After opening the day on a positive note, Indian share markets remained rangebound through the trading session, with Tata shares stealing the show following the announcement of Tata Capital’s IPO.At the closing bell, the BSE Sensex stood lower by 67 points (down 0.1%).Meanwhile, the NSE Nifty closed lower by 26 points (down 0.1%).Tata Motors, ITC, and Nestle India were among the top gainers today.Power Grid, SBI, and Titan, on the other hand, were among the top losers today.The BSE MidCap index ended flat while the BSE SmallCap index ended higher by 0.4%.Sectoral indices ended on a mixed note with stocks in the auto sector, FMCG sector, and energy sector witnessing most of the buying.On the other hand, metal and power stocks witnessed selling.Shares of Amber Enterprises, Tanfac Industries, and Lloyds Metals hit their respective 52-week highs today.Historically, power demand in China has grown by 1.1x GDP.India’s power demand has been 0.9 times the real GDP growth. In the last three years, though, the multiplier for India averaged 1.2x.
Biocon Receives Crucial Drug ApprovalIn news from the pharma sector, Biocon and its European partner, Zentiva, have received a decentralized procedure approval in the European Union for their complex formulation, Liraglutide used in the treatment of diabetes and weight management.The approval is for the generic versions of Victoza to treat Type-2 Diabetes and Saxenda used in the treatment of weight management.Victoza and Saxenda are registered trademarks of Novo NordiskBiocon was also the first company to win UK authorization to offer a generic version of Novo Nordisk’s Saxenda weight treatment.The company’s CEO Siddharth Mittal has said that they expect Biocon’s generic version of this obesity drug to be approved in the US by 2025.In recent months, the company has received multiple approvals for a variety of drugs. In September 2024, Biocon Pharma, a wholly owned subsidiary of Biocon, received approval for its ANDA for Sacubitril/Valsartan tablets. This combination drug is crucial in treating chronic heart failure in both adults and pediatric patients.Earlier in August 2024, Biocon secured another important USFDA approval for its ANDA for Daptomycin for injection. This drug is used to treat complicated skin infections and Staphylococcus aureus infections in the bloodstream.In addition to these approvals, Biocon also received an establishment inspection report (EIR) from the USFDA for its greenfield API facility in Visakhapatnam. This facility is now cleared to begin commercial supplies to the US market, a move that is expected to significantly boost Biocon’s manufacturing capacity and revenue potential.Coming to its financials, Biocon has achieved a CAGR of 22% in revenue and a 5% growth in its net profit over the past five years.In the past 1 year, shares of the company have rallied 32%.Today, Biocon shares ended 4% higher.
Bharat Electronics Adds More Orders to its Kitty
Shares of Bharat Electronics were trading on a positive note today after the PSU informed that it has secured new orders worth Rs 973 crore since its last disclosure on 9 December 2024, two weeks ago.The Navratna company revealed in an exchange filing that the new crores orders include platform screen doors for metro rail, radars, communication equipment, jammers, seekers, upgraded submarine sonar, upgraded satcom terminals, test stations, spares, and related services.These orders follow Bharat Electronics’ disclosure made on December 9, when it reported securing Rs 634 crore worth of contracts.With the new orders, the company has accumulated a total of Rs 9,801 crore in orders for FY25.In the defense sector, Bharat Electronics remains at the forefront, providing state-of-the-art solutions in areas such as radar systems, missile systems, communications, and surveillance.It’s in-house design and development capabilities ensure that it stays ahead of the curve in developing next-generation defense technologies, which are essential for the modernization of India’s armed forces.The defense giant has also made significant strides in export markets, offering defense electronics to countries around the world, solidifying its position as a global player in defense technology.Additionally, it is making significant investments in the aerospace sector. The company provides advanced avionics, communication systems and satellite technologies, which are crucial for India’s space program and military aviation.The company is also expanding into the smart city and automation by contributing to the development of smart infrastructure and technology solutions to improve urban living standards.It’s also increasingly focused on the renewable energy sector in recent times, where it is involved in providing smart grid solutions, solar power technology, and energy-efficient systems.More By This Author:Sensex Today Trades Flat; IT Stocks Rise
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