Strides Pharma Science joins forces with Ennaid Therapeutics to develop an oral COVID19 drug; stock rises 3%.
Strides Pharma Science's stock rose nearly 3% earlier Tuesday trading after the pharma company's subsidiary announced a collaboration with Ennaid Therapeutics in the United States to develop an oral medicine for patients with mild and asymptomatic COVID-19. The company said in a regulatory filing that its step-down wholly-owned subsidiary, Strides Pharma Global Pte. Ltd, Singapore, has formed an exclusive partnership with Ennaid Therapeutics, a global pharmaceutical company, to develop an oral, repurposed medication to treat mild, moderate, and asymptomatic cases of COVID19.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, gave a market quote this morning.
"The market is becoming increasingly concerned about rising inflation. The May CPI inflation reading of 6.3 percent implies that inflation may exceed the RBI's target unless it is reversed in June and July. Inflationary pressures may limit the RBI's pro-growth accommodating monetary policy. Depreciation of the Indian rupee has been another tailwind for the performing IT index, which has outpaced the Nifty by 35% in the last year. It makes sense to keep your money in equities like information technology, pharmaceuticals, and metals, which are unlikely to be affected by unfavorable trends like rising inflation. Markets around the world will be keeping a close eye on the Fed.
Opening Bell: Sensex and Nifty open at new highs; all sectors are up.
On Tuesday, Indian indices began at all-time highs, fueled by broad-based buying across key industries. Meanwhile, investors remained cautious as they awaited a Federal Reserve policy meeting before making any substantial fresh wagers. Metal, energy, and financials all drove gains at home. The Sensex was 217 points higher at 52,768 at 9:18 a.m., while the Nifty was 54 points higher at 15,866. The midcap and smallcap indices were both up 0.2 percent and 0.6 percent, respectively, at the start of the day. IndusInd Bank, Asian Paints, Tata Consumer, and BRit are among the Nifty50 companies.
Dipan Mehta, Director, Elixir Equities, keeps an eye on the market.
Concerning the Adani Group
I want to stay away from Adani stocks entirely. On a fundamental level, the current valuations are difficult to justify given the kind of sectors they are in, which normally have very poor RoEs. I would advise investors and traders to stay away from Adani because we are in the midst of a fantastic bull market, and there are so many other chances available to them.
Cotton on Greaves
It has been a reasonably well-managed company; it has been around for a long time and has seen many ups and downs – valuation may be a little higher than what we would have paid for Greaves Cotton in the past. However, it still has a solid business model and good growth prospects for the next two to three years.
According to NFTs, nearly half of millennial millionaires have a major portion of their money invested in cryptocurrency.
According to a new survey, 47% of young billionaires have more than 25% of their wealth in cryptocurrency. According to the CNBC Wealthy Survey, almost 33% of millionaire investors from the millennial generation hold more than half of their assets in cryptocurrencies. In April and May, CNBC and the Spectrem Group polled up to 750 investors with at least $1 million in investible assets. During that time, Bitcoin reached a high of $64,829.14 before sharply declining at the beginning of May. The meteoric price rise and the slough-off can be attributed to commercial reasons, particularly after Elon Musk's remarks about Bitcoin's acceptability as payment for Tesla cars.
NSDL explains that foreign investors' accounts have not been suspended following the Adani Group.
On June 14, Adani Group stock plummeted after a report suggested that the National Securities Depository Ltd (NSDL) had frozen the accounts of three major owners. The accounts were not frozen, according to NSDL, which informed the port-to-energy company. In an email exchange obtained by CNBC-TV18, Rakesh Mehta, vice-president of NSDL, told Adani Group. The accounts of three foreign portfolio investors (FPIs) were suspended, according to the NSDL website, although the move was related to other issues, according to NSDL authorities.
Sona Comstar's initial public offering (IPO) received an 11 percent subscription on day one, with the retail portion accounting for 51 percent of the total.
On June 14, the first day of the bidding process, Sona BLW Precision Forgings (Sona ComstarRs )'s 5,550-crore initial public offering (IPO) was subscribed 11 percent. Over 1.13 crore equity shares were bid for in the public offering, which had a total offer size of over 10.71 crore equity shares. At 5 p.m., the portion set aside for retail investors had been subscribed 51%. In contrast, non-institutional investors had put up bids for 2.34 lakh equity shares against their reserved portion of over 2.92 crore equity shares, according to subscription data accessible on exchanges. Qualified institutional investors are yet to submit their proposals.
The dollar is hovering above a one-month high, with the market frozen ahead of the Fed meeting.
On Tuesday, the dollar stayed just below a one-month high against key peers, ahead of a highly anticipated Federal Reserve meeting that could signal a shift in US monetary policy. The dollar has risen as traders settle short positions ahead of the Federal Reserve's two-day policy-setting meeting, which begins on Tuesday. Early in Asia, the dollar index, which compares the greenback to a basket of six currencies, was unchanged at 90.517. In each of the last two sessions, it has momentarily climbed above 90.60, and 90.63 would be the highest level since May 14. Traders will be looking for signals as to when officials will begin to reduce the dollar-depreciating stimulus.
First and foremost, here's a rundown of what happened in the markets on Wednesday.
Indian market benchmark indices recovered early losses to finish modestly higher on Monday in the face of mixed global cues. The Sensex rose 76.77 points, or 0.15 percent, to 52,551.53, while the Nifty closed at 15,811.85, up 12.50 points, or 0.08 percent. Because of the broader markets, smallcap and midcap indices ended the day lower. Metals, private banks, real estate, and financial services indexes all saw selling pressure, while Nifty IT and Nifty PSU Bank ended the day in the green. Divi's Laboratories, Tata Motors, Reliance Industries, Wipro, and Bajaj Finance were among the top gainers on the Nifty50, while Adani Ports & SEZ, Coal India, Kotak Mahindra Bank, HDFC, and NTPC were among the top losers.
Welcome to the Market Live Blog from CNBC-TV18.
Readers, good morning! I'm Pranati Deva from CNBC-market TV18's desk. Welcome to our market blog, where we keep you up to date on the latest developments in the stock market, business, and economy. Our excellent array of TV guests and in-house editors, researchers, and reporters will also provide you with real-time comments and guests. If you're an investor, I wish you a successful trading day. Best of luck!
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