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Divi’s Lab Shares Fall 13%, Hit 29-Month Low as Q3 Profit Falls More Than Expected

Shares of Divi's Lab fell more than 11% after third-quarter numbers disappointed investors.

Shares of Divis Laboratories fell 13% to a 29-month low of Rs 2,830 on the BSE in intraday trade on Friday, as the company disappointed investors with weak results for the December quarter (Q3FY23).

Shares of the pharmaceutical company were quoted at their lowest level since August 2020. In contrast, the S&P BSE Sensex rose 1% to 60,543 at 2:12 pm.

In Q3FY23, Divis Labs reported a 66% year-on-year decline in its consolidated net profit to Rs 306.8 crore on the higher-than-expected decrease in revenue. The company’s consolidated revenue fell 31.5% to Rs 1,707.68 crore, below analysts’ expectations of about Rs 1,888 crore.

EBITDA fell 63% year-on-year to Rs 408 crore from Rs 1,097 crore a year earlier. EBITDA margin contracted sharply to 23.9% from 44% in Q3FY22.

The company said that material consumption accounted for about 43% of sales in the quarter due to changes in product mix. The group manufactures active pharmaceutical ingredients (API), intermediates and nutraceutical ingredients.

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Glenmark Pharma Shares Gain 2% on Arm Launching New Drug

Ali Waghbakriwala

Shares of Glenmark Pharmaceuticals Ltd were trading in the green and 2% higher on 21 January after the company’s subsidiary, Glenmark Pharmaceuticals Inc., USA, announced the launching of Phytonadione Injectable Emulsion USP, 10 mg/mL single-dose ampules. 

The Phytonadione Injectable Emulsion USP, 10 mg/mL, are used to treat bleeding or blood clotting issues that are caused by vitamin K deficiency, conditions like obstructive jaundice and ulcerative colitis, or certain medications such as warfarin. 

Marc Kikuchi, president and business head, North America of Glenmark Pharmaceuticals, said, “We are excited to announce the launch of Phytonadione Injectable Emulsion USP, 10 mg/mL Single Dose Ampules, growing our portfolio of products within the institutional channel, while also strengthening our commitment to bring to market quality and affordable alternatives for patients.”

Glenmark’s Phytonadione Injectable Emulsion USP, 10 mg/mL Single Dose Ampules, is both bioequivalent and therapeutically equivalent to the reference drug, Vitamin K1 Injectable Emulsion USP, 10 mg/mL, produced by Hospira, Inc.

According to IQVIA sales data for the 12-month period ending November 2024, the market for Vitamin K1 Injectable Emulsion USP, 10 mg/mL, recorded annual sales of approximately $19.7 million.

Glenmark Pharmaceuticals is a globally focused, research-driven pharmaceutical company with expertise in Branded, generic, and OTC product segments. The company specialises in critical therapeutic areas, including respiratory, dermatology, and oncology.

Glenmark’s US portfolio includes 201 approved products and 51 Abbreviated New Drug Applications (ANDAs) currently pending FDA approval. In addition to its in-house development, Glenmark actively collaborates with external partners to enhance its pipeline and portfolio.

The company operates 11 advanced manufacturing facilities across four continents and has a presence in more than 80 countries worldwide.

At 11:42 am, the shares of Glenmark Pharma were trading 0.21% higher at Rs 1,506.75 on NSE. 

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Stocks Under F&O Ban: Bandhan Bank, Manappuram Finance, Angel One, and Others  

Ali Waghbakriwala

Under the futures and options (F&O) segment, eight stocks were banned from trade on Tuesday, 21 January, by the National Stock Exchange (NSE). The securities banned for the F&O trade are Aditya Birla Fashion and Retail, Angel One Limited, Bandhan Bank, Can Fin Homes, Kalyan Jewellers India, L&T Finance, Manappuram Finance, and RBL Bank. 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

Bandhan Bank, Can Fin Homes, and RBL Bank were retained on the list from Monday as the open interest as a percentage of the MWPL of its F&O contracts stood at 84.3%, 91.1% and 82.7%, respectively. L&T Finance derivative contracts’ open interest was 92.9% of its MWPL on 21 January, compared to 82.8% for Angel One. 

Aditya Birla Fashion, Kalyan Jewellers, and Manappuram Finance were also retained on the F&O ban list, and the open interest of its MWPL contracts stood at 87.5%, 84.1%, and 90.7%, respectively.

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The open interest for F&O contracts of Aarti Industries and Hindustan Copper declined below the 80% limit. Hence, it was removed from the list on Tuesday.

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

Stocks in Focus: Vodafone Idea, TCS, Cipla, REC and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.41% lower by 97 points at 23,387, indicating that the domestic benchmark indices are likely to make a negative start on Tuesday. 

On Monday, 20 January, Domestic benchmark indices S&P BSE Sensex climbed by 454.11 points or 0.59% and settled at 77,073.44, while the Nifty50 traded gained 141 points or 0.61%, settling at 23,344.75.

