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MARKETS

Nykaa Shares Jump 3% After Block Deal

Shares of Nykaa rose after receiving board’s approval to invest up to $2.5 million in its UAE-based subsidiary.

Shares of Nykaa owner FSN E-Commerce Ventures rose 3% on Friday after a block trade totalling 6.57 million shares or a 0.23% equity worth Rs 93.2 crore at Rs 141.9 per share.

Buyers and sellers are unclear at this point. The stock has been under pressure since pre-IPO investors started exiting companies after the lock-up period ended on November 9, 2022.

Earlier, Lighthouse India sold about 18.45 million shares worth Rs 336 crore, Kravis Investment Partners sold nearly 36 million shares worth Rs 630 crore, and TPG liquidated about 5.43 million shares Rs 998 crore.

Brokerage firm Nomura recently reiterated its “buy” call on Nykaa with a price target of Rs 214, 53% above its March 17 close.

Nykaa’s market capitalisation has fallen 36% in the past six months and 64% since listing in November 2021.

On March 17, the stock closed 1.38% higher at Rs 140 on the NSE, while the benchmark Nifty 50 closed 0.67% higher at 17,100.05.

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MARKETS

Stocks in Focus: Bharat Petroleum, Adani Green Energy, Panacea Biotec, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.25% lower by 61 points at 24,251, indicating that the domestic benchmark indices are likely to make a negative start on Thursday.

On Wednesday, 23 April, Domestic benchmark indices S&P BSE Sensex gained by 520.9 points or 0.65% and settled at 80,116.4 while the Nifty50 traded 0.67% higher by 161.7 points, settling at 24,328.

Here are some stocks that are likely to remain in focus on 24 April.

Quarterly Results Today: SBI Life Insurance Company, Tech Mahindra, Hindustan Unilever, Axis Bank, Nestle India, ACC, Indian Energy Exchange, Laurus Labs, Adani Energy Solutions, Cyient, Macrotech Developers, L&T Technology Services, Persistent Systems, SBI Cards and Payment Services, Mphasis, Nelco, Supreme Industries, Sterling and Wilson Renewable Energy, Waaree Technologies, and Tanla Platforms are some of the prominent companies set to announce their quarterly earnings for January-March. 

Bharat Petroleum: The company has announced its intention to enter into a joint venture agreement with GPS Renewables Pvt ltd to set up compressed biogas plants across India. Through this joint venture, the company aims to deploy advanced waste-to-energy technologies to convert organic biomass waste into compressed biogas. 

Adani Green Energy: The subsidiary of the company, Adani Hydro Energy Five, has announced the signing of a power purchase agreement with Uttar Pradesh Power Corporation to supply 1,250 MW of energy storage capacity from pumped hydro storage projects.

Panacea Biotec: The company has announced that it is securing an additional order worth Rs 44 crore ($5.2 million) to supply 40 million doses of its bivalent oral polio vaccine from UNICEF. 

Bajaj Housing Finance: In its quarterly earnings for January-March, the company reported a 54% year-on-year (YoY) increase in net profit to Rs 587 crore for the quarter under review compared to Rs 381 crore reported in the same quarter last year. 

Tata Consumer Products: For the quarter ended 31 March, the company reported a net profit of Rs 344.85 crore, marking a 59.19% YoY increase against Rs 216.63 crore reported in the same quarter last year. 

NHPC: The company announced that it will develop a 1,200 megawatt (MW) solar park in Uttar Pradesh under the MNRE Scheme for a total cost of Rs 797 crore that includes the investment of Rs 239 crore in Bundelkhand Saur Urja, which is a subsidiary of the company. 

Embassy Office Parks REIT: The Board of Directors of the company has approved raising funds in tune with Rs 6,500 crore through the issuance of commercial papers worth Rs 675 crore and debt, which will be used to repay its existing debt and working capital needs.

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MARKETS

Stocks Under F&O Ban: RBL Bank

Ali Waghbakriwala

Under the futures and options (F&O) segment, one stock was banned from trade on Thursday, 24 April, by the National Stock Exchange (NSE). The securities banned for the F&O trade are 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.

RBL Bank was retained on the list from Wednesday as the open interest as a percentage of the MWPL of its F&O contracts stood at 93.3%. 

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 Manappuram Finance declined below the 80% limit. Hence, it was removed from the list on Thursday.

