After opening the day flat, Indian share markets gained momentum as the session progressed and ended the day marginally higher.Benchmark indices rose on Wednesday, led by energy stocks, as crude prices fell, while a drop in high-weightage financials after a recent rise capped gains.At the closing bell, the BSE Sensex stood up by 33 points.Meanwhile, the NSE Nifty closed higher by 37 points.BPCL, Adani Ports and Cipla were among the top gainers today.ICICI Bank, NTPC, and Infosys on the other hand were among the top losers today.The GIFT Nifty was trading at 19,484, down by 12 points, at the time of writing.The BSE MidCap index gained 0.8% while the BSE SmallCap index ended higher by 0.6%.Sectoral indices ended mixed with stocks in the realty sector, healthcare sector, and oil & gas sector witnessing most of the buying. Meanwhile stocks in the telecom sector and media sector witness selling.Shares of Tata Elxis and JK Cement hit their respective 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended in negative territory. The Shanghai Composite ended 0.2% lower while the Nikkei index fell 0.3%.The rupee is trading at 83.27 against the US$.Gold prices for the latest contract on MCX are trading marginally lower at Rs 60,323 per 10 grams.
Escort Kubota’s Greenfield InvestmentIn news from the auto sector, Escorts Kubota Limited, as per their mid-term business plan (MTBP), has announced that the company proposes to purchase land in Ghiloth, Rajasthan, for the establishment of an integrated greenfield manufacturing facility.Escorts Kubota Limited currently has a capacity of 1.70 lakh units for tractors and engines, which includes the capacity of their joint venture company, Escorts Kubota India.Escorts Kubota Limited plans to acquire approximately 258 acres of land in Ghiloth, Rajasthan.In the fiscal year 2022-23, the company’s existing capacity was utilized at 71%, taking into account production at their joint venture.They intend to utilize a portion of this land to establish additional tractor and engine manufacturing capacity, while the remaining land will be earmarked for future growth requirements.Shares of Escorts Kubota have zoomed over 30% between June 2022 to June 2023.
Shares of the company have been on a roll in 2023, hitting a 52-week high in August 2023.
Why Lupin Share Price Is RisingMoving on to news from the pharma sector, Lupin stock gained 1% in the early trade on 8 November after the company received tentative approval from the United States Food and Drug Administration (USFDA) for its two drugs.The company has received tentative approval from the USFDA for its abbreviated new drug application (ANDA) for Canagliflozin and Metformin Hydrochloride Extended-Release Tablets.These products will be manufactured at Lupin’s Pithampur facility in India.Canagliflozin and Metformin Hydrochloride Extended-Release Tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.Canagliflozin is indicated to reduce the risk of major adverse cardiovascular events (cardiovascular death, nonfatal myocardial infarction, and nonfatal stroke) in adults with type 2 diabetes mellitus and established cardiovascular disease.It is indicated to reduce the risk of end-stage kidney disease, doubling of serum creatinine, cardiovascular death, and hospitalization for heart failure in adults with type 2 diabetes mellitus and diabetic nephropathy with albuminuria greater than 300 mg/day.Lupin is a top pharma company in India that has solid growth in sales and profits and a high Return on Equity (ROE).
Protean eGov Tech IPO Subscribed 17.1xMoving on, the Protean eGov Technologies IPO was subscribed 17.1 times on the last day of bidding on 8 November, as investors bought 74.8 million equity shares against an offer size of 4.4 m shares.Large support for the public issue was seen from high net-worth individuals and retail investors who have bid 26.64 times and 7.9 times their allotted shares, which were 15% and 35% of the net issue size.The part set aside for employees has also been fully subscribed, at 1.3 times. The professionally managed company has reserved 1.5 lakh equity shares for its employees, who will get these shares at a discount of Rs 75 per share to the final issue price.The public issue, excluding the employee portion, is the net offer. Qualified institutional buyers have subscribed 28 times the reserved portion, which is 50% of the net issue.The citizen-centric and population-scale e-governance solutions company aims to raise Rs 4.9 bn by selling 6.2 m shares through the public issue at the upper price band. The price band for the offer was set at Rs 752-792 per share.Protean eGov Technologies is an important market player when it comes to IT-enabled business solution market companies in India.It conceptualizes, develops, and executes technology solutions for individuals, companies, and governments.More By This Author:Sensex Today Trades Flat; ICICI Bank & NTPC Top LosersSensex Today Ends Flat; Nifty Holds 19,400Sensex Today Trades Lower; HDFC Bank & Asian Paints Top Losers
Sensex Today Ends Flat; Pharma & Realty Stocks Shine
