Nifty50 Hits 10-Day High; PE Ratio Back Above 20 but Still Below Historical Averages

The NSE benchmark Nifty50 began the session on a negative note but swiftly recovered after initial volatility. As a result, the index surged to a fresh 10-day high of 22,669 as of 9:54 AM on March 10, 2025.

Currently, the Nifty50 is trading up by 116 points or 0.50% at 22,669.

Top Gainers and Losers in Nifty50

Market Breadth Favors Bulls

The advance-decline ratio indicated a bullish sentiment:

  • 36 stocks were trading in the green
  • 13 stocks were in the red
  • 1 stock remained unchanged

Sectoral Performance: Nifty Metal and Media Lead

Barring Nifty Auto, all other sectoral indices were in positive territory. Nifty Metal and Nifty Media led the gains, rising over 1% each on March 10, 2025.

Nifty50 Nears Key Resistance After a 700-Point Recovery

The index has gained over 700 points from its March 4 low and is now approaching the opening downside gap seen on February 24, 2025.

Nifty50’s PE Ratio Remains Below Historical Averages

During the recent correction, Nifty50’s PE ratio had slipped below 20, hitting a two-year low of 19.63. However, with the latest recovery, the PE ratio has improved to 20.05 as of March 7, 2025.

Despite the rebound, it remains below its 1-month, 3-month, and 6-month averages, as well as its 1-year, 2-year, and 5-year historical averages.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Glenmark Pharma Launches Polyethylene Glycol 3350 in the US

Glenmark Therapeutics Inc., USA, a subsidiary of Glenmark Pharmaceuticals Ltd., has introduced Polyethylene Glycol 3350, Powder for Solution, 17 grams/capful (OTC) in the United States. The product is a generic equivalent of MiraLAX® Powder for Solution by Bayer HealthCare LLC, which is widely used as an osmotic laxative for occasional constipation.

Market Size and Demand

According to reports for a 52-week period ending February 22, 2025, the MiraLAX® Powder for Solution market recorded annual sales of approximately $555.7 million. Glenmark’s entry into this segment comes as an additional supply source in the over-the-counter laxative category.

Polyethylene Glycol 3350 works as an osmotic laxative, drawing water into the colon and aid bowel movements. It is available as an over-the-counter (OTC) product, allowing consumers to access it without a prescription.

Company Statement

Marc Kikuchi, President & Business Head, North America at Glenmark, stated: “We are excited to announce the launch of Polyethylene Glycol 3350, Powder for Solution, 17 grams/capful, addressing the growing demand for a new supplier in this category.”

Financials & Market Performance

Glenmark Pharmaceuticals operates in over 80 countries with 11 manufacturing facilities across four continents. The company reported a net profit of ₹348 crore in Q3 FY25, compared to a net loss of ₹449.6 crore in Q3 FY24. Revenue from operations grew 35.1% year-on-year (YoY) to ₹3,387.6 crore for the quarter ending December 31, 2024.

As of March 10, 2025, at 10:50 AM, Glenmark Pharmaceuticals Ltd. was trading at ₹1,398.15, down ₹6.25 (0.45%) for the day. Over the past six months, the stock has declined by 19.08%, but it remains up 46.36% over the past year.

Conclusion 

In conclusion, Glenmark’s Polyethylene Glycol 3350, Powder for Solution will now be available in the U.S. OTC market as a generic alternative to MiraLAX®.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

USFDA Approves Zydus’ Ketoconazole Shampoo

Zydus Lifesciences Limited has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Ketoconazole Shampoo, 2% in the United States. The product is a generic equivalent of Nizoral® Shampoo, 2%, which is used to treat dandruff and other fungal infections of the scalp.

As of 10:58 AM on March 10, 2025, Zydus Lifesciences Ltd was trading at ₹906.85, up ₹6.05 (0.67%) for the day, but down 18.54% over the past six months and 8.81% over the past year.

Product and Manufacturing 

Ketoconazole shampoo is an antifungal medication that helps manage conditions such as seborrheic dermatitis and dandruff. It works by reducing the growth of yeast and fungi on the scalp. Zydus will manufacture the product at its topical formulation facility in Changodar, Ahmedabad.

Regulatory Approval Process

The approval from the USFDA indicates that Zydus’ Ketoconazole Shampoo, 2% meets the regulatory standards for safety, efficacy, and quality. The ANDA pathway allows generic manufacturers to bring lower-cost alternatives to the market once patents or exclusivity periods for the reference drug expire.

Market Size and Competition

According to the reports, the annual sales of Ketoconazole Shampoo, 2% in the US market stood at $68.89 million. The product competes in the prescription and over-the-counter antifungal shampoo segment, where multiple generic and branded options are available.

