Sensex Today Trades Flat, Laurus Labs To Acquire Stake In Ethan Energy, Hindustan Unilever & Nestle Top Losers

Asian markets are trading lower today with shares in Hong Kong losing the most.

The Nikkei is up 0.2% while the Hang Seng is trading lower by 0.9%. The Shanghai Composite is down 0.4%.

The US markets were closed for the holiday on account of Thanksgiving.

Back home, Indian share markets are trading on a flat note following the trend on SGX Nifty and tracking mixed global cues.

The BSE Sensex is trading down by 56 points. Meanwhile, the NSE Nifty is trading lower by 8 points.

Axis Bank and IndusInd Bank are among the top gainers today. Kotak Mahindra Bank and Bajaj Finance, on the other hand, are among the top losers today.

The BSE Mid Cap index is up 0.7% while the BSE Small Cap is trading higher by 0.6%.

Sectoral indices are trading on a mixed note. Stocks in the utilities sector, FMCG sector, and oil and gas sector witness selling.

On the other hand, stocks in the industrial sector, capital goods sector, and realty sector witness buying.

Shares of Hindustan Aeronautics and Escorts Kubota hit their 52-week highs today.

The rupee is trading at 81.5 against the US$.

Gold prices are trading up by Rs 14 at Rs 52,685 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 61,910 per kg.

Yesterday, the Indian stock market closed at its all-time high. Stocks across many sectors have moved up recently.

Adani Transmission Share Prices Bites Dust

Earlier this week, we wrote about a true multibagger stock and a market darling - Adani Green Energy.

We discussed why Adani Green's share price was falling and what lies ahead.

Joining the ranks of recent losers, another Adani group stock has come under pressure in recent months.

We're talking about the conglomerate's power transmission and distribution company - Adani Transmission. From its high of Rs 4,000 touched in September 2022, the stock has corrected around 30%, and that too in a quick time.


Laurus Labs to Acquire Stake in Ethan Energy India

Pharma company Laurus Labs on 24 November said it will acquire a 26% stake in solar charger manufacturer Ethan Energy India Private Limited at Rs 52.70 per share.

The total number of shares to be bought by Laurus Labs will be 7,40,000.

Via this stake buys, Laurus Labs will be able to consume 100% of Ethan Energy's 10 MW solar energy plant.

Laurus Labs reported a 14% year-on-year rise in consolidated net profit at Rs 233 crore (about Rs 2,330 million) in the quarter that ended on 30 September 2022. It reported a profit of Rs 2,040 m in the corresponding quarter last year. Revenue from operations rose to Rs 15,760 m from Rs 12,030 m in the year-ago quarter.

Following the news, Laurus Labs' share price is trading in green. The investors finally sigh a breath of relief because the late Laurus Labs' share price was falling.

PNB to Divest Stake in UTI Asset Management Company

One of the best bank stocks in recent days considering its stock performance - Punjab National Bank (PNB) on Thursday said it has received the government approval to divestment its entire stake in UTI Asset Management Company Limited as part of its non-core asset sale plan to shore up its capital base.

The bank, which holds a 15.2% stake in UTI AMC, will divest its entire stake in the mutual fund company in single or multiple tranches for the realization of gain on investment. Its current valuation stands at Rs 13.3 bn.

The timeline for making the divestment is yet to be finalized.

PNB is one of the sponsors of India's oldest mutual fund company. Besides PNB, State Bank of India, Life Insurance Corporation of India, Bank of Baroda, and US-based T Rowe Price are other sponsors.

Meanwhile, the private lenders reported a 62.8% dip in net profit to Rs 4.1 bn for the July to September quarter. This is against a net profit of Rs 11.1 bn in the year-ago period.

The bank's net interest income (NII) grew by 30.2% to Rs 82.7 bn in the quarter under review from Rs 63.5 bn a year ago.

Since you are interested in banking stocks you might also be interested in finding out which stock could be the next ITC of the banking sector. 

Lupin Under Trouble

The United States Food and Drug Administration (USFDA) inspected Lupin's Mandideep Unit-1 facility from 14 November to 23 November 2022.

The inspection closed with the issuance of Form 483 with eight observations each for the drug product facility and API facility at the site.

Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

Lupin's share price is falling after the news.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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