Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  


Indian Indices Trade Higher; ITC & Tata Steel Top Gainers
Tue, 11 Aug 12:30 pm

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%.

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.

If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Speaking of the current stock market scenario, in his latest video, Rahul Shah invites you to a hypothetical stock picking contest where he builds a penny stock portfolio using his blueprint.

Tune in to find out more:

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.

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%.

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


Equitymaster requests your view! Post a comment on "Indian Indices Trade Higher; ITC & Tata Steel Top Gainers". Click here!