Here are some stocks that are likely to remain in focus on 21 January.

Quarterly Results Today: PNB Housing Finance, Indiamart Intermesh, India Cements, UCO Bank, KEI Industries, Tata Technologies, South Indian Bank, Servotech Renewable Power System, Cyient DLM, Eureka Industries, Aditya Birla Real Estate, Dalmia Bharat, ICICI Prudential Life Insurance Company, Tata Technologies, PNB Housing Finance, and Tanla Platforms are some of the prominent companies set to announce their quarterly earnings for October-December. 

Vodafone Idea: The company responded to reports regarding a potential Rs 1 lakh crore AGR dues waiver, stating that it has not received any official communication from the government on the matter. Meanwhile, the Supreme Court upheld a Bombay High Court decision awarding Vodafone Idea a tax refund of Rs 1,600 crore, rejecting a delayed appeal by the tax department.

Tata Consultancy Services: The company announced inaugurating a cutting-edge delivery centre in Toulouse, France, to serve clients in the aerospace, manufacturing, and defence industries.

Cipla: The company’s goa-subsidiary, Medispray Laboratories, underwent an FDA inspection between 14 January and 20 January. The FDA concluded the inspection by issuing a Form 483 with one observation. 

REC: The company’s subsidiary RECPDCL has announced transferring its stake in Rajasthan Part I Power Transmission to Adani Energy Solutions for a total professional fee of Rs 15 crore and expense reimbursement. 

Oberoi Realty: The company’s net profit for the quarter ended 31 December stood at Rs 618.4 crore, marking a 71.7% year-on-year increase compared to Rs 360.2 crore reported in the same quarter of the previous fiscal year. 

Zomato: In its quarterly earnings for October-December, the company reported a sharp decline in consolidated net profit to Rs 59 crore for the quarter under review from Rs 140 crore reported in the same quarter last year. 

Landmark Cars: The company has announced receipt of a letter of intent from JSW MG Motors India to establish new MG Select dealerships in Kolkata and Ahmedabad.

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MARKETS

United Breweries Shares Soar 6% on Resuming Beer Supply 

Ali Waghbakriwala

Shares of United Breweries Ltd soared 6% on 20 January after the company announced their plans to resume supplying its beer to Telangana Beverages Corporation Limited with immediate effect.

The company described this as an “interim decision” made in the “interest of consumers, workers, and stakeholders.” It stated, “We have been engaging in constructive discussions with TGBCL, who has assured us of addressing our concerns regarding pricing and outstanding payments within a specified timeframe. Based on these assurances and pending further information, we have decided to resume our supplies to TGBCL for now,” the company shared in a stock exchange filing.

Earlier, on 8 January, the company announced that it had suspended the supply of beer to Telangana Beverages Corporation Limited as it had not revised the basic price of its beer since 2019-20, which resulted in significant losses. 

The company added that there were significant overdues, and Telangana Beverages Corporation Limited failed to pay for the previous beer supply. 

According to the news outlet CNBC-TV18, the company reversed the decision after the Telangana government confirmed that they would hike prices in 30-45 days, and the previous dues would be cleared in instalments during the next 12 to 13 months.

Last year, the Brewers Association of India (BAI), representing some of the country’s leading beer manufacturers, requested the Telangana government to permit price increases for alcoholic beverages to offset inflation. However, the state government denied the request.

TGBCL, a public sector enterprise owned by the Telangana government, holds exclusive control over the wholesale and retail distribution of alcohol in the state.

At 12:55 pm, the shares of United Breweries were trading 4.94% higher at Rs 2,047.80 on NSE.

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MARKETS

Ashapura Minechem Shares Skyrocketed 10% on Signing a Pact with China Railway 

Ali Waghbakriwala

Shares of Ashapura Minechem Ltd skyrocketed 10% and hit a 52-week high of Rs 571.55 on 20 January after the company announced that its arm has inked a MoU with China Railway. 

In its regulatory filing, the company said that its overseas subsidiary had signed a long-term Memorandum of Understanding (MoU) with a Global Fortune 500 Company, China Railway, to jointly develop the Fako bauxite deposit in the Kindia region of Guinea. 

As a part of the MoU, the company will oversee marketing, sales, and technical support, including quality assurance, whereas China Railway will handle bauxite production and provide logistic solutions. 

The filing added, “The above mentioned project may set to transform one of Guinea’s most underdeveloped regions by creating job opportunities. It will also boost company’s production capacity while driving economic growth and improving lives of local communities in the Fako region.” 

Established on 19 February 1982, Ashapura Minechem is involved in the mining, production, and trading of various minerals and their derivatives. The company offers multi-mineral solutions catering to diverse industries, including soaps, steel, energy, edible oils, metals, medicine, cement, and ceramics. It operates across India and seven other countries.

At 12:35 pm, the shares of Ashapura Minechem were trading 2.75% higher at Rs 533.90 on NSE.

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