Domestic benchmark indices opened in the Red on Monday. The thirty-share BSE Sensex opened 132.62 points lower at 59331.31 points and the fifty-share NSE Nifty 50 opened 37.2 points lower at 17428.60 points.
On Friday, the indices posted their biggest single-day gain in the past few weeks. The rally in Adani group stocks added a market capitalization of ₹ 68,430 crores. Some of the biggest sectoral gainers were from the financial sector.
Top Gainers/Losers
Some of the top gainers this week were Macrotech Developers (up 38.36%), Adani Enterprises (up 43.28%), Adani Ports & Special Economic Zone (up 20.00%), Adani Green Energy (up 21.54%) and Adani Wilmar (up 16.80%)
On the other hand, some of the top losers were BEML (down 9.10%), Rajesh Exports (down 10.32%), Cipla (down 8.78%), Rossari Biotech (down 7.30%) and Zensar Technologies (down 6.35%)
Mayne Pharma’s USA prescription portfolio was acquired by Dr Reddy’s for $105 Million
Dr Reddy’s Laboratories Ltd on Monday announced that it has entered into a definitive agreement through its subsidiary to acquire Australia-based Mayne Pharma Group Ltd’s US generic prescription product portfolio for $105 Million. As per the terms of the agreement, Dr Reddy’s is to acquire the portfolio with an upfront payment of approximately USD 90 million in cash and contingent payments of up to $15 Million which will be in consideration towards inventory and credits for certain accrued channel liabilities which is to be determined on the closing date
Indian GDP grows at 4.4% in Q3
Due to the poor performance in the manufacturing sector in Q3FY3, the growth of the Indian economy has slowed down to 4.4%. This growth previously stood at 11.2% in October-December 2021 and at 6.3% in July-September 2022 as per the data released by the National Statistical Office (NSO) on Tuesday. The second advance estimate of national accounts by the NSO pegged India’s growth at 7 per cent for 2022-23.
SC order on Hindenburg issue; Adani says truth will prevail
Embattled business tycoon Gautam Adani on Thursday welcomed the Supreme Court order of a time-bound probe into allegations by Hindenburg Research. Adani said that the order will bring finality in a timely manner and that truth will prevail. A committee of six members will work on the report and it will be submitted within two months.
Tata Motors crosses 50 lakh passenger vehicle production milestone
The Tata Group company on Friday said that it has crossed the 50 lakh cumulative passenger vehicle production milestone. It crossed the 10 lakh production mark in 2004 and the 20 lakh mark in 2010. Tata Motors added that it was able to stride ahead from 40 lakh cars to 50 lakh units within three years, despite COVID-19 and the semiconductor shortage crisis which plagued the global automotive industry.
Investor’s wealth climbs ₹ 3.43 lakh crores on market rally
The wealth of equity investors climbed ₹3.43 lakh crore on Friday amid an overall positive trend in the market. There was a sectoral rally in PSU banks as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiment. Moreover, the sentiment was further lightened as FIIs turned net buyers. Meanwhile, the Indian services sector expanded at the strongest rate in 12 years in February supported by favourable demand conditions and new business gains, according to a survey.
Written by Simran Bafna
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