Lupin shares rose by 0.90 percent and hit a 52-week high of Rs 1,605 after receiving USFDA approval for a drug to prevent pain in cataract surgery patients. The company's first-to-file product will be manufactured in India. Lupin's board will meet today to review their financial results. Earlier this week, the company also received approval for a tablet that reduces risk of hospitalization.

The Kotak Mahindra Bank stock gained nearly 1 percent at the open on February 7, a day after the CCI approved acquisition of 70 percent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. At 9:20am, the stock was trading at Rs 1,803. Follow our market blog for live updates On February 6, the Competition Commission of India (CCI) said that it had approved acquisition.

Representative ImageNAGPUR: The Maharashtra govt may consider giving relief to those nazul property lessees who have breached the lease conditions, as per sources present at a meeting held in Mumbai chaired by deputy CM Devendra Fadnavis and revenue minister Radhakrishna Vikhe-Patil. While the govt seemed positive to provide the relief, it shall become official only after a GR is issued.

Builders Amit Wadhwani and Vicky Wadhwani have been arrested by the Mumbai Economic Offences Wing (EOW) for cheating and forgery, with their partner Lalit Dharmani still at large. This is the third case in which Wadhwani has been arrested and they were charged with cheating, forgery, and criminal breach of trust. The complaint was made by Yogesh Lakhani, film producer.

Representative ImageMUMBAI: Bank has picked up over 81,300 sq ft office space in the Parle Product Factory Compound located in Mumbai's western suburb Vile Parle through a lease for five years with a starting monthly rent of Rs 85.37 lakh.The agreement for the office space on ground plus three floors includes a clause to escalate rentals by 12% after initial three years from the lease commencement

📊 Amid positive global cues, benchmark indices started on a positive note today. 📢 At 9:16 AM, the Sensex gained 208.44 points or 0.29% at 72,394.53. Nifty is higher by 74.45 points or 0.34% at 22,003.85. 📈 Britannia (⬆️2.54%), and Nifty PSU Bank (⬆️2.13%) appeared as the top performers on the Nifty50 at the open.

The housing ministry has asked state governments to implement the "Gujarat model" for effective recovery of dues from errant developers. Two officers have been appointed in Gujarat Rera with power to issue recovery warrants, leading to arrest and detention of defaulting builders. The ministry has also suggested designating additional district magistrates as recovery officers.

Adam Neumann, former CEO of WeWork, is seeking to buy back the company or its assets through his new real estate company, Flow Global. This development comes after the flexible workspace provider filed for bankruptcy in November. Third Point, a hedge fund run by Daniel Loeb, may potentially help finance the deal. WeWork stated that it routinely receives expressions of interest but remains focused.

Britannia Industries recorded a net profit of Rs 556 crore in the third quarter of FY24, a 40 percent drop from last year. Despite this decline, it was in line with estimates of Rs 566 crore. The muted growth was due to a high base, price cuts, competition and low single-digit volume growth. Revenue rose marginally due to focus states outperforming and the company expanding its rural reach.

Vikas Gupta, CEO & Chief Investment Strategist, Omniscience Capital, has cautioned speculative retail traders, who like entering troubled waters, to should stay away from Paytm as the picture remains blurry. Those investors who can analyse and undertstand the extent of the RBI action against the payments major can take a small position of four to five percent as part of their portfolio.

The benchmark Indian indices - BSE Sensex and NSE Nifty 50 - are likely to open on a positive note on January 7 in sync with strong overseas markets. Trends in the GIFT Nifty hint at a gap-up start as it trades around 22,123, up 194 points from the Nifty's last close of 21,929. The last time the index touched an all-time high was 22,126 on January 16.

Shares of New York Community Bancorp lost 22% on Tuesday, extending a sell-off since the lender reported a surprise quarterly loss last week, as Moody's downgraded its long-term debt ratings to junk status. The stock closed at $4.20 and is on track shed more than half of its value at the current levels. The frenzied selling since Wednesday has also dragged down shares of peers on renewed fears.

📌Paytm's Founder Vijay Shekhar Sharma has met Finance Minister Nirmala Sitharaman, reports CNBC-TV18. 📌Nykaa has recorded a 106 percent on-year growth in net profit at Rs 17.5 crore for the quarter ended Dec FY24. 📌Biocon has received tentative approval for its ANDA for Dasatinib tablets from the US FDA. 📌Britannia Industries has recorded consolidated profit of Rs 555.66 crore for quarter.

During the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 0.63% and the Nifty-50 Index down 0.72%. The following penny stocks are likely to be in focus on Wednesday, February 07, 2024: 💰Sarveshwar Foods Limited 💰GTL Infrastructure Limited 💰Nila Infrastructures Limited

Gold regained some ground on Tuesday on a slight pullback in the U.S. dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year. Spot gold rose 0.3% to $2,030.49 per ounce, as of 10:00 a.m. ET (1500 GMT), after hitting its lowest since Jan. 25 in the previous session.