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Gift Nifty Trades Flat | Lupin's First Triple Combination Drug | UltraTech Eyes Kesoram Cement Assets | Top Buzzing Stocks Today
Fri, 24 Nov Pre-Open

Lupin Launches World's First Triple Combination Drug | UltraTech Eyes Kesoram Cement Assets | Top Buzzing Stocks Today

On Thursday, Indian share markets exhibited lacklustre trade on amid mixed global cues and ended the day flat.

Benchmark indices Sensex and Nifty 50 ended Thursday's session flat. Alongside a surge in US markets, and a decline in crude oil prices, the benchmark equity indices witnessed gains in early trading but ended flat.

At the closing bell on Thursday, the BSE Sensex closed flat at 66,000 level.

Meanwhile, the NSE Nifty closed unchanged at 19,800 level.

BPCL and Bajaj Auto were among the top gainers.

L&T and Cipla on the other hand, were among the top losers.

Broader markets ended positively. The BSE Midcap index ended 0.2% higher and the BSE SmallCap index ended 0.4% higher.

Sectoral indices ended mixed with stocks in the energy sector, oil & gas sector and realty sector witnessing buying. Meanwhile, the stocks in the power sector and healthcare sector witnessed selling pressure.

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Shares of Bajaj Auto, Titan and Bosch hit their 52-week high on Thursday.

The rupee was trading at 83.34 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 61,090 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the Gift Nifty was trading 8 points lower at 19,867 level.

Indian share markets are headed for a muted opening today following the trend on Gift Nifty.

Speaking of stock markets, one of the most anticipated initial public offerings (IPOs) of 2023 is finally here.

Tata Technologies, a wholly-owned subsidiary of Tata Motors plans to offer 23.6% of its paid-up share capital currently held by Tata Motors, Alpha TC Holdings, and Tata Capital Growth Fund I.

The IPO will open for subscription on 22 November 2023 and close on the 24 November. Are the valuations justified? How does it fare against its peers?

Tune in to below video where we answer all these questions and access the Tata group company's IPO.

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Top buzzing stocks today

ONGC share price will be in focus today.

India plans to ask state-run Oil and Natural Gas Corp to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp, an exercise that could raise about US$ 1.9 billion (bn).

The comments come after India's finance minister announced a plan this year to provide equity of Rs 300 bn to help the big state oil refiners move towards cleaner energy.

Garden Reach Shipbuilders will also be a top buzzing stock.

Shares of Garden Reach Shipbuilders and Engineers (GRSE) Ltd on Thursday surged 4% after the company collaborated with three entities to develop electric tugs.

They signed a Memorandum Understanding (MoU) on Thursday with three entities - Shift Clean Energy, Seatech Solutions International and the American Bureau of Shipping (ABS) to develop electric tugs.

Cipla Tanks 7%. Here's Why.

The Cipla stock was trading almost 7% lower on 23 November after it reported details of the warning letter issued to the firm's Madhya Pradesh unit by the United States Food and Drug Administration.

The pharma company said it received a warning letter from the USFDA for routine good manufacturing practices (GMP) inspection at its Pithampur facility between 6 and 7 February 2023.

The warning letter underlined data integrity issues at Cipla embedded with product complaints and microbial contamination.

The US health regulator mentioned similar and repeated observations for Cipla's facility earlier. The Goa facility is under Official Action Indicated status, impacting product approvals from the facility meant for the US market.

The report added that the USFDA asked Cipla to take the help of third-party consultants to address the issue.

Cipla is a leading pharmaceutical player in India. The generic maker has secured a spot within the top 5 Indian branded formulations market.

The company has a market cap of Rs 1 trillion or US$ 12 billion (bn). It reported a total revenue of Rs 227.5 bn in the financial year 2023.

Pharmaceutical giant Cipla is reportedly exploring a stake sale, and contenders are cropping up in an intense competition. For more, check out Cipla Promoter Stake Sale: Billions of Dollars in Play.

It is among the Top 5 Nifty 50 Stocks that Beat Earnings Estimates by a Wide Margin in Q1.

UltraTech Eyes Kesoram Cement Assets

UltraTech Cement has indicated an interest in Kesoram Industries' cement assets and is conducting due diligence at the company.

Further, according to the sources, Ultratech is exploring both existing promoter buyouts and cement business acquisitions.

Kesoram Industries is a BK Birla Group company involved in the production of items ranging from cement to rayon. It also manufactures fire bricks, sulfuric acid, sodium sulphate and carbon disulphide. Cement contributes to the majority of the company's topline.

Meanwhile, UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India. Apart from these, Ultratech Cement also manufactures a slew of speciality concretes that meet specific needs of customers.

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Lupin Launches World's First Triple Combination Drug

Pharma major Lupin launched the world's first fixed-dose triple combination drug (FDC) under the Vilfuro-G brand for the treatment of chronic obstructive pulmonary disease (COPD) in India.

This milestone follows an approval granted by the Drug Controller General of India for the dry powder inhaler (DPI) product.

Lupin Vilfuro-G is the only FDC that combines vilanterol, fluticasone furoate and glycopyrronium bromide, for the long-term management and treatment of moderate to severe COPD.

The product will be available in a single-strength fixed dose, with a recommended once-daily dosage.

India has more than 37 million individuals struggling with COPD. It is a condition that ranks among the leading causes of death and disability in the nation.

Lupin is a leading pharmaceutical company from India and is among the top 10 generic companies in the world.

Its businesses include formulations, APIs, drug delivery systems, and biotechnology.

Lupin is a top pharma company in India that has solid growth in sales and profits and a high Return on Equity (ROE).

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


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