Sensex down 494 pts; pharma stocks slide

The benchmark indices continued to trade with moderate losses in mid-morning trade. The Nifty traded around the 21,600 level. Pharma shares declined after rising in the past three trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 494.32 points or 0.69% to 71,060.87. The Nifty 50 index slipped 138.55 points or 0.64% to 21,604.70.

In the broader market, the S&P BSE Mid-Cap index declined 0.02% and the S&P BSE Small-Cap index rose 0.64%.

The market breadth was positive. On the BSE, 2,011 shares rose and 1,658 shares fell. A total of 116 shares were unchanged.

Earnings Today:

Mahindra & Mahindra, Aditya Birla Fashion and Retail, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Gateway Distriparks, Gland Pharma, Glenmark Pharmaceuticals, Gujarat State Petronet, Indiabulls Housing Finance, Ipca Laboratories, Jyoti CNC Automation, Credo Brands Marketing, Muthoot Finance, Natco Pharma, Narayana Hrudayalaya, NMDC, Sun TV Network, and Wockhardt will announce their quarterly results later today.

IPO Update:

The initial public offer (IPO) of Vibhor Steel Tubes received bids for 16,01,25,570 shares as against 35,92,445 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (14 February 2024). The issue was subscribed 44.57 times.

The issue opened for bidding on Tuesday (13 February 2024) and it will close on Thursday (15 February 2024). The price band of the IPO is fixed at Rs 141-151 per share. An investor can bid for a minimum of 99 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index slipped 1.65% to 18,443.65. The index gained 1.26% in past three trading sessions.

Glenmark Pharmaceuticals (down 4.72%), Alkem Laboratories (down 2.69%), Aurobindo Pharma (down 2.52%), Cipla (down 2.46%), Dr Reddys Laboratories (down 2.36%), Ipca Laboratories (down 2.04%), Sun Pharmaceuticals Industries (down 1.9%), Gland Pharma (down 1.75%), Torrent Pharmaceuticals (down 1.57%) and Divis Laboratories (down 1.36%) edged lower.

Stocks in Spotlight:

Innova Captab declined 2.20%. The company�s consolidated net profit increased 28.33% to Rs 25.13 crore in Q3 FY24 as against Rs 19.58 crore posted in Q3 FY23. Revenue from operations stood at Rs 302.49 crore in the December 2023 quarter, registering a growth of 24.99% YoY.

NBCC (India) was locked in upper circuit of 5% after the company�s consolidated net profit jumped 60.30% to Rs 110.74 crore on 13.65% increase in net sales to Rs 2,405.5 crore in Q3 FY24 over Q3 FY23.

RailTel Corporation of India added 2.25% after the company announced that it has has received the work order from Prasar Bharati Broadcasting Corporation of India (Prasar Bharati) worth Rs 139.73 crore.

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