After opening the day on a quiet note, benchmark indices gained ground on Monday and ended the day Higher.Indian equities edged higher on Monday, supported by gains in the auto sector ahead of June’s monthly sales data and in information technology stocks amid renewed expectations of a U.S. interest rate cut in September.At the closing bell, the BSE Sensex stood higher by 443 points (u 0.6%).Meanwhile, the NSE Nifty closed higher by 131 points (up 0.6%).Tech Mahindra, Wipro, and Bajaj Finance are among the top gainers today.NTPC, SBI, and Eicher motors on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,236, up by 116 points, at the time of writing.The BSE MidCap index ended 1.1% higher and the BSE SmallCap index ended 1.6% higher.Sectoral indices are trading mixed, with stocks in the metal sector, telecom sector, and IT sector witnessing the most buying. Meanwhile, stocks in the power sector and realty sector witnessed selling pressure.Shares of Hitachi Energy, Oracle Finance, and Info Edge hit their respective 52-week highs today.The rupee is trading at 83.45 against the US$.Gold prices for the latest contract on MCX are trading flat at Rs 71,573 per 10 grams.Meanwhile, silver prices were trading marginally higher at Rs 89,625 per 1 kg.
Zomato Receives Tax DemandIn news from the e-commerce space, listed food delivery and quick commerce major Zomato said in a regulatory filing that it has received a tax demand, along with interest and penalty, aggregating Rs 95 m from the Karnataka commercial taxes authority.The company will be filing an appeal against the demand, it said in the filing on the public bourses. The latest order, for FY20, was made in respect of the excess availment of input tax credit by the firm.Zomato has received multiple similar demands previously, the last being for Rs 118.2 m on 20 April, for export services provided by the company to its subsidiaries located outside India.Zomato has also received a tax demand concerning the availing of excess input tax credit aggregating to Rs 230 m from the Karnataka Commercial Taxes Authority on 1 April.It was hit with a similar demand worth Rs 86 m raised by the deputy commissioner of state tax, Gujarat on 15 March.On December 30 and 31, 2023, the company received three demand orders from the authorities in Delhi and Karnataka over alleged short payment of GST in 2018 amounting to Rs 42 m.While the first demand pertained to alleged short payment of GST in annual returns and non-reversal of input tax credit in case of exempted supplies, the second was for additional interest on the claim that Zomato had incorrectly calculated the interest amount to be paid to the government on excess input tax credit reversed by the company. In the third case, the Karnataka GST department had made a tax demand similar to an earlier, larger show cause notice.
Why Alembic Pharma Share Price is Rising
Moving on to news from the pharma sector, shares of Alembic Pharmaceuticals gained around 5% on 1 July after the company announced that has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Bosutinib Tablets, 100 mg and 500 mg.The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Bosulif Tablets, 100 mg and 500 mg, of PF Prism C.V. (PF Prism).Bosutinib tablets are indicated for the treatment of a certain type of leukaemia called Philadelphia chromosome-positive chronic myelogenous leukaemia.In a regulatory filing, Alembic Pharma stated that Bosutinib Tablets have an estimated market size of US$ 275 million (m) for twelve months ending March 2024, according to IQVIA.Alembic is a vertically integrated research and development pharmaceutical company, which manufactures and markets generic pharmaceutical products all over the world.It is one of the leaders in branded generics in India and has a cumulative total of 206 ANDA approvals (179 final approvals and 27 tentative approvals) from USFDA.
IREDA Jumps 6%. Here’s WhyMoving on to news from the finance sector, shares of the Indian Renewable Energy Development Agency (IREDA) rose 6% to the day’s high of Rs 202 on the BSE after the company reported significant growth of 382.6% and 67.6% on a year-on-year (YoY) basis in its sanctioned loans and loan disbursements, respectively.For the first quarter of FY25, the company recorded loan sanctions of Rs 91.4 bn, compared to Rs 18.9 bn in the corresponding quarter of the previous year. Meanwhile, loan disbursements for the quarter amounted to Rs 53.2 bn.Additionally, IREDA reported an outstanding loan book of Rs 631.5 bn as of the end of the period.Recently, the company also successfully raised bonds worth Rs 15 bn, which were oversubscribed by 2.7 times. This included a base issue of Rs 5 bn and a green shoe option of Rs 10 bn.IREDA’s IPO was launched in November 2023 with a price band of Rs 30-32 per share and a lot size of 460 shares. However, the stock debuted on the exchanges at Rs 50, marking a premium of 56.25%.IREDA was granted ‘Navratna’ status by the Department of Public Enterprises. The government grants Navratna status to premier PSUs, empowering them to execute significant investments of up to Rs 10 bn without requiring central authority approval.More By This Author:Sensex Today Trades Higher; Nifty Above 24,000Sensex Today Surges 569 Points; Nifty Tops 24,000 MarkSensex Today Trades Lower; Nifty Above 23,800
