After opening the day higher, the Indian benchmark gained further as the session progressed, eventually closing more than 400 points higher.

Benchmark equity indices BSE Sensex and Nifty50 were traded higher on Monday, amid positive global cues.

At the closing bell, the BSE Sensex closed higher by 115 points (up 0.2%).

Meanwhile, the NSE Nifty closed 50 points higher (up 0.2%).

Wipro, Eicher Motors, and Shriram Finance are among the top gainers today.

BPCL, HCL Tech, and Reliance Industries, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,275, up by 100 points at the time of writing.

The BSE MidCap index ended 1.8% higher and the BSE SmallCap index ended 0.7% higher.

Sectoral indices were trading mixed on Wednesday with stocks in the IT sector and auto sector witnessing buying. Meanwhile, the stocks in the banking sector and energy sector witnessing selling pressure.

The rupee is trading at 86.46 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 79,385 per 10 grams.

Meanwhile, silver prices were trading 0.6% lower at Rs 91,386 per 1 kg.
 

KEI Industries Rallies 11%

In news from the power sector, shares of KEI Industries soared 11% on 23 January, driven by the company's strong Q3 performance and an upgraded growth outlook. The net profit for the December quarter rose by 9.4% year-on-year to Rs 1,648 million (m), compared to Rs 1,506 m in the same quarter last year.

Revenue saw an impressive growth of nearly 20%, reaching Rs 24,672 m from Rs 20,593 m in the year-ago period.

However, operating margins declined by 70 basis points year-on-year to 9.8%, primarily due to weaker operational performance in the cables and wires segment.

Despite this, the management's positive commentary lifted investor confidence.

The company expressed optimism about the demand outlook for both domestic and export markets. KEI Industries has set an ambitious volume growth target of 19-20% for FY26, supported by capacity expansions and robust demand. Additionally, it aims for an EBITDA margin of 11% and is targeting a 20% CAGR in revenue from FY26, to reach Rs 250,000 m in revenue by 2030.

Here's how shares of the company have performed in the past year.

Why Strides Pharma Share Price is Rising

Moving on to news from the pharma sector, Strides Pharma Science shares surged nearly 10% in early trade on 23 January after its demerged CDMO business, OneSource Specialty Pharma, received approval for listing and trading of its equity shares on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The equity shares of OneSource Specialty Pharma will commence trading on the NSE and BSE from Friday, 24 January 2025.

OneSource Specialty Pharma is India's first Specialty Pharma CDMO (Contract Development & Manufacturing Organization).

In November 2024, Strides Pharma announced that the National Company Law Tribunal (NCLT) had approved the formation of OneSource by consolidating its specialised businesses.

Subsequently, OneSource, formerly known as Stelis, moved forward with its listing on the stock exchanges. Shareholders received one share of OneSource for every two shares held in Strides Pharma.
 

Wipro Hits 52-Week High. Here's Why

Moving on to news from the IT sector, shares of Wipro surged 5% on 23 January, reaching a 52-week high, driven by positive market sentiment following the company's Q3 results announcement. The December quarter marked Wipro's fourth consecutive quarter of margin expansion, pushing its EBIT margin to a three-year high.

For Q3FY25, the company reported a 4.5% quarter-on-quarter growth in consolidated net profit, reaching Rs 33.5 bn, while revenue saw a marginal increase of 0.1% to Rs 223.2 bn. Wipro's IT Services revenue stood at US$ 2.6 bn, reflecting a 0.1% quarter-over-quarter increase in constant currency.

Although order intake declined by 1.3% QoQ to US$ 3.5 bn, large deal total contract value (TCV) fell 35% QoQ to US$ 0.96 bn, Wipro's strong margin performance and consistent profit growth continue to bolster investor confidence.

For the 9-month period of FY25, revenue declined by 1.4%, while EBIT and PAT grew by 11.4% and 16.7%, respectively, compared to the same period last year.
 

Denta Water & Infra IPO: Strong Subscription Continues

Moving on, the Denta Water & Infra Solutions IPO has continued to attract strong interest on day two of its bidding, with significant demand from both retail and non-institutional investors (NII).

The initial public offer, for the water and infrastructure solutions company, has received bids for 176.3 m shares against 525 m shares on offer, resulting in a 33.58 times subscription, as per the latest data from the NSE at 1:15 PM.

The Non-Institutional Investors' segment was oversubscribed by 75.1 times, while the Retail Individual Investors' (RII) category saw a subscription of 32.7 times. The Qualified Institutional Buyers (QIB) portion was subscribed 4.05 times. The issue was fully subscribed within minutes of opening on 22 January and ended the day with a 17 times subscription.

Market observers tracking the grey market have noted that Denta Water & Infra Solutions shares are commanding a Grey Market Premium (GMP) of nearly 50%, with Investorgain quoting a GMP of Rs 140, suggesting a potential listing premium of 47.62%.

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