Sugar stocks rally, Zen Technologies wins new order & more

NIFTY50: 19,674 ▲ 0.3 (+0.00%)
SENSEX: 66,009▲ 14 (+0.02%)

• Benchmark indices ended flat after a volatile trading session
• In all, 24 of the NIFTY50 stocks closed in the green
• European natural gas futures surged by 9% to the highest level in five months due to supply concerns

Among the NIFTY sectoral indices, Realty (+1.5%) and Financial Services (+0.5%) were the top gainers, while IT (-0.7%) and Media (-0.7%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Sugar stocks continue to rally  

Major sugar companies, including Balrampur Chini Mills, Shree Renuka Sugars, and Dalmia Bharat Sugar, continued to witness strong momentum, rallying 2-8% today. This positive trend comes amid anticipation of an increase in domestic sugar prices due to supply shortage. Last week, the government mandated sugar traders/wholesalers to mandatorily disclose stocks every Monday. This came after multiple reports emerged about a possible supply shortage due to lower production. 

⭐ Zen Technologies secures new order 

Shares of Zen Technologies hit an upper circuit of 5% after it secured a new order worth ₹227 crore from the Ministry of Defence. This order involves supply of anti-drone systems, which are to be delivered in 12 months. This is the second order secured by the company this month. Meanwhile, the company's stock is up over 310% so far this year. 

⭐ Strides Pharma hits 52-week high

Strides Pharma shares gained over 8% after the company received a nod from the US Food and Drug Administration (USFDA) for Icosapent Ethyl Capsule, which is used to reduce the risk of heart attack. This drug has a market size of $1.3 billion as per IQVIA. The company will manufacture the drug at its facility in Bengaluru.

⭐ IMFA zooms on govt compensation  

Shares of Indian Metals & Ferro Alloys (IMFA) hit a new 52-week high today, rising over 10% after the company announced it will receive ₹416.7 crore in compensation from the Ministry of Coal. This compensation is related to freehold land pertaining to its subsidiary Utkal 'C' Coal mines. 

⭐ Delta Corp shares hit lower circuit 

Delta Corp shares hit a lower circuit of 20% today after the casino operator received tax notices totalling ₹16,822 crore from the GST department. The tax claims from the department are worth more than four times the market cap of the company. The company is taking legal remedies as the amount claimed in the notice is based on gross bet value, rather than the gross gaming revenue, which is an industry-wide issue.

IPO Corner

⭐ The ₹2,800 crore IPO of JSW Infrastructure was subscribed 43% on Day 1. Meanwhile, Updater Services IPO, which offers facility management services, received a total subscription of 6%. To know more and apply for these IPOs, click here.

⭐ The ₹270 crore IPO of jewellery-chain operator Manoj Vaibhav Gems 'N' Jewellers was subscribed 58% on Day 2. Tomorrow is the last day to apply for this IPO. To know more and apply for this IPO, click here.

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