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Markets give up early gains 
(Fri, 16 Nov 11:30 am) 
Indian equity markets gave up early gains and traded flat over the last two hours of trade. IT and FMCG stocks witnessed maximum buying interest while consumer durables and auto stocks witnessed maximum selling pressure.

The Sensex today is up by 15 points, while the NSE-Nifty today is down by 4 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.45% and 0.27% respectively. The rupee is trading at 55.00 to the US dollar.

Pharma stocks are trading strong led by Natco Pharma and JB Chemicals. According to a leading financial daily, Biocon has entered into an option agreement with Bristol-Myers Squibb Company for the latter's IN-105, a prandial oral insulin product candidate. Under the terms of the agreement, Bristol-Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide license to the program. Biocon will conduct clinical studies to further characterise IN-105's clinical profile according to a pre-agreed development program up to the completion of Phase II. If Bristol-Myers Squibb exercises its option to license IN-105 following the successful completion of the Phase II trial, Bristol-Myers Squibb will assume full responsibility for the development program, including all development and commercialisation activities outside India. Biocon will receive a license fee in addition to potential regulatory and commercial milestone payments and royalties on commercial sales of IN-105 outside India. And, it will retain exclusive rights to IN-105 in India.

Auto stocks are trading in the red led by Eicher Motors and Tata Motors. According to a leading financial daily, financial services arm of Mahindra & Mahindra, M&M Financial Services (Mahindra Finance) raised Rs 8.67 bn via placement of equities to qualified institutional players (QIP). Mahindra Finance issued about 9.7 m shares at Rs 889 per share. This includes a premium of Rs 879 per share. As per Thursday's closing, this was at 10.5% discount to the prevailing market capitalisation. Mahindra Finance aims to use these funds for long term building of resources. It aims to enhance its Tier I capital base and make best use of available business opportunities.
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