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Indian Indices Trade Higher; ITC & Tata Steel Top Gainers
Tue, 11 Aug 12:30 pm | Monish Vora, TM Team

Extending yesterday's gains, share markets in India are trading on a bullish note today, in line with a strong trend in other Asian indices.

The BSE Sensex is trading up by 226 points, up 0.7% at 38,400 levels.

Meanwhile, the NSE Nifty is trading up by 56 points.

Tata Steel and ITC are among the top gainers today.

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

The BSE Small Cap index is trading up by 0.4%.

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Sectoral indices are trading mixed with stocks in the metal sector and FMCG sector witnessing buying interest.

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

The rupee is currently trading at 74.85 against the US$.

Gold prices are currently trading down by 1.3% at Rs 54,239 per 10 grams.

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In news from the retail sector, Titan is among the top buzzing stocks today.

Shares of the company slipped over 4% intraday today after it posted a net loss of Rs 2.7 billion in the April-June quarter.

India's largest branded jewellery maker reported a loss for the first time in almost two decades. The loss came against a profit of Rs 3.7 billion in the same quarter last year.

The watch and jewellery manufacturer posted a 74% drop in revenue from sales on-year basis to just Rs 12.5 billion against Rs 48.9 billion in the same period last year.

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The fall in revenue and the net loss that Titan reported in the previous quarter was largely aided by store closures.

However, the company has reported better than expected recovery with sales surging in the months of June and July. During the quarter, jewellery segment revenue dipped 55.9% on-year basis and revenue from watches plunged 89.5% from the previous year.

The EBITDA loss came in at Rs 2.5 billion for the quarter as compared to an EBITDA of Rs 5.7 billion.

Titan said that all stores are not operating on all days in all the states due to intermittent lockdowns and local restrictions. The company expects revenue to be back to pre-coronavirus levels by the end of this fiscal year.

Ace investor Rakesh Jhunjhunwala held a 4.43% stake in the company at the end of June. The sharp decline in share price resulted in Rakesh Jhunjhunwala losing as much as Rs 2 billion of his investment in the stock.

Titan share price is presently trading down by 3.3%.

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Moving on to news from the pharma sector, Dr Reddy's Laboratories today announced the launch of a generic version of Ciprodex (ciprofloxacin 0.3% and dexamethasone 0.1%) Otic Suspension in the American market, following approval from the US Food and Drug Administration (USFDA).

Ciprodex is used in adults and children 6 months of age or older to treat certain types of infections caused by certain germs called bacteria.

"We are pleased to launch this first-to-market generic product, illustrating our continued commitment to bring affordable generic medicines to market for patients. At the same time, this product demonstrates that we are actively expanding the depth of our portfolio with our first otic suspension dosage form," the company said in a release.

The Ciprodex brand had US sales of approximately US$ 453 million MAT (moving annual turnover) for the most recent 12 months ending in June 2020, the drug maker said.

Last month, the company had posted a 12.6% year-on-year (YoY) drop in net profit at Rs 5,793 million for the quarter ended June 30.

Consolidated revenue increased by 14.9% YoY to Rs 44.2 billion during the quarter under review.

Dr Reddy's share price is presently trading down by 2.5%.

To know more, you can access Dr Reddy's latest quarterly results on our website.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

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!

Read the latest Market Commentary


What else is happening in the markets today? Dig in...

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Stock Market Updates

SAIL Share Price Up by 5%; BSE METAL Index Up 2.8% (Today's Market)

Sep 25, 2020 03:34 PM

SAIL share price is trading up by 5% and its current market price is Rs 34. The BSE METAL is up by 2.8%. The top gainers in the BSE METAL Index are SAIL (up 5.2%) and JINDAL STEEL & POWER (up 7.2%).

FORCE MOTORS Share Price Up by 5%; BSE AUTO Index Up 3.4% (Today's Market)

Sep 25, 2020 03:28 PM

FORCE MOTORS share price is trading up by 5% and its current market price is Rs 1,060. The BSE AUTO is up by 3.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.2%) and MOTHERSON SUMI (up 5.6%).

VODAFONE IDEA Share Price Up by 13%; BSE 500 Index Up 2.4% (Today's Market)

Sep 25, 2020 03:24 PM

VODAFONE IDEA share price is trading up by 13% and its current market price is Rs 10. The BSE 500 is up by 2.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 13.5%) and IFB INDUSTRIES LTD (up 11.9%). The top losers are OBEROI REALTY and BAJAJ HOLDINGS & INVESTMENT .

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 2.0% (Today's Market)

Sep 25, 2020 03:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 185. The BSE FMCG is up by 2.0%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.1%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.5%) and EMAMI LTD (down 0.5%).

ADANI TRANSMISSION Share Price Up by 6%; BSE POWER Index Up 2.2% (Today's Market)

Sep 25, 2020 03:24 PM

ADANI TRANSMISSION share price is trading up by 6% and its current market price is Rs 250. The BSE POWER is up by 2.2%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.0%) and TATA POWER (up 5.5%). The top losers is SIEMENS (down 0.5%).

Indian Indices Trade Higher; HCL Tech, Bharti Airtel & TCS Up Over 4% (Today's Market)

Sep 25, 2020 12:30 pm

The BSE Sensex is trading up by 451 points, while the NSE Nifty is trading up by 127 points.

View More Indian Share Market News

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