Aurobindo Pharma gains 4% on USFDA nod, Hero Motocorp up 1.56% in Feb sales, Asian Paints advances with new facility land.

Written by - Fisdom Research

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March 2, 2024 3 minutes

Indian markets:

The Sensex and Nifty 50, key indicators of domestic equity performance, concluded Saturday’s trading session with consecutive gains for the fourth time.
This upward trend, initiated the day before due to favorable GDP data and increased foreign fund inflows, was predominantly fueled by substantial increases in metal stocks.
Among the sectoral indices, Nifty Metal and Nifty Consumer Durables emerged as the top performers for the week, showcasing substantial gains. In contrast, Nifty Media and Nifty Healthcare saw significant declines, emerging as the leading losers in the market for the week.

Oil India witnessed a significant surge of 12.4 percent driven by a bullish production outlook. According to brokerage house Motilal Oswal, Oil India’s production growth guidance remains strong, bolstered by increased drilling activity and development wells in existing areas. This positive assessment contributed to the notable uptick in Oil India’s stock price.Top of Form
Aurobindo Pharma stock soared 4 percent to Rs 1,069 on March 2 after the pharma company received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Fingolimod capsules, 0.5 mg, which are bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Gilenya Capsules, of Novartis Pharmaceuticals Corporation.
Hero Motocorp shares jumped 1.56 percent on March 2 after the company reported 19 percent jump February sales from the year-ago period. The country’s largest manufacturer of motorcycles and scooters sold 468,410 units during the month, a 19 percent growth over the 394,460 units in February 2023.

Olectra Greentech experienced a 2.76 percent decline as investors took profits, following the stock’s previous session gains driven by securing a Rs 4,000 crore contract from Brihanmumbai Electricity Supply and Transport Undertaking (BEST) for the provision, operation, and maintenance of 2,400 electric buses.Top of Form
Asian Paints: The paint manufacturing company has received the letter allotting the 166 acres of land at Pithampur, Madhya Pradesh, for setting up the paint manufacturing facility. In January 2023, it announced the proposal for setting up a new water-based paint manufacturing facility with a capacity of 4 lakh KL per annum at Rs 2,000 crore in Madhya Pradesh.

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