Dr. Reddy's Laboratories gains 2.4 pct.The generic drug maker remains confident of a faster resolution of US FDA observations at the Srikakulam plant - CLSA.Company in Nov. said it received some inspectional observations from US FDA on Srikakulam.
CLSA says one of its customers has received approval for a product, referencing a drug master file from this facility.Adds company has initiated site transfer for key products including generic Nexium to its own site.
A two-year wait for cheaper credit may end in the next few weeks as banks across the board are poised to lower lending rates as their hands are being forced by surplus liquidity and low credit demand.
The country's top banks, be it the largest lender State Bank of IndiaBSE -0.04 %, or IDBI BankBSE 0.14 %, or Axis BankBSE -0.23 % in the private banking space, seem to be on the same page now on the direction of interest rates and the need to lower rates to push credit demand. Companies have turned their backs on banks which were reluctant to lower rates.
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The market rebounded sharply on Monday, tracking positive global cues. The Sensex rallied 197.15 points or 0.72 percent to 27655.79 and the Nifty reclaimed 8400, up 60.80 points or 0.73 percent at 8402.20. About 474 shares have advanced, 71 shares declined, and 88 shares are unchanged on the BSE. Wipro, HDFC, Sesa Sterlite, M&M, Bharti Airtel, ITC, BPCL, Idea Cellular and Asian Paints rallied 1-1.5 percent.
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The S&P BSE Sensex rallied as much as 232 points in trade on Monday, led by gains in HDFC, ITC, ICICI Bank, HDFC Bank and L&T.
Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial resistance level of 8400, supported by gains in metal, banks, pharma, capital goods and power stocks.
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Shares of India's Gulshan Polyols surge 7 pct.Reliance Mid and Small Cap Fund buys 595,000 shares or 6.7 pct of the company's equity - BSE.Heavy institutional interest generates fresh buying in the stock - traders.
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The market kicked off April series on a positive note on Friday after a 188-point fall on the Nifty in previous session, the last session of March series. The Sensex rose 120.25 points to 27577.83 and the Nifty climbed 30.05 points to 8372.20.
About 450 shares have advanced, 134 shares declined, and 88 shares are unchanged on the BSE. Infosys, Hindalco, SBI, ICICI Bank, TCS, Idea Cellular and Wipro were top gainers in early trade, up 0.8-1.7 percent while M&M, GAIL, Dr Reddy's Labs, Tata Motors, Bajaj Auto, BPCL and NMDC fell 0.7-2 percent.
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he S&P BSE Sensex pared gains and surged over 100 points in intraday trade on Friday unaffected by the geo-political tensions in the Middle East. According to reports, Saudi Arabia has hit fresh targets inside Yemen to flush out Houthi Rebels.
NMDC Ltd, India's biggest iron ore producer, falls 1.3 pct.
Motilal Oswal Securities downgrades the stock to "sell" from "buy" and cuts price target to 104 rupees from 161.NMDC's pricing still non-competitive, despite steep price cuts, says Motilal Oswal
Cuts EBITDA estimates by 36 pct and 42 pct for FY16 and FY17, respectively.Steep correction in iron ore prices and rising capital commitment to the steel project will squeeze dividend payout-Motilal Oswal.
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The market opened sharply lower on Thursday with the Nifty breaking 8500 ahead of expiry of March derivative contracts. The Sensex lost 211.54 points to 27900.29 and the Nifty declined 55.85 points to 8474.95. About 172 shares have advanced, 307 shares declined, and 103 shares are unchanged on the BSE.
Shares of HDFC, ICICI Bank, Tata Motors, Dr Reddy's Labs, Wipro, Coal India and Sesa Sterlite fell 1-2 percent. Infosys and HDFC Bank declined 0.9 percent each. However, Bharti Airtel and GAIL gained 1.4 percent each.
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The S&P BSE Sensex slipped as much as 200 points in trade on Thursday following rising tensions in the Middle East. According to media reports, Saudi Arabia-led coalition of Arab nations has launched airstrikes in Yemen to push back Houthi rebels.
The 30-share index was at 27,908.72, down 203.11 points or 0.72 per cent. It touched a high of 27997.14 and a low of 27896.80 in trade today.