Zydus’ Presence in the US Market

With this approval, Zydus now has a total of 418 final approvals from the USFDA. The company has filed 483 Abbreviated New Drug Applications (ANDAs) since it started the filing process in FY 2003-04. As of December 31, 2024, these filings have included a mix of oral, injectable, topical, and dermatological formulations.

Conclusion

All in all, Zydus Lifesciences continues to expand its product portfolio in the United States with this latest approval. The company remains active in the topical dermatology space, adding another formulation to its approved product list.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Ather Energy Converts Preference Shares Into Equity Before IPO

Ather Energy Ltd, the electric two-wheeler manufacturer  has converted 1.73 crore compulsory convertible preference shares (CCPS) into 24.04 crore fully paid-up equity shares, as part of its preparation for an Initial Public Offering (IPO). The company’s board approved the conversion through a resolution passed on March 8, 2025, according to a filing with the Registrar of Companies.

IPO Filing and Regulatory Compliance

As per the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements (ICDR) regulations, all CCPS must be converted into equity before a company can file its Red Herring Prospectus (RHP). Ather’s converted CCPS include multiple series issued over time, such as Series Seed (One to Four), Series A to G, and various E-class shares, among others. 

With this step completed, the company is moving toward finalizing its IPO process.

IPO Structure and Fund Utilisation

Ather’s IPO will consist of a fresh issue of equity shares worth ₹3,100 crore and an offer-for-sale (OFS) of 2.2 crore equity shares by promoters and existing investors. According to the company’s Draft Red Herring Prospectus (DRHP), the funds raised will be used for setting up an electric two-wheeler manufacturing facility in Maharashtra and for debt reduction. 

The public issue is expected to be launched in April 2025, as per news reports.

Second EV Two-Wheeler IPO in India

Ather’s listing follows Ola Electric Mobility’s ₹6,145 crore IPO in August 2024.. Ola Electric’s offering included a fresh issue of ₹5,500 crore and an OFS of 8.49 crore shares.

Conclusion

Apart from its IPO preparations, Ather has been expanding its research and development (R&D). As per the filing, the company is focused on production expansion and market growth as it moves toward its public listing.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Sun Pharma Announces $355 Million Checkpoint Therapeutics Acquisition

Sun Pharmaceutical Industries has announced the acquisition of Checkpoint Therapeutics, a US-based immunotherapy and targeted oncology company, for $355 million. The deal will be executed through an upfront cash payment of $4.10 per common share, a premium of approximately 66% to Checkpoint’s last closing price on March 7, 2025. The transaction is to close in the second quarter of 2025, subject to regulatory and shareholder approvals.

As of 11:07 AM on March 10, 2025, Sun Pharmaceutical Industries Ltd was trading at ₹1,612.25, up ₹2.95 (0.18%)for the day, but down 12.20% over the past six months, while gaining 1.14% over the past year.

Addition to Oncology Portfolio

The acquisition will bring Checkpoint’s FDA-approved skin cancer treatment, UNLOXCYT (cosibelimab-ipdl), under Sun Pharma’s portfolio. The drug is approved for treating metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) in adults who are not candidates for curative surgery or radiation.

Contingent Payments and Royalty Agreement

As per the filing, Checkpoint shareholders may receive an additional $0.70 per share if cosibelimab secures approval in European markets, including Germany, France, Italy, Spain, or the UK, within specified deadlines. Fortress Biotech, Checkpoint’s controlling shareholder, will receive royalty payments on future sales of cosibelimab after the transaction closes.

Financials

For the nine months ending September 2024, Checkpoint reported revenue of $0.04 million, a net loss of $27.3 million, and R&D expenses of $19.3 million. Sun Pharma, India’s largest pharmaceutical company by revenue, has been expanding its specialty pharma segment, including oncology and dermatology. In 2023, it acquired Concert Pharmaceuticals for $576 million, adding to its dermatology portfolio.

Conclusion

The company’s current market capitalisation stands at ₹3.86 lakh crore as on 10 March, 2025. The filing suggests that the acquisition aligns with its ongoing expansion in specialty pharmaceuticals, particularly in the US market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Shriram Pistons & Rings to Acquire 100% Stake in Karna Intertech

Shriram Pistons & Rings Limited (SPRL) entered into an agreement on March 7, 2025, to acquire a 100% stake in Karna Intertech Private Limited. 

About Karna Intertech Private Limited

Karna Intertech is a manufacturing company specialising in die-casting moulds. The company was established in 1981 and operates a well-equipped tool room in Bahadurgarh, Haryana. It has advanced CNC machinery and CAD/CAM technology for high-precision mould production. Karna’s revenue for the last three financial years has been:  

  • FY 2023-24: ₹49.98 million  
  • FY 2022-23: ₹46.02 million  
  • FY 2021-22: ₹37.78 million  

Purpose and Benefits of Acquisition

SPRL relies on Karna for high-quality gravity die-casting moulds used in piston manufacturing. The acquisition ensures better synergy, secures a critical supplier and helps maintain control over sensitive mould designs. This move is expected to strengthen SPRL’s manufacturing capabilities and support its long-term growth.

