Nifty50: 17,812 ▲ 90 (+0.5%)
Sensex: 60,392 ▲ 235 (+0.3%)
Dear readers,
Are you tired of the same old boring grilled cheese? Do you have $214 burning a hole in your pocket?
Well, one NYC restaurant has got just the thing for you! In honour of National Grilled Cheese Day (which is today), the restaurant is rolling out its Guinness World Record-winning 'World's Most Expensive Sandwich' for a limited time.
The 'Quintessential Grilled Cheese' is a decadent creation that must be ordered 48 hours in advance and features champagne bread, white truffle butter, rare cheeses and a layer of edible gold flakes. Fancy, eh? Now before we get too hungry, let's take a look at how the markets performed today.
- Markets close in green, supported by Pharma and IT stocks.
- Out of the Nifty50 stocks, 34 stocks closed in green.
- Consumer inflation in India eased to 5.66% in March, slowest since December 2021.
Among the Nifty sectoral indices, Pharma (+2.2%) and IT (+1.0%) were the top gainers, while PSU Bank (-0.6%) and Media (-0.5%) were the top losers.
| Top gainers | Today's change |
| Divi’s Labs | 3,209 ▲ 282 (+9.6%) |
| Bajaj Auto | 4,284 ▲ 106 (+2.5%) |
| Adani Enterprises | 1,848 ▲ 44 (+2.4%) |
| Top losers | Today's change |
| Power Grid | 227 ▼ 3.8 (-1.6%) |
| NTPC | 175 ▼ 2.4 (-1.3%) |
| Nestle India | 19,460 ▼ 214 (-1.0%) |
What’s trending
⭐ Maruti bets on CNG cars for growth
Maruti Suzuki India (-0.4%) aims to sell over half a million CNG cars in the next two years, following a recent cut in gas prices by the Indian government. As per the management, the company expects the number of enquiries and bookings for CNG vehicles to rise due to the fall in CNG prices. Maruti Suzuki is preparing to meet the growing demand by increasing production.
⭐ Sula Vineyards reports robust FY23 update
The winemaker reported a sales jump by 30% YoY in premium wine sales in FY23, leading to a 9% surge in stock prices today. The company's own brand sales volume crossed 1 million cases, resulting in 26% jump in revenues to ₹482 crore in FY23. Meanwhile, its wine tourism business grew by 30% YoY during the same period.
⭐ Suzlon Energy bags new order
The renewable energy company (-0.7%) has secured a new order to supply 24 wind turbines with a total installed capacity of 50.4 MW. The order has come from Sembcorp. As part of the deal, Suzlon will execute the project including the installation and commissioning of the wind turbines.
⭐ Puravankara achieves record sales
The real estate firm (+2.6%) recorded its highest-ever sales of ₹3,107 crore in FY23, 29% higher than the previous year. Continued strong momentum and high demand, coupled with an unchanged repo rate, can be attributed to the robust sales. The company also launched nine new projects in FY23.
In Focus
Pharma stocks shine
Shares of leading pharma companies, such as Divi's Laboratories, Cipla and Dr Reddy's Laboratories witnessed a positive movement of 2% to 9% this week. Meanwhile, the Nifty Pharma index is up over 2%, its fourth consecutive week of gains. Why are pharma stocks rising? Let's find out.
Improved sentiment in US markets
According to experts, the recent rally in pharma stocks can be attributed to the recovery in the US markets. Recent trends suggest that price erosion in the US market may have peaked. Also, additional supply opportunities in the US as some companies look to exit key drugs is a positive sign for the Indian pharmaceutical industry.
In the past, the pharma industry has reported strong price and margin pressure due to oversupply of drugs in the US market, especially during the covid pandemic. ICYDK, the Indian pharma industry supplies more than 40% of the generic medicine demand in the US.
New drug launches
Another possible growth driver could be new launches like generic version of key cancer drug Revlimid which could offer additional supply opportunities. In addition, expectations of improved sales prospects following the recent increase in the number of covid-related cases in India may have triggered a rally in pharma stocks.
All in all, the pharma industry seems to be in a bright spot.
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Phrase of the day
Going Long
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