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IT shares tumbled after advancing in the past trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 295.49 points or 0.40% to 73,933.57. The Nifty 50 index lost 114.35 points or 0.51% to 22,421.50.
In the broader market, the S&P BSE Mid-Cap index slipped 1.42% and the S&P BSE Small-Cap index declined 1.49%.
The market breadth was weak. On the BSE, 988 shares rose and 2,357 shares fell. A total of 215 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.84% to 21.23.
Economy:
In India, growth is projected to accelerate to 6.7% in fiscal year (FY) 2025 and 6.8% in FY2026, according to the latest forecast by the Asian Development Bank (ADB). Growth in the sub-region is expected to rise from 5.8% in 2024 to 6.0% in 2025 and 6.2% in 2026.
Inflation in India is projected to moderate to 4.3% in FY2025 and 4.0% in FY2026, supported by easing food and global oil prices.
Buzzing Index:
The Nifty IT index dropped 2.87% to 32,291.65. The index jumped 1.76% in the past trading session.
Wipro (down 4.65%), Coforge (down 4.02%), Mphasis (down 4.01%), Persistent Systems (down 3.62%), LTIMindtree (down 3.37%), Tech Mahindra (down 3.3%), Infosys (down 2.59%), Oracle Financial Services Software (down 2.43%), HCL Technologies (down 2.31%) and Tata Consultancy Services (down 1.48%) declined.
Stocks in Spotlight:
Hindustan Aeronautics (HAL) declined 1.54%. The company has announced that the Ministry of Defence (MoD) has approved the appointment of DK Sunil as chairperson and managing director (MD), effective from 9 April 2025.
NTPC Green Energy lost 0.31%. The company has incorporated NTPC-Mahapreit Green Energy as a 74:26 joint venture of the company. This has been done along with the inclusion of Mahatma Phule Renewable Energy and Infrastructure Technology.
Concord Biotech shed 0.01%. The company received approval from the USFDA for marketing 7 mg and 14 mg Teriflunomide Tablets. Teriflunomide tablets are used for treating patients with relapsing forms of multiple sclerosis.
Birlasoft, Hindustan Copper and Manappuram Finance shares are banned from F&O trading on 9 April 2025.
Results Today:
BF Utilities and OK Play India will declare their results in later today.
Stocks to Watch:
Shyam Metalics and Energy reported a 13% year on year growth in stainless steel sales for the month of March, reaching 6,619 tonnes. Stainless steel sales jumped 66% YoY to 84,404 metric tonnes in FY25.
Senco Gold reported a 23% year on year retail growth in Q4 FY25.The same stores sales growth (SSSG) jumped 18.4% year on year in Q4 FY25 and 14.6% in FY25.
Signatureglobal (India) achieved pre-sales of Rs 1,620 crore for the fourth quarter of the financial year 2025, showing a growth of 42% compared to last year, surpassing the financial year 2025 guidance.
NTPC Green Energy incorporated NTPC-Mahapreit Green Energy as a 74:26 joint venture of the company. This has been done along with the inclusion of Mahatma Phule Renewable Energy and Infrastructure Technology.
Concord Biotech received approval from the USFDA for marketing 7 mg and 14 mg Teriflunomide Tablets. Teriflunomide Tablets are used for treating patients with relapsing forms of multiple sclerosis.
Bharat Petroleum Corporation entered a joint venture agreement with Sembcorp to explore renewable energy and green hydrogen projects across India. The JV will also consider projects in green ammonia production and bunkering.
Ashoka Buildcon to sell 51% stake in the arm Prakashmaan Renewable Energy to Sunbreeze Renewables.
Teriflunomide tablets are used for the treatment of patients with relapsing forms of multiple sclerosis.
'This approval reinforces our capability in successfully developing and commercializing a differentiated product portfolio for the U.S. market,' Concord Biotech said in a statement.
According to IQVIA, the market size of Teriflunomide tablets is approximately $402 million in the US, and the global market size is approximately $908 million, indicating significant opportunities for expansion in the US and the global market.
Concord Biotech is involved in manufacturing fermentation and semi-synthetic biopharmaceutical APIs with immunosuppressants as its key therapeutic segment.
The company's consolidated net profit fell 2% to Rs 75.9 crore in Q3 FY25 compared with Rs 77.6 crore in Q3 FY24. Revenue from operations increased 1% year-on-year (YoY) to Rs 244.2 crore in Q3 FY25.
The scrip shed 0.17% to currently trade at Rs 1595.10 on the BSE.