Transaction Details

  • Purchase Price: ₹50 million  
  • Consideration Mode: Cash payment  
  • Shareholding Acquired: 100% of Karna’s equity shares  
  • Completion Timeline: Expected by April 15, 2025

About SPRL

SPRL is a leading manufacturer of pistons, piston rings and engine components. With a strong focus on quality, innovation and precision engineering, SPRL serves both domestic and international automotive markets, ensuring high-performance products for evolving industry needs.  

Share performance 

As of March 10, 2025, at 9:35 AM, the shares of SPRL are trading at ₹1,854.85 per share, reflecting a loss of 0.67% from the previous day’s closing price. Over the past month, the stock has registered a loss of 7.52%. The stock’s 52-week high stands at ₹2,399.00 per share, while its low is ₹1,410.10 per share.

Conclusion 

The acquisition of Karna Intertech by SPRL is a strategic move to integrate a critical supplier into its operations, ensuring long-term growth and efficiency. With Karna’s expertise in die-casting moulds, SPRL can enhance its manufacturing capabilities and maintain high-quality production standards.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Birla Corporation to Acquire 6.04% Stake in CGE II Hybrid Energy

Birla Corporation Limited has taken a significant step toward sustainability by acquiring a minority stake in CGE II Hybrid Energy Private Limited. This acquisition aims to enhance the company’s access to renewable energy sources for its industrial operations. The transaction involves a Share Purchase Agreement (SPA) and a Power Purchase Agreement (PPA), strengthening Birla Corporation’s long-term commitment to clean energy solutions.

Acquisition Details and Strategic Purpose

On 7th March 2025, Birla Corporation finalised the acquisition of 6.04% equity shares in CGE II Hybrid Energy Private Limited for ₹5.71 crore. This investment will provide a renewable power supply of up to 6 MW for its Chanderia, Rajasthan plant. The acquisition is structured as a cash transaction, with shares valued at ₹10 each. The move aligns with the company’s objective of reducing reliance on conventional energy sources and embracing sustainability.

Notably, the acquisition does not fall under related party transactions, and Birla Corporation’s promoters have no vested interest in CGE II Hybrid Energy. The deal is subject to customary conditions and is expected to be completed by 30th June 2025.

CGE II Hybrid Energy and Its Role in Power Generation

CGE II Hybrid Energy Private Limited specialises in power generation, focusing on renewable energy solutions such as wind and solar power. Established in December 2021, the company aims to expand India’s clean energy infrastructure. However, it has yet to generate revenue as of the last financial year.

By investing in CGE II Hybrid Energy, Birla Corporation is securing a dedicated source of sustainable energy for its operations. This move is particularly significant as industries are increasingly shifting toward greener alternatives to meet regulatory requirements and environmental goals.

Birla Corporation Share Performance 

As of March 10, 2025, at 11:05 AM, the shares of Birla Corporation are trading at ₹1,023.75 per share, up by 0.78% from the previous closing price

Conclusion

Birla Corporation’s investment in CGE II Hybrid Energy marks a strategic move toward integrating renewable energy into its operations. The acquisition not only supports the company’s sustainability vision but also ensures a stable, long-term power supply for its Chanderia plant. As businesses worldwide prioritise green energy solutions, this decision strengthens Birla Corporation’s position as a forward-thinking industrial player.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Fujiyama Power Systems Refiles Draft Papers With SEBI For IPO

Fujiyama Power Systems Ltd., a prominent player in India’s rooftop solar sector, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). The offering comprises a fresh issue of shares worth up to ₹600 crore and an offer-for-sale of up to 2 crore shares by promoter shareholders. The funds raised will be utilised for establishing a new manufacturing facility in Ratlam, Madhya Pradesh, repaying certain borrowings, and general corporate purposes.

IPO Details and Market Participation

The IPO will follow a book-building process, allocating shares to qualified institutional buyers (QIBs), non-institutional bidders, and retail individual investors. Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. are the lead managers, while MUFG Intime India Pvt. Ltd. serves as the registrar. The shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Fujiyama Power Systems: Industry Presence and Capabilities

Fujiyama Power Systems is a key player in the Indian rooftop solar market, offering an extensive range of solar solutions, including panels, inverters, and batteries. The company operates three manufacturing facilities with in-house research and development capabilities. It is among the few Indian firms to have developed advanced technologies such as Online UPS with a single card, Combo UPS with automatic voltage regulation, high-frequency online UPS, and single-card surface mount technology inverters.