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Shares in India's Dynamatics Technologies surge 4.5 percent. Goldman Sachs bought 157,179 shares and HDFC Prudence Fund acquired 130,000 shares in the company-NSE. Earlier last week, Reserve Bank of India removed restrictions on overseas investors to buy shares in company.
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The market opened marginally higher on Wednesday, taking support from stocks like pharma, FMCG and banks. The Sensex rose 73.99 points to 28235.71 and the Nifty climbed 25.95 points to 8568.90. About 312 shares have advanced, 99 shares declined, and 98 shares are unchanged on the BSE. Sun Pharma and Ranbaxy Labs gained more than 1 percent as Sun said merger of Ranbaxy with company has been consummated.
Tata Motors, Dr Reddy's Labs, NTPC, BHEL, Lupin, Cairn India and Hindalco advanced more than 0.5 percent while Bharti Airtel, Wipro, GAIL, Coal India, Reliance Industries, NMDC, Jindal Steel, Power Grid Corp and Bank of Baroda declined.
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Cairn Plc has sought compensation from the government of India for the steep fall in the value of its shares in Vedanta-controlled Cairn India, which it is not allowed to sell until it settles the controversial retrospective tax demand of $1.60 billion, orRs 10,200 crore. The British explorer retained a 10% stake in Cairn IndiaBSE 0.48 % after selling the controlling stake to Vedanta. The shares were worth about $1 billion when they were frozen by tax authorities last January.
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Shares in generic drugmaker IPCA Laboratories slumped as much 12.7 percent, heading towards their biggest daily fall since July 2014, after the U.S. Food and Drug Administration (FDA) issued an import alert against two of its plants.
The U.S. FDA said the import alert would apply to IPCA's Pithampur and Silvassa units in a notice posted on the regulator's website on Tuesday.
U.S. regulator had in January banned imports from a central Indian manufacturing plant of IPCA, citing violations of standard production practices.
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The Sensex is up 104.22 points at 28296.24, and the Nifty up 27.75 points at 8578.65. About 960 shares have advanced, 787 shares declined, and 130 shares are unchanged on the BSE. India's GDP: The Asian Development Bank (ADB) today projected India's growth rate to surpass China and improve to 7.8 percent in next fiscal and further to 8.2 percent in 2016-17.
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Nifty has been the worst performing index among major global indices, barring the Russian Index (RTSI), in the last one month. Lack of fresh triggers post Budget, mixed view on future rate cuts, and tight liquidity in March led traders to book profits. Also, the market is cautious before the earnings season given that the previous quarter results were below expectations and little has changed since then.
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Shares in Tilaknagar Industries Ltd, a liquor company, jumps 17.3 pct. Company is looking at selling non-core assets - CMD Amit Dahanukar tells CNBC TV18. Would look to pare debt, which currently stands at 8 bln rupees ($128.6 million), Dahanukar adds ($1 = 62.2225 Indian rupees)
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Indian markets edged higher on Monday after some buying was seen after three days of losses. Higher global markets also aided the sentiment.
The Sensex gained nearly 100 points to 28,358 while Nifty reclaimed 8600 levels.Among Nifty stocks, JSPL slumped nearly15 per cent to Rs 140 after the government cancelled bids of Jindal Steel and Power and Balco for four coal blocks amid speculation of cartelization. The government said it will take a final decision on these mines after deliberations.
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The market erased early gains on selling in banking and financials stocks. The Sensex fell 2.84 points to 28258.24 and the Nifty declined 7.75 points to 8563.15. About 693 shares have advanced, 988 shares declined, and 121 shares are unchanged.
FII View: Sunil Garg, JPMorgan says Nifty's inability to hold on to new highs has been accompanied by weaker momentum across daily and weekly charts, risking deeper pullbacks, with 8200 an initial target.
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Glenmark Pharmaceuticals falls 2.3 pct.Company says division bench of Delhi high court has restrained it from manufacturing and marketing anti-diabetes drug Zita and Zita-Met.Glenmark says it is seeking legal advice and will take appropriate action.
The court has found that Glenmark has prima facie infringed Merck patent - Macquarie.However, the investment bank adds, Glenmark would continue to outpace domestic industry growth handsomely.The two drugs contribute nearly 3 pct of Glenmark's revenues - Analysts.
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