Gift Nifty Up 115 Points | Alembic Pharma Secures USFDA Approval | RITES Partners with Etihad Rail | Top Buzzing Stocks Today

Thu, 10 Oct Pre-Open

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Indian benchmark indices turned negative as the session progressed and ended the day lower.

Benchmark equity indices BSE Sensex, and NSE Nifty50 pared their early gains, and retreated to settle in negative territory on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood lower by 167 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 31 points (down 0.1%).

Cipla, SBI and Tech Mahindra were among the top gainers.

ITC, ONGC and HUL on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 1.1% higher and BSE SmallCap index ended 1.2% higher.

Sectoral indices were trading mixed with socks in realty sector and power sector witnessing buying. Meanwhile stocks in FMCG and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 75,169 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the Gift Nifty was trading 115 points higher at 25,196 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, the aggressive expansion plans of the retailing sector players are not without reason. The sector is witnessing strong growth driven by increased urbanization and demand for organised and high-quality retail spaces.

This is fuelled by the rising demand for big brands thanks to their reach on social media.

This highlights India's emergence as a key player in the global retail market.

Research Analyst, Tanushree Banerjee in her latest video talks about, can top retailing stocks like Trent continue to fetch steep valuations? Find out.

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Top buzzing stocks today

Premier Energies share price will be in focus today.

Shares of Premier Energies saw a sharp uptick after rallying 7% to Rs 1,085 after it announced a significant step forward in its renewable energy efforts.

The company's subsidiary, Premier Energies International, has finalized a solar module supply agreement with BN Hybrid Power-1, a special-purpose vehicle under BrightNight India.

SpiceJet will also be a top buzzing stock.

SpiceJet and Irish aircraft lessor Babcock & Brown Aircraft Management have settled their dispute worth US$ 131.85 million, said the airline on Wednesday. This comes after the airline last month raised Rs 30 BN through a QIP.

Alembic Pharma Secures USFDA Approval

Alembic Pharmaceuticals on 9 October 2024 announced the successful completion of the United States Food and Drug Administration (US FDA) inspection for its oncology formulation facility located at Panelav, Gujarat.

The US FDA conducted an inspection at the company's oncology (injectable and oral solid) formulation facility from 7 October 2024 to 8 October 2024.

Form 483 is a document that the FDA issues to a company's management if the investigator finds conditions that may violate the Food, Drug, and Cosmetic (FD&C) Act.

Earlier on 3 October, the pharmaceutical company informed the exchanges that it had received USFDA's final approval for its Abbreviated New Drug Application (ANDA) Alcaftadine Ophthalmic Solution, 0.25% Over-The-Counter(OTC).

The company said the approved ANDA is therapeutically equivalent to the reference-listed drug product (RLD), Lastacaft Solution, 0.25%, manufactured by AbbVie Inc. (AbbVie).

Alcaftadine Ophthalmic Solution 0.25% offers temporary relief from itchy eyes caused by pollen, ragweed, grass, animal hair and dander.

As of October 3, the pharmaceutical company had 216 ANDA approvals, including 189 final approvals and 27 tentative approvals from the US drug regulator.

Alembic Pharmaceuticals Limited is an integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products globally.

Varun Beverages' Fundraising Plan

Varun Beverages, the leading bottler of beverage major PepsiCo, has plans to raise Rs 75 bn from the market through the Qualified Institutional Placement (QIP) route to fund its growth plans.

The board of the company in a meeting held on Wednesday approved the proposal for raising funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 75 bn through QIP.

The fund would be raised in one or more tranches and would be subject to receipt of approval of equity shareholders of the company" through a postal ballot.

The proceeds from this fundraise would be utilised in making investments in subsidiaries, joint ventures or associates or to fund the growth of existing businesses including expanding product portfolio, entering into new territories and making strategic acquisitions.

The company accounts for 90% of PepsiCo's beverage sales volume in India.

RITES Partners with Etihad Rail

RITES share surged 8% to Rs 324.70 on the BSE in Wednesday's intraday trade amid heavy volumes after the company signed a Memorandum of Understanding (MoU) with Etihad Rail for rail infrastructure works in UAE.

RITES is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. Etihad Rail is the developer and operator of the UAE National Rail Network.

The MoU aims to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and the wider region.

The partnership also aims at leveraging the strengths of both entities to explore collaborative opportunities for supply/leasing of rolling stock, consultancy and project management for railway projects, services such as repairing of rolling stock and operation and maintenance of railway infrastructure to ensure more efficient and modernised rail services in the UAE and across the region.

On Monday, 7 October, RITES received a Letter of Award (LOA) for an order from Ntokoto Rail Holdings. The order is US$ 5.4 m and is expected to be executed within 6 months.

Last week, RITES signed a MoU with Delhi Metro Rail Corporation (DMRC), which is renowned for operating and maintaining Delhi's extensive metro rail network. Through this MoU, both organisations will combine their strengths to identify, secure, and execute metro projects in India and abroad.

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