With a robust pan-India distribution network comprising over 480 distributors, 3,600 dealers, and 1,000 exclusive “Shoppe” franchisees, the company ensures customised solar solutions tailored to customer needs. Its trained workforce is adept at evaluating, planning, and supplying efficient solar energy systems.

Conclusion

Fujiyama Power Systems’ upcoming IPO marks a strategic move to bolster its manufacturing capabilities and expand its market presence. With its technological expertise, strong distribution network, and a growing demand for solar solutions, the company is well-positioned for future growth in India’s renewable energy sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Odisha Govt Disburses ₹5,000 Crore Under Subhadra Yojana on Women’s Day

On March 8, 2025, coinciding with International Women’s Day, Odisha Chief Minister Mohan Charan Majhi disbursed the 2nd instalment of the state’s flagship Subhadra Yojana. A total of ₹5,000 crore was credited to the bank accounts of 1.18 crore women beneficiaries during a special event in Berhampur’s Ambapua. Each woman received ₹5,000, the 2nd instalment of the scheme, following an identical first instalment disbursed over five phases in the past seven months.

The Subhadra Yojana was launched by Prime Minister Narendra Modi in Odisha on September 17, 2024, marking his birthday. The initiative aims to empower women financially by providing direct monetary assistance. Additionally, the government recently disbursed ₹117 crore to 2.30 lakh new beneficiaries as part of the fifth phase of the first instalment.

Aiming for Women’s Financial Independence

The Subhadra Yojana is designed to offer ₹50,000 in financial aid to women over five years, from 2024-25 to 2028-29, helping them achieve self-reliance. Women aged between 21 and 60 years are eligible for the scheme. The Odisha government has committed a total budget of ₹55,825 crore to the programme, with ₹10,145 crore already allocated for the 2025-26 financial year.

The upcoming 3rd instalment of the scheme is set to be disbursed during Raksha Bandhan later this year. The initiative reinforces the government’s commitment to women’s economic empowerment, ensuring financial security and greater independence for millions of beneficiaries across the state.

How to Apply for Subhadra Yojana?

The application process for the Subhadra Yojana is simple and can be completed online. Here’s how to apply:

  • Visit the Official Website: Access the Subhadra Yojana official portal.
  • Access the Application Section: Click on the “Apply Now” or “Online Application” button.
  • Fill out the Application Form: Provide all required details accurately.
  • Upload Required Documents: Ensure the documents are clear and legible.
  • Review Information: Double-check all entered information.
  • Submit the Application: Click “Submit” to complete the application process.
  • Print the Application Receipt: Save the receipt for future reference.

Conclusion

The Subhadra Yojana continues to play a crucial role in supporting women’s financial independence in Odisha. With substantial government backing and structured financial assistance, the scheme is expected to improve the lives of millions, fostering long-term economic stability for women across the state.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Edelweiss AMC Consolidates Bharat Bond ETFs

Edelweiss Mutual Fund has announced the merger of Bharat Bond ETF – April 2025 into Bharat Bond ETF – April 2030, effective April 15, 2025. As a result, the April 2025 ETF will cease to exist, and its unitholders will be transferred to the April 2030 ETF.

Exit Window for Investors

Unitholders of Bharat Bond ETF – April 2025 who do not wish to continue with the transferee scheme have the option to exit or switch their investments without any exit load between March 10, 2025, and April 8, 2025. Investors who do not opt out will automatically be transferred to the April 2030 ETF.

Details of the Merging and Transferee Schemes

Bharat Bond ETF – April 2025 is an open-ended target maturity exchange-traded fund (ETF) that invests in AAA-rated bonds issued by government-owned entities under the Nifty Bharat Bond Index – April 2025. It carries moderate interest rate risk and low credit risk.

Bharat Bond ETF – April 2030, which will absorb the merging scheme, follows the Nifty Bharat Bond Index – April 2030. It carries a relatively higher interest rate risk while maintaining a low credit risk. 

Since both ETFs belong to the same index series, the underlying investments remain similar.

Unit Allocation and Tax Treatment

Investors who do not exit will be allotted units in the April 2030 ETF at Net Asset Value (NAV) on April 15, 2025. The units will be treated as fresh subscriptions under the new scheme, but the original holding period will be considered for tax purposes. 

Under Section 47(xviii) of the Income-tax Act, 1961, the merger will not be treated as a taxable event, and investors will not incur immediate capital gains tax.

Maturity and Delisting of April 2025 ETF

The Bharat Bond ETF – April 2025 will be delisted two working days before its maturity date. Investors who do not provide consent for the merger will have their units redeemed at applicable NAV, with proceeds credited within T+3 working days. Edelweiss AMC has issued a notice regarding this merger, informing all unitholders.

Conclusion

All in all, this merger allows for a transition of investments within the same bond index series, maintaining the underlying portfolio structure. Investors are advised to review the merger details and take necessary action within the specified exit window if required.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.