Category: Business

The Indian rupee appreciated against the US dollar on Friday, as the inclusion of India in the JPMorgan bond index boosted investor sentiment. The rupee settled 19 paise higher at 82.94 (provisional) against the previous close. Analysts expect India’s inclusion in the bond index will lead to a direct inflow of USD 20-25 billion in the debt over the 18-21 months. However, the impact of the announcement may not be sustainable amid a rally in the greenback and foreign fund outflows from domestic equities.

Pharma company Valiant Laboratories is going public on September 27 at a price band of Rs 133-140 per share. The company plans to raise Rs 152.46 crore via the IPO. Proceeds will be used to fund the expenditure for setting up a manufacturing facility for speciality chemicals and for working capital requirements and general corporate purposes. Valiant Laboratories is a Mumbai-based API and bulk drug manufacturing company with a focus on Paracetamol. It is owned by the promoters including Dhanvallabh Ventures LLP, which holds 62.5 percent shareholding. Valiant Organics, the listed entity on the BSE and NSE, is the promoter of Dhanvallabh Ventures LLP with 73.15 percent stake.

The pharmaceutical sector is experiencing bearish sentiment on September 22, with profit-booking pressure and short positions in several individual stocks, including Glenmark, Cipla, Alkem, and Dr Reddy's. Analysts believe that the Nifty Pharma Index could see further weakness if it breaks below the 14700-14800 support zone. On the other hand, Aurobindo Pharma is seen as a moderately bullish stock, with strong resistance at the 900 strike price and strong support at the 850 and 860 strike prices. Traders should be cautious and monitor the market closely for any further developments.

Apollo Tyres shares fell over 2 percent on September 21 after the company announced a temporary halt of its bias off-the-road (OTR) tyre production at its Limda plant in Gujarat due to concerns from shop floor employees. The company said it is in discussions with labour union representatives to address their concerns and find a resolution. The situation is not expected to have a material impact on Apollo Tyres' operations.

Kaynes Technology India and Syrma SGS stocks gained on September 21 after Morgan Stanley initiated “overweight” ratings for these two companies. The brokerage firm sees India's increasing potential in the electronic manufacturing landscape and forecasts a 21 percent compound annual growth rate (CAGR) in revenue from FY22 to FY32.

Shares of Themis Medicare, a smallcap pharma company, surged to a lifetime high on Thursday after the company fixed a record date for a stock split. The stock has surged 33% so far this year, as against a 10% gain in the S&P BSE Sensex. Themis Medicare specializes in the manufacture of a wide range of products for pain management, critical care, and anti-infectives. The company has a portfolio of over 30 products and is present in 17 states.

Unihealth Consultancy, a healthcare service provider, made a tepid debut on the NSE Emerge platform on September 21, listing at Rs 135, a 2.2 percent premium over its issue price of Rs 132. The stock was trading at Rs 137.30 at 11.40 am. The company has a number of positives going for it, such as its strong growth potential, its diversified business model, and its focus on the African market. However, investors who are considering investing in Unihealth Consultancy should carefully consider the company's fundamentals, the current market conditions, and their own risk appetite before making a decision.

Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.

Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country and focus on sustainable solutions. The company aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050.

Glenmark Life Sciences shares were up over 1% in the afternoon trade on September 21 after reports that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company. Glenmark Pharmaceuticals is required to reduce its stake to 75% by August 2024 to comply with SEBI regulations. Nirma and ChrysCapital have both submitted binding bids for Glenmark Pharmaceuticals' stake in Glenmark Life Sciences. In the April-to-June quarter, Glenmark Life Sciences reported an 18% YoY growth in revenue and a 24% YoY increase in net profit.