NIFTY50 extends its winning streak for the tenth consecutive session, hits new all-time high

On Wednesday, NIFTY50 surpassed its prior all-time high of 25,078.30, which was hit earlier this month. The NIFTY50 crossed the level of 25,100 for the first time. However, as seen in the last trading session, profit booking emerged at higher levels, giving up its gains to end the day marginally higher by 0.14% at the 25,052.35 level. The NIFTY50 continued its winning streak for the tenth consecutive session, marking its best winning streak in nearly four years. The SENSEX, on an intraday basis, reclaimed its important psychological mark of 82,000. However, by the end of the day, it settled below the 81,800 mark with gains of 0.09%. On the daily chart, the NIFTY50 index has formed a high-wave-like candle with a probable bearish divergence in RSI, which indicates waning momentum. IT and Pharmaceutical stocks played a crucial role in helping the NIFTY50 index to close at a record high and extend its winning streak. Both Nifty IT (+1.64%) and Nifty Pharma (+1.14%) hit a fresh all-time high in today’s trade. Nifty Pharma logged its best single-day performance since August 7. On the other hand, Nifty Bank underperformed, ending the day down by 0.26%. A similar trend was observed in the broader markets, with both the Nifty Midcap 100 and Smallcap 100 indices ending in red. Top Gainers & Losers In the NIFTY50 space, 21 stocks advanced, and 29 stocks declined. LTI Mindtree (+6.31%), Wipro (+3.71%), Divi’s Lab (+2.71%), Bharti Airtel (+2.05%), and Infosys (+1.99%) were the top gainers. Laggards included Maruti Suzuki (-1.34%), Asian Paints (-1.33%), Adani Enterprise (-1.27%), Shriram Finance (-1.17%), and Britannia (-1.13%). Index Movers Coming to the NIFTY50 index pullers and draggers, Infosys (+30.97 pts), Bharti Airtel (+18.91 pts), LTI Mindtree (+7.54 pts), Sun Pharma (+6.69 pts) and Wipro (+6.13 pts) were the pullers of the day. Draggers included ICICI Bank (-8.52 pts), Axis Bank (-7.3 pts), SBI (-6.9 pts), Kotak Bank (-5.44 pts), and Maruti (-4.99 pts). Broader indices Today, the broader market ended the day in the red. The Nifty Midcap 100 marginally declined by -0.12%, and the Nifty Smallcap 100 index closed marginally down by -0.07%. Market breadth was weak on Wednesday as the declining stocks outnumbered the advancing stocks. Sectoral Indices Most of the sectoral indices closed in the red today. The top three gainers were Nifty IT (+1.64%), Nifty Healthcare (+1.20%), and Nifty Pharma (+1.14%). The top losers were Nifty Media (-1.41%), Nifty PSU Bank (-0.45%) and Nifty FMCG (-0.42%). Asian Markets On Wednesday, the Asian indices ended on a mixed note. Japan’s Nikkei 225 gained by +0.22%, and the Kospi ended marginally up by +0.02%. On the flipside, the Hang Seng index closed down by -1.03%, and Shanghai finished lower by -0.40%. As of 3:42 PM, The Dow Jones futures were trading flat +3 points at 41,359.

Strides Pharma Science Limited on Friday, September 6, announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Theophylline Extended-Release Tablets, 300 mg and 450 mg, from the United States Food & Drug Administration (USFDA).

Key Takeaways from USFDA’s Approval

• Strides Pharma's subsidiary has received USFDA approval for generic Theophylline Extended-Release Tablets, 300 mg and 450 mg.
• The tablets treat chronic asthma and lung conditions like emphysema and bronchitis.
• The product will be manufactured in Bangalore, targeting a combined market of around US$ 11.5 million.

The product is therapeutically and bioequivalent to Schering Corp.'s THEO-DUR® Reference Listed Drug (RLD). Theophylline extended-release tablets are advised for the treatment of reversible airflow obstruction and symptoms related to long-term lung conditions, such as emphysema and chronic bronchitis, as well as chronic asthma.

