dates: The proposed equity shares will be listed on stock exchanges like BSE and NSE. The basis of allotment of equity shares in Netweb IPO will be done on 24 July, Further, the proposed equity shares will be listed on 27 July.

Managers: Equirus Capital and IIFL Securities are the book-running lead managers (BRLM) of the IPO, while Link Intime India is the registrar of the issue.

Financial results: By the end of FY23, the company's revenue from operations jumped to Rs 4.4 bn as against Rs 2.5 bn in FY22. Meanwhile, FY23 profits stood at Rs 469 m versus Rs 224.5 m in FY22 As of 31 March 2023, the company's net worth is around Rs 940 m.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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