Adani Group stocks shine, Laurus Labs rises & more

NIFTY50: 19,783 ▲89 (+0.4%) 
SENSEX:  65,655 ▲275 (+0.4%) 

• Benchmark indices bounced back after a two-day fall
• In all, 30 of the NIFTY50 stocks closed in the green
• Gold (+0.3%) is steadily moving up and trading at its two-week high. This comes on the back of easing of US bond yields and softening US dollar

Among the NIFTY sectoral indices, Metal (+1.2%) and Realty (+1.1%) were the top gainers, while PSU Bank (-0.3%) and IT (-0.1%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Adani Group stocks shine

Adani Enterprises rose 2.2% and was among the top gainers in the NIFTY50. This was after the company said that it plans to set up tobacco shops, through its subsidiary Mumbai Travel Retail, at Macau International Airport.

Meanwhile, Adani Wilmar shares rose for the second straight day, rising 2.9%. Adani Total Gas rose nearly 2%, while NDTV (+0.8%), ACC (+0.6%) and Adani Energy Solutions (+0.5%) also closed in the green.

⭐Som Distilleries gets nod for capacity expansion

Shares of Som Distilleries & Breweries rose 1.6% today. This comes after the company received permission from the Central Excise Department for expansion of the beer production capacity at its Hassan plant in Karnataka.

⭐ Laurus Labs rises after stake purchase

Shares of the pharma company gained 1.5% today after the company completed the acquisition of additional 8,333 equity shares from the promoter group shareholders of Laurus Bio. With this acquisition, the company holds 87.59% shareholding (on a fully diluted basis) in Laurus Bio.

⭐ CreditAccess Grameen introduces co-lending model 

Shares of the microfinance lender rose 6.1% today. The management said that it plans to target the affordable housing segment through the co-lending model. It plans to tie up with a bank to offer affordable housing loans. The management also pointed out that its AUM growth estimate remains at 24% to 25% for this year. Its loan book is growing by ₹5,000 to ₹6,000 crore every year.

⭐ Bayer Cropscience falls on tax notice

Shares of the drug manufacturer fell 1.4% today after the company was fined ₹1.7 crore by Central Goods & Service Tax, Jaipur. The fine is related to transitional credit that the company claimed when it shifted from pre-GST regime to GST regime.

IPO Corner

⭐ IREDA IPO subscription Day 1

The IPO of Indian Renewable Energy Development Agency (IREDA) is receiving strong traction from investors. On day 1, the IPO has been fully subscribed. The retail portion has been subscribed 1.9 times. The segment for non-institutional investors has also been subscribed 2.7 times.

The state-owned lender is a non-banking finance company (NBFC) with a focus on renewable energy financing. It primarily finances power generation, transmission, distribution and other activities. The loan book stood at around ₹47,000 crore in the September quarter. Click here to apply for the IPO.

Learn with Upstox

What is a bracket order?

A bracket order combines three orders in one order, viz. initial order, target order and stop-loss order. It helps traders limit their losses. If the initial order is a buy order, then both the target and stop-loss orders will be sell orders. Similarly, when the initial order is a sell order, the other two orders will be a buy order. For example, a trader places a limit order to buy a stock of a company at ₹100 per share. This is placed along with a stop-loss at ₹95 per share and a target order at ₹110 per share. Here we can see that the investor’s main position of ₹100 is bracketed by a higher-priced and lower-priced limit order.

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