India : Sensex jumps 400 pts, Nifty at over 16-mth high; Bharti slips 3%
Tue Aug 30 2016
Rajesh Sharma (2003 articles)

India : Sensex jumps 400 pts, Nifty at over 16-mth high; Bharti slips 3%

Equity benchmarks extended rally in late trade with the Sensex rising 425.16 points or 1.52 percent to fresh 52-week high of 28327.82 and the Nifty climbing 131.40 points or 1.53 percent to 8738.85.

Nifty Bank traded above 19500 for the first time since March 2015.

Markets have been rallying owing to strong liquidity across global markets, says Swati Kulkarni, Executive Vice President and Fund Manager-Equities, UTI Mutual Fund. She feels markets have reached a peak at current levels and expects them to consolidate.The monsoons, Seventh Pay Commission and government spending in road have been major triggers for the markets. She is bullish on domestic cyclicals namely construction, cement and auto sectors.

Drug firm Cipla today said its US arm InvaGen Pharmaceuticals Inc has received final approval from the American health regulator to market generic Bupropion Hydrochloride extended release tablets used for treatment of major depressive disorder.

“InvaGen Pharmaceuticals Inc has received final approval for its abbreviated new drug application (ANDA) for Bupropion Hydrochloride extended release tablets (XL), 150 mg and 300 mg, from the United States Food and Drug Administration,” Cipla said in a statement.

The product is available for shipping immediately, it added.

The company’s tablets are generic versions of Valeant’s Wellbutrin XL tablets in the same strengths, Cipla said.

“The tablets are indicated for the treatment of major depressive disorder (MDD) and prevention of seasonal affective disorder (SAD),” it added.

Crompton Greaves, the electrical energy solutions provider, turned profitable in the quarter ended June 2016 on account of strong revenue and operational growth. Profit stood at Rs 40 crore for the quarter against loss of Rs 63.7 crore in year-ago period.

“The loss from discontinued operations after tax stood at Rs 49.57 crore in Q1 against profit of Rs 1.47 crore in corresponding period of last fiscal and loss of Rs 223.8 crore in preceding period,” the company said.

Revenue increased 38.6 percent to Rs 1,423.76 crore during the quarter compared with Rs 1,027.52 crore in same period last year.

Profit was estimated at Rs 51 crore on revenue of Rs 1,428 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Global oil markets could see an increased risk of another major jolt if prices continue to remain at current levels, Tom Albanese, the chief executive of Vedanta Resources said.

“People are saying there’s no such thing as USD 100 oil coming again but the longer the prices stay low for this period of time you could see increased risk of a price shock coming in the future,” Albanese said.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.


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