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Telecom Stocks Lead the Losses
Fri, 1 Jan 01:30 pm

After opening in the red, the Indian Indices have made some gains and are trading flat. Sectoral indices are trading on a mixed note with stocks from the IT and telecom sectors bearing the maximum brunt. Auto stocks are leading the gainers.

The BSE Sensex is trading lower by 15 points (down 0.1%) and the NSE Nifty is trading down by 11 points (down 0.1%). The BSE Mid Cap index is trading up by 0.7% while the BSE Small Cap index is trading up by 0.8%. Gold prices, per 10 grams, are trading at Rs 24,970 levels. Silver price, per kilogram, is trading at Rs 33,354 levels. Crude oil is trading at Rs 2,485 per barrel. The rupee is trading at 66.21 to the US$.

Energy stocks are trading mixed with Oil India Ltd and Gulf Oil Lubricants leading the gains. As per an economic daily, Bharat Petroleum Corporation Ltd (BPCL) has entered into a binding gas sale and purchase agreement (GSPA) with Petronet LNG for supply of an additional quantity of 0.1 million metric tonnes per annum (MMTPA) of re-gasified-liquid natural gas (RLNG) with effect from January 2016. This is in addition to the existing long-term GSPA of 0.75 MMTPA, which was executed in September 2003. The terms of existing agreement have been amended to adjust some aspects and will protect and preserve the overall value of the contract.

Moreover, on a separate note, Petronet LNG has announced that it has entered into a binding sale and purchase agreement with Qatar's RasGas. The same is for supplying an additional 1 million tonne per annum (MTPA) of liquefied natural gas to India. The same will be initiated in 2016 for onward sale to Indian Oil Corporation (IOC), BPCL, GAIL, and Gujarat State Petroleum Corporation (GSPC). Our latest report on Petronet LNG throws some light on what one can expect from company in the coming days. It states that, "While the September quarter was good for the company due to higher utilization at Dahej terminal, such utilization rates are unlikely to be sustainable." Click here to know more (subscription required).

As per a leading financial daily, Novartis India has finally completed the transaction for the transfer of its Animal Health Division to Elanco India. The company informed BSE that the transaction was completed on December 31, 2015. The same was pursuant to the approval received from the Foreign Investment Promotion Board (FIPB), Government of India and the Competition Commission of India (CCI).

The company had earlier entered into transaction for transfer of its Animal Health Division as a going concern. The same was entered by way of a slump sale to Elanco India, or another affiliate of Eli Lilly and Company.

Novartis India Ltd is a subsidiary of Swiss giant Novartis. The company operates in four segments namely Pharmaceuticals, Generics, OTC, and Animal Health. Presently its stock is trading down by 0.2%.

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Feb 22, 2018 (Close)