IRCTC surges on improved prospects
- Despite the weakness in the broader market, shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose 7% intraday to hit a lifetime high of ₹2,015. The street expects traction due to the strong adoption of online ticketing during the pandemic.
- Further, opportunities outside of rail ticketing, such as e-catering, air and bus ticketing, and hotel booking are also expected to gain pace as the travel industry goes back on track in the coming months. The stock closed 3.7% higher today and has gained 36% since the beginning of the year.
Alembic’s JV gets USFDA nod for testosterone gel
- The Vadodara-based pharma company’s joint venture Aleor Dermaceuticals has received the USFDA approval for the sale of its testosterone gel, used to treat testosterone deficiency in men.
- The drug is a therapeutic equivalent of AndroGel 1.62%, produced by US-based AbbVie Inc. As per reports, the testosterone gel market was pegged at $86 million (~₹630 crore) during CY20. The stock was down 0.6% in a weak market.
Power stocks up on higher demand outlook
- The stocks of power companies such as Tata Power (+3.8%), Adani Power (+9.9%), NHPC (4.4%) and Torrent Power (+2.5%) rallied on expectations of higher power demand.
- Among these, Adani Power and Tata Power hit their 52-week highs, with the former locked in its upper circuit.
Phenol makers soar on duty extension
- Shares of Deepak Nitrite and Hindustan Organic Chemicals (HOCL) rose around 5% intraday, after the Indian government extended the anti-dumping duty on import of phenol from the EU and Singapore till 7 June 2021.
- As of FY20, Deepak Nitrite and HOCL derived nearly 50% and 65% of their revenues from phenol and related products. Their shares closed 0.8% and 4.9% higher and witnessed high volumes in an otherwise weak market.