Market Live: Sensex extends gains, Nifty above 9900; HDFC, ICICI Bank lead
11:22 am Drug launch: Dr Reddy’s Labs has launched Cefixime for oral suspension, USP 100mg/5ml and 200 mg/5ml in the US market.
It is therapeutic equivalent generic version of Suprax for oral suspension, approved by the US Food and Drug Administration.
The Suprax brand and generic had US sales of approximately USD 50.5 million MAT for the first twelve months ending in June 2017, according to IMS Health.
Suprax is a registered trademark of Astellas Pharma Inc.
11:05 am Insurance companies IPOs: Sources told CNBC-TV18 that insurance regulator IRDA’s board will meet today to discuss IPOs filed by general & life insurance companies.
It will discuss IPO proposals of HDFC Life, SBI Life, New India Assurance and ICICI Lombard. It will decide further requirements of companies before granting nod for IPO.
The insurance regulator will consider Reliance Capital proposal of a separate health insurance arm, today and is likely to grant R1/first level nod to health insurance arm, sources said.
Two life and 3 non-life insurance companies have announced their listing plans.
10:45 am Order win: The construction subsidiary of L&T has received orders worth Rs 1,975 crore across various business segments.
“The power transmission and distribution business has bagged orders worth Rs 1,331 crore while other business segments have won orders worth Rs 644 crore,” it said.
10:31 am Buzzing: Shares of Hindustan Oil Exploration Company (HOEC) gained 7.6 percent intraday on the back of commencement of commercial production at Dirok field.
The company has been granted a petroleum mining lease to its Dirok field and started the commercial production from the field.
On successful testing and completion of the sixth well, all the six wells in the field are ready to hook up for production.
Company expects the initial production to be about 10 mmscfd, restricted by the capacity of by 4′ pipeline and will be ramped up to full capacity over the next six months with the commissioning of Modular Gas Processing Plant (MGPP).
10:16 am Market Check: Equity benchmarks continued to trade higher in morning as the Sensex was up 182.73 points or 0.58 percent at 31,778.79, and the Nifty gained 55.65 points or 0.56 percent at 9,912.70.
About two shares advanced for every share falling on the BSE.
10:01 am USFDA nod: Jubilant Life Sciences said Jubilant Pharma, a material wholly owned subsidiary, through one of its wholly owned subsidiaries, has received abbreviated new drug application (ANDA) final approval for Indomethacin capsules USP, 25 mg and 50 mg.
It is the generic version of Indocin of Iroko, which is a nonsteroidal anti-inflammatory drug used for the treatment of moderate to severe inflammation and reduce pain.
“This is the seventh approval that we have received from the USFDA during the current financial year,” the company said.
As on June 30, 2017, Jubilant had a total of 84 ANDAs for oral solids filed in the US, of which 53 had been approved.
9:43 am IPO: Future Enterprises said the board of directors, of the company approved for the offer for sale of shares of its subsidiary company, Future Supply Chain Solutions (FSCSL), and participation of the company upto 5 percent of paid up capital of FSCSL.
FSCSL has filed the draft red hearing prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public offer of up to 97,84,570 equity shares representing 25 percent of the existing issued and paid-up equity share capital of FSCSL for cash, through an offer for sale.
The issue consists of offer for sale of 19,56,914 equity shares held by the company in FSCSL representing up to 5 percent of the existing issued and paid-up equity share capital of FSCSL; and 78,27,656 shares held by Griffin Partners (other participating shareholder) in FSCSL representing up to 20 percent of the existing issued and paid-up equity share capital of FSCSL.
9:29 am FII View: Sanjay Mookim of Bank of America Merrill Lynch said in Indian equities at the moment, one may buy a good business or a good price.
There is currently no overlap amongst the two sets, according to him.
“Value may work as the market corrects in absolute terms yet we continue to favour good businesses. We are overweight banks, staples and cement,” he said.
MSCI India currently trades at 17.8x 1-year forward earnings but the headline masks excesses in midcaps and domestic facing sectors, he added.
9:15 am Market Check: Equity benchmarks started off the week on a strong note, with the Nifty reclaiming 9,900 level, largely driven by Infosys.
The 30-share BSE Sensex was up 154.47 points at 31,750.53 and the 50-share NSE Nifty gained 40.15 points at 9,897.20.
Infosys surged 4 percent as CLSA upgraded the stock to buy from underperform and raised target price to Rs 1,070 from Rs 940 after co-founder Nandan Nilekani joined the company again as non-executive chairman. CEO choices & strategy should improve, the research house said.
Kotak Mahindra Bank, Eicher Motors, Reliance Industries, Hindalco Industries, Sun Pharma and ONGC were other gainers.
Dr Reddy’s Labs, Hero MotoCorp, Asian Paints and ITC were under pressure.
Nifty Midcap gained 0.4 percent as about four shares advanced for every share falling on the exchange.
DLF, Adani Enterprises, Adani Power, Future Enterprises, Suzlon Energy, Ansal Housing, Nestle India, Bajaj Finserv and Bajaj Finance rallied up to 6 percent whereas PC Jeweller, Titan Company, Strides, Wockhardt and Cadila Healthcare were under pressure.
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