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Indian Markets gain momentum
Fri, 13 Feb 01:30 pm

Indian equity markets continued to surge in the post-noon trading session. Barring Oil & Gas sector, all the sectoral indices are trading in the green with banking, auto and healthcare stocks being the biggest gainers.

BSE-Sensex is up 225 points and NSE-Nifty is trading 68 points up. BSE Mid Cap is trading up by 0.7 % and BSE Small Cap index is trading up by 0.5%. The rupee is trading at 62.43 to the US dollar.

MNC Pharma stocks are trading strongly. Pfizer and Novartis are the leading gainers. According to a leading financial daily, GlaxoSmithKline (GSK) Pharmaceuticals has agreed to transfer its cancer drugs portfolio to a subsidiary of Novartis. In reply, GSK will acquire Novartis' vaccine business, manufacturing capabilities and facilities. This is a part of global deal between two pharmaceutical companies struck last year. GSK has suffered setback during the fourth quarter ended December 2014