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SGX Nifty Up 72 Points, India's Import Embargo on Defence Items, June Quarter Results, and Top Buzzing Stocks Today
Tue, 11 Aug Pre-Open | Monish Vora, TM Team

Extending gains to the third straight day, Indian share markets witnessed buying interest throughout the day yesterday, amid sustained foreign fund inflows and positive cues from global markets.

Benchmark indices however erased some of the gains during closing hours tracking weakness in telecom stocks, ahead of the AGR hearing.

At the closing bell yesterday, the BSE Sensex stood higher by 142 points. The NSE Nifty stood higher by 61 points.

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

Sectoral indices ended on a mixed note with stocks in the healthcare sector and capital goods sector witnessing buying interest.

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Meanwhile, energy stocks witnessed selling pressure.

At 8:15 am today, the SGX Nifty was trading up by 72 points, or 0.64% higher at 11,366 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

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Top Stocks in Focus Today

Reliance Industries will be among the top buzzing stocks today as the Saudi Arabian Oil Co. (Saudi Aramco) said it's still working on a deal to buy a US$15 billion stake in Reliance Industries Ltd's (RIL) oil-to-chemicals business.

RIL had announced plans to sell a 20% stake in its oil-to-chemicals (O2C) business to Saudi Aramco as part of its deleveraging exercise last fiscal. This July, however, Mukesh Ambani said due to unforeseen circumstances in the energy market, the deal has not progressed as per the original timeline.

Divi's Laboratories will be in focus today as the company reported 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. Total income stood at Rs 17.5 billion during the quarter under review as against Rs 11.9 billion in April-June 2019-20.

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

Market participants will also track Emami share price as the company reported a 13.6% year-on-year (YoY) drop in profit before tax to Rs 490.6 million for Q1FY21. The company's net profit was up 1.1% to Rs 395.8 million. For the quarter under review, revenues from operations were down by 25.8% to Rs 4,813.4 million as offtakes of summer portfolio were impacted due to the lockdown and weak environment for discretionary products. The health and hygiene portfolio range, however, grew 29%.

The company said it made 12 new launches during the quarter, which contributed 5% of the domestic sales. Additionally, it completed the buyback of shares worth Rs 1.9 billion.

India's Import Embargo on 101 Defence Items

Shares of defence equipment manufacturers and suppliers witnessed huge buying interest yesterday 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.

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". The focus here is directed towards achieving the twin objectives of self-reliance and exports through active participation of public and private sectors.

Cipla Reports Strong June Quarter Results

Cipla share price advanced over 10% yesterday to hit a record high of Rs 814.45 on the BSE after the pharmaceutical firm reported healthy June quarter numbers on Friday post market hours.

The Mumbai headquartered pharma firm posted 20% growth in profit before tax (PBT) for the first quarter of the current financial year to Rs 8 billion, on a 9% YoY growth in revenues to Rs 43.5 billion.

On the operational front, EBITDA came in at Rs 10.5 billion.

The profit after tax was Rs 5.8 billion, up 21% from Rs 4.5 billion posted in the same quarter a year ago.

The company's domestic business did well, registering a 16% YoY jump during the quarter when Cipla launched the licensed version of Gilead's Remdesivir. It also marked another key drug used in Covid treatment, Roche's tocilizumab.

In the chronic therapies, cardiac segment did well for Cipla during the quarter, growing by 10%. The trade generics business clocked a 46% YoY jump.

The India business grew by 16% YoY and the Branded Rx business grew by 9% YoY, led by chronic therapy growth offsetting the subdued acute business. The previous year was on a low base as it had the impact of restructuring in trade generic business.

Cipla's US business grew by 14% YoY led by the ramp up in sales of inhaler drug albuterol. The South Africa business registered a 17% jump, while the European business grew by 9%.

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

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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Stock Market Updates

INDIABULLS HOU. FIN. Share Price Down by 11%; BSE 500 Index Down 1.3% (Today's Market)

Sep 21, 2020 01:58 PM

INDIABULLS HOU. FIN. share price is trading down by 11% and its current market price is Rs 182. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are GSK CONSUMER (up 5.1%) and CAPRI GLOBAL CAPITAL (up 4.2%). The top losers is INDIABULLS HOU. FIN. (down 11.2%)..

MAGMA FINCORP Share Price Down by 6%; BSE 500 Index Down 1.3% (Today's Market)

Sep 21, 2020 01:58 PM

MAGMA FINCORP share price is trading down by 6% and its current market price is Rs 39. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are GSK CONSUMER (up 5.1%) and SYNDICATE BANK (up 3.8%). The top losers are MAGMA FINCORP (down 5.6%) and FINE ORGANIC INDUSTRIES (down 5.6%).

ASTER DM HEALTHCARE LTD Share Price Down by 5%; BSE HEALTHCARE Index Down 2.2% (Today's Market)

Sep 21, 2020 01:58 PM

ASTER DM HEALTHCARE LTD share price is trading down by 5% and its current market price is Rs 146. The BSE HEALTHCARE is down by 2.2%. The top gainers in the BSE HEALTHCARE Index are ASTRAZENECA PHARMA (up 1.5%) and APOLLO HOSPITALS (up 1.2%). The top losers is ASTER DM HEALTHCARE LTD (down 5.1%)..

The BSE HEALTHCARE Index Down 2% ; SUVEN LIFESCIENCES Among Top Losers (Today's Market)

Sep 21, 2020 01:56 PM

The BSE HEALTHCARE Index Down at 20,639 (down 2.3%). Among the top losers in the BSE HEALTHCARE Index today are SUVEN LIFESCIENCES, HIKAL LTD. and PANACEA BIOTECH. Meanwhile, the BSE Sensex has plunged 0.8% to 38,991.

TATA MOTORS Share Price Down by 5%; BSE AUTO Index Down 2.6% (Today's Market)

Sep 21, 2020 01:56 PM

TATA MOTORS share price is trading down by 5% and its current market price is Rs 148. The BSE AUTO is down by 2.6%. The top losers is TATA MOTORS (down 5.0%).

Sensex Opens Flat; Telecom and Automobiles Stocks Lag (Today's Market)

Sep 21, 2020 09:30 am

Indian share markets opened flat. The BSE Sensex opened up by 10 points, while the Nifty is trading up by 9 points.

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