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

Aurobindo Pharma Shares Surge 4% as Arm Secures Final USFDA Approval 

Ali Waghbakriwala

Share of Aurobindo Pharma Ltd surged 4% on 23 April after the company’s wholly-owned subsidiary announced securing final approval from the US Food and Drug Administration (USFDA). 

In its regulatory filing, the company said that its wholly-owned subsidiary, Eugia Pharma Specialities Ltd, received final approval from the USFDA to manufacture and market Dasatinib tablets that are used to treat leukaemia in adults and kids. 

In its exchange filing, the company stated that Dasatinib Tablets may also be prescribed for: 

  • Newly diagnosed adults with Philadelphia chromosome-positive (Ph+) chronic myeloid leukaemia (CML) in the chronic phase. 
  • Adults with chronic, accelerated, or blast phase (myeloid or lymphoid) Ph+ CML who are resistant or intolerant to previous treatments including imatinib.
  • Adults with Ph+ acute lymphoblastic leukaemia (ALL) who are facing resistance or intolerance to prior therapies.

The approved medication targets an estimated market valued at $1.8 billion for the 12-month period ending February 2025.

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The company aims to roll out Dasatinib in the first quarter of FY26.

Additionally, earlier this month, the Hyderabad-based pharmaceutical firm received final approval from the USFDA to manufacture and market Rivaroxaban Tablets USP, 2.5 mg, which is the generic version of Janssen Pharmaceuticals’ blockbuster drug Xarelto 2.5 mg.

The company plans to introduce this product in the first quarter of FY 25-26.

At 1:52 pm, the shares of Aurobindo Pharma were trading 4.58% higher at Rs 1,242.10 on NSE. 

Ask the analyst & get instant answer about Aurobindo Pharma Ltd.

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MARKETS

PNC Infratech Shares Soar 3% on Securing Order for Flyover 

Ali Waghbakriwala

Shares of PNC Infratech Ltd soared 3% higher on 23 April after the company was declared the L1 (Lowest Bidder) for the building of a flyover in Rajasthan at a quoted price of Rs. 239.94 crore.

According to an exchange filing, the project calls for the construction of a flyover from Heeradas Chouraha to Kumher Gate Chouraha in Bharatpur City, Bharatpur, on an EPC (engineering, procurement and construction) basis.

The project, scheduled to be completed in 24 months, aims to increase connectivity in the Bharatpur region.

The company is engaged in India’s infrastructure development by constructing highways, including BOT (built, operated, and transferred) and HAM (Hybrid Annuity Model) projects, airport runways, bridges, flyovers, and power transmission facilities.

At 1:02 pm, the shares of PNC Infratech were trading 0.21% higher at Rs 279.20 on NSE.

Stay Ahead with PNC Infratech Ltd. Ask the Analyst.

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MARKETS

Suzlon Shares Turn Green on Securing 378 MW Order from NTPC Green 

Ali Waghbakriwala

Shares of Suzlon Energy Ltd turned green and were trading 1% higher on Wednesday, 23 April, after the company announced that it has secured an additional 378 megawatt (MW) order from state-run NTPC Green Energy Ltd.(NGEL), expanding its largest cooperation with them.

Suzlon Energy has now received its second order from NTPC Green Energy in the previous eight months. Suzlon’s overall order with NTPC Green Energy now stands at 1,544 megawatts.

Suzlon will supply 120 S144 Wind Turbine Generators (WTG) with Hybrid Lattice Towers (HLT), each with a rated capacity of 3.15 MW under the new deal. This project will be carried out in Karnataka’s Gadag region.

The company will also be responsible for the project’s foundation, installation, and commissioning, as well as maintenance and services.

Suzlon Group Vice Chairman Girish Tanti said, “As NGEL aims to expand its renewable energy portfolio to 60 GW by 2032, this partnership lays a crucial foundation for showcasing the key role of wind in powering India’s largest PSU’s renewable journey by providing high‐quality, affordable power.”

NTPC Green Energy awarded Suzlon Energy its highest wind energy order of 1,166 MW in September of last year.

At 12:13 pm, the shares of Suzlon Energy were trading 0.79% higher at Rs 59.74 on NSE.

Wondering About Suzlon Energy Ltd? The Analyst Has Answers.

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