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Dalal Street ended higher on the first day of the finacial year 2023 aided by gains in banking, energy and realty stocks. The Sensex jumped 1.21% and the Nifty climbed 1.18%.
The gains were broad based with the Nifty Midcap 100 rising 1.49% and BSE Smallcap surged 1.71%.
Top gainers among Nifty sector indices were PSU Bank [3.99%], Energy [2.45%], Realty [2.37%], Private Bank [2.23%] and Bank [2.13%]. Nifty Pharma slipped 0.03%.
Stock in News Today
Asian Paints: The company will buy Obgenix Software (popularly known by the brand name of ‘White Teak’) for the acquisition of 100% of its equity share capital in a staggered manner over three years, subject to certain conditions. The company would acquire 49% for Rs. 180 crore (approx.) along with an earn out up to a maximum of Rs. 114 crore, payable after a year, subject to achievement of mutually agreed financial milestones. The remaining 51% of the equity share capital would be acquired in a staggered manner, the consideration for which would be based on achievement of defined financial milestones.
In addition, the company will infuse Rs. 19 crores (approx.) for acquisition of 51% of the equity share capital of Weatherseal Fenestration. The company has also agreed to buy further stake of 23.9% in Weatherseal Fenestration over the next three years.
Maruti Suzuki India Limited (MSIL): The company has sold a total of 170,395 units in March 2022. Domestic sales stood at 137,658 units, sales to other OEM totalled to 6,241 units and its exports stood at 26,496 units. For FY22, the company posted a total sales of 1,652,653 units with a growth of 13.4% YoY. Total sales included domestic sales of 1,365,370 units, sales to other OEM of 48,907 units and exports of 238,376 units.
Tata Motors: The automaker said its total domestic sales increased by 30 percent to 86,718 units in March as compared to 66,462 units in the year-ago period. The company said its passenger vehicle wholesales rose by 43 percent to 42,293 units in March 2022 as against 29,654 units in March 2021. Its commercial vehicle sales stood at 47,050 units in March, up 16 percent from 40,462 units in the same month last year.
Torrent Power: The company in an exchange filing said that it has formally acquired the power distribution operations in the Union Territory of Dadra & Nagar Haveli, Daman and Diu. It is the first Union Territory to be privatized under the Government of India’s ambitious program to privatize the distribution network in Union Territories through a competitive bidding process.
Lupin: Shares of the company rose after the company said that the recent U.S. FDA inspection with 13 observations at the Somerset, NJ facility, would not disrupt supplies and existing revenues from the facility. The Somerset plant contributes less than 5% of the company’s global revenues.
Zydus Lifesciences: The drug maker has published the safety and efficacy analysis data from Phase III clinical trial of its Plasmid DNA Covid-19 vaccine, ZyCoV-D. The results have been peer-reviewed and published in The Lancet, a reputed medical journal. The efficacy of the vaccine stood at 66% when the delta variant was the prevalent strain across the country.
Biocon Ltd: The biotechnology company’s subsidiary, Biocon Biologics, has received a positive opinion from European Medicines Agency Committee for Medicinal Products for Human Use (CHMP) for its biosimilar human insulin for intravenous infusion. The European body granted market authorisation for Inpremzia, the biosimilar which is a fast-acting human insulin for injection.
NMDC: The iron ore miner Friday hiked the prices of lump ore by Rs 100 a tonne and Rs 200 in case of fines with immediate effect. The company in a regulatory filing said that it has fixed the prices of per tonne lump ore at Rs 6,100 and that of fines at Rs 5,160 a tonne. The price hike came at a time when steel prices in India are trading at an all-time high.
MRF: The tyre manufacture said that officials from Competition Commission of India visited the company’s premises on March 30. The raids were being done to probe into alleged violation of Competition Act.
Engineers India: The company signed a MoU with Numaligarh Refinery. The agreement involves the development and commercialisation of refining technologies. Shares of the company closed 3.36% higher.