Sensex volatile as investors await Q3 GDP data; Tata Tele up 20%
Tue Feb 28 2017
Rajesh Sharma (2003 articles)

Sensex volatile as investors await Q3 GDP data; Tata Tele up 20%

11:36 am USFDA approval:Pharma Major Lupin has received final approval for its Oxycodone and Acetaminophen tablets USP, 2.5 mg/325 mg, 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic version of Vintage Pharmaceuticals LLC’s Percocet tablets.

It will commence promoting the product shortly.

xycodone and Acetaminophen tablets are indicated for relief of moderate to moderately severe pain.

Percocet tablets had US sales of USD 838.7 million, as per IMS MAT December 2016.

11:31 am IPO: Radhakishan Damani promoted-Avenue Supermarts, the owner and operator of supermarket retail chain D-Mart, is set to raise Rs 1,810-Rs 1,866 crore by offering 6.23 crore shares priced between Rs 290-299, say merchant bankers to the issue.

The issue will be open for bidding from March 8 to March 10.

Avenue Supermarts has reserved 1.87 crore shares for anchor investors’ book, 1.24 crore for qualified institutional buyers, 93.59 lakh for non-institutional investors and 2.18 crore shares for retail investors.

Grey market brokers say that the issue is quoting at a premium of Rs 170-180 in the unofficial market.

In its draft prospectus, the company had said that a large chunk of the funds raised through the issue will be used to repay debt.

11:15 am L&T’s new contract: L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has signed a five-year enterprise framework agreement with Shell Global Solutions International BV for providing engineering, procurement & construction management services for Shell projects in the Middle East, South East Asia and India.

Also read – Idea Cellular sinks 6% after Providence sells entire 3.3% stake

11:00 am Market Check

Equity benchmarks remained rangebound in morning as investors awaited Q3 GDP data due later today. They will closely watch the actual impact of demonetisation on economy in the quarter ended December 2016.

The 30-share BSE Sensex was up 23.21 points at 28836.09 and the 50-share NSE Nifty rose 1.05 points to 8897.75.

The retreat in the US dollar and 10-year treasury yields from the peaks has helped emerging markets (EMs), according to Geoff Lewis of Manulife Asset Management. He said that emerging markets also drew strengths from better corporate earnings.

He asserted that EMs, including India will continue to remain in favour at the moment.

The market breadth was in favour of advances. About 1369 shares gained against 902 declining shares on the Bombay Stock Exchange.

Tata Teleservices shares rallied 20 percent intraday after Tata Sons has withdrawn its application against DoCoMo in Delhi High Court. Both companies have filed consent terms for perspective settlement in their long-standing dispute. Tata Sons has reportedly agreed to pay USD 1.17 billion in damages to Japan’s NTT DoCoMo.

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.