Indian Indices Extend Gains; M&M, L&T and Cipla Surge Over 6%

Mon, 10 Aug 12:30 pm

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Share markets in India have extended early gains and are presently trading higher, amid sustained foreign fund inflows and positive cues from global markets.

The BSE Sensex is trading up by 381 points, up 0.9%, at 38,400 levels. Meanwhile, the NSE Nifty is trading up by 122 points.

Cipla and M&M are among the top gainers today.

The BSE Mid Cap index is trading up by 1.4%. The BSE Small Cap index is trading up by 1.5%.

On the sectoral front, gains are largely seen in the healthcare sector and capital goods sector.

Metal stocks, on the other hand, are witnessing selling pressure.

The rupee is trading at 74.87 against the US$.

Gold prices are trading up by 0.5% at Rs 55,050 per 10 grams.

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In news from the pharma sector, Divi's Laboratories is among the top buzzing stocks today.

Shares of the company zoomed 15% to a fresh 52-week high of Rs 3,293 on the NSE after reporting 80.6% year-on-year (YoY) rise in consolidated net profit for the June quarter of 2020-21 (Q1FY21).

The drug firm reported a net profit of Rs 4.92 billion for the quarter on account of robust sales. In comparison, the company had logged a profit of Rs 2.7 billion in the year-ago same period.

Total income stood at Rs 17.5 billion during the quarter under review as against Rs 11.9 billion in April-June 2019-20.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) margins expanded 716 bps YoY to 40.5% due to significantly better overall operational performance.

Divi's Laboratories share price is presently trading up by 13.9%.

To know more, you can read Divi's Laboratories' Q1FY21 result analysis on our website.

Moving on, shares of defence equipment manufacturers and suppliers rallied over 10% on the BSE after the Ministry of Defence (MoD) announced on Sunday a phased, year-wise embargo on the import of 101 items of defence equipment, invoking the Prime Minister Narendra Modi's Atmanirbhar Bharat (Self-Reliant India) initiative.

A day after Defence Minister Rajnath Singh announced that the Ministry of Defence has jotted down 101 items to be placed under an embargo, investors were seen pumping money into domestic defence manufacturers.

BEML shares were up over 5%, Bharat Electronics (BEL) shares gained more than 13%, while Bharat Forge surged 6% among other companies that are directly or indirectly related to the defence industry.

Shares of Astra Microwave and Hindustan Aeronautics surged over 8%.

The move of the Defence Ministry is aimed at promoting the Atmanirbhar Bharat slogan. Although this comes as a major boost for local manufacturers, analysts claim that hurdles could still hinder the plan to manufacture locally.

The Defence Ministry said that almost 260 schemes of such items were contracted by the Tri-Services at an approximate cost of Rs 3.5 lakh crore between April 2015 and August 2020. It expects almost Rs 4 lakh crore worth contracts will flow towards the domestic industry in the next five to seven years.

The list includes artillery guns, short range missiles, radar systems, light machine guns, and even light combat helicopters, among other things.

Last week, the Ministry of Defence came out with the draft Defence Production & Export Promotion Policy (DPEPP) 2020 to provide thrust to India's defence production capabilities and promote exports.

This was in line with India's ambition to become self-reliant "Atmanirbhar Bharat". Focus is directed towards achieving the twin objectives of self-reliance and exports through active participation of public and private sectors.

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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