Theophylline Extended-Release Tablets, 300 mg and 450 mg have a total market size of approximately US$ 11.5 million, of which US$ 10.8 million is attributed to the 300 mg dosage, according to IQVIA.

The Theophylline Extended-Release Tablets, 300 mg and 450 mg will be manufactured at the company’s flagship facility in KRS Gardens in Bangalore, India the company said in a stock exchange filing.

About Theophylline 

Theophylline Extended-Release Tablets (300 mg and 450 mg) are used to treat respiratory conditions such as chronic asthma, chronic obstructive pulmonary disease (COPD), and bronchospasm. This medication functions as a bronchodilator by relaxing the muscles surrounding the bronchial tubes, making breathing easier. It is especially effective in preventing and managing symptoms like wheezing, shortness of breath, and chest tightness. The extended-release formulation ensures a gradual release of the drug, minimising the need for frequent doses and providing steady relief from symptoms over an extended period.

About Strides Pharma Science Limited

Strides is a global pharmaceutical company based in Bengaluru, India, and is publicly traded on both the BSE Limited (532531) and the National Stock Exchange of India Limited (STAR). The company primarily operates in regulated markets and follows an "in Africa for Africa" strategy, along with an institutional business that caters to donor-funded markets. Strides has global manufacturing facilities in India (Chennai, Puducherry, and two locations in Bengaluru), Italy (Milan), Kenya (Nairobi), and the United States (New York). 

About Strides Pharma Global Pte. Limited 

Strides Pharma Global Pte. Ltd. (SPG) serves as the international headquarters for Strides Pharma Science Limited, a global B2C pharmaceutical company primarily active in regulated markets like the US, Australia, Europe, and Canada. The company specialises in niche areas, with expertise in developing and manufacturing a variety of technically complex pharmaceutical products. Driven by a strong focus on quality and compliance, Strides Pharma provides a competitive edge in the fast-changing pharmaceutical industry.

Shares of Premier Energies extended their bullish streak for the third consecutive trading session, rising another 18.3 percent in early morning trade today to reach ₹1,188.90 per share.

The stock debuted on Indian exchanges on September 3 with a massive 120 percent premium over its issue price of ₹450 per share. Since then, it has maintained a strong upward trend, now trading 164 percent higher than its IPO price.

On Thursday, the company announced that it had secured an order from the Uttar Pradesh Department of Agriculture to supply, install, and commission 8,085 solar water pumping systems across various districts. The project, valued at ₹215 crore, includes a five-year comprehensive warranty and is expected to be completed by March 2025.

This initiative falls under Component-B of the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme, which aims to ensure energy security for farmers in India, along with honouring India’s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40 percent by 2030 as part of Intended Nationally Determined Contributions (INDCs).

Vodafone Idea share price cracked over 14% on Friday after foreign brokerage firm Goldman Sachs predicted an 83% downside in the stock price. Vodafone Idea shares declined as much as 14.44% to a low of ₹12.91 apiece on the BSE.

Goldman Sachs maintained a ‘Sell’ rating on Vodafone Idea shares and raised the target price marginally to ₹2.5 apiece from ₹2.2 earlier, predicting a downside of more than 83% from Thursday’s closing price.

The brokerage firm believes that Vodafone Idea’s recent capital raise, while incrementally positive for the company, is unlikely to be adequate to stop its market share erosion, a CNBC-TV18 report said. Goldman Sachs forecast another 300 bps share loss over the next 3-4 years.

Goldman Sachs estimates Average Revenue Per User (ARPU) would have to rise by ₹200 - 270 for Vodafone Idea to be sustainably free cash flow neutral, the report added.

Moreover, the brokerage also sees limited reasons for Vodafone Idea’s substantial premium to Bharti Airtel and Jio, given its weaker growth, margin returns, and balance sheet profile versus peers, according to the report.

Vodafone Idea Share

At 10:45 am, Vodafone Idea shares were trading 12.19% lower at ₹13.25 apiece on the BSE.