Metal Stocks Slip on China News; Biocon Jumps 8% on FDA Clearance, United Spirits Up on Buy Rating

Written by - Fisdom Research

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November 11, 2024 2 minutes

Market Snapshot

Indian indices opened marginally lower amid mixed global cues but quickly rebounded, gaining momentum through the morning session.
Profit booking at higher levels, however, reversed all intraday gains, leading the indices to close flat by the end of the session.
Broader markets continued to underperform, with Midcap and Smallcap indices correcting by 0.88% and 1.20%, respectively.

Shares of metal manufacturers fell on November 11 as China’s latest stimulus measures again disappointed investor expectations. Hopes for a substantial recovery in China’s property sector, a major driver of global metal demand, dimmed, with iron ore prices dropping over 2% toward $100 per ton following China’s debt-swap announcement, which lacked direct demand-boosting measures.
Biocon surged 8% after the US FDA granted a “Voluntary Action Indicated” (VAI) status to its Bengaluru biologics unit. The favorable VAI designation allows Biocon to continue operations without added regulatory constraints, supporting its business momentum in the U.S. market.
United Spirits gained nearly 2% after Goldman Sachs initiated coverage with a bullish stance, citing the company’s strong positioning to capitalize on India’s premiumizing spirits market. The brokerage issued a “buy” recommendation, setting a target price of Rs 1,650 per share.
LG India taps Axis Capital for its upcoming $1.5bn IPO
Paramesu Biotech files draft papers for Rs. 600 crore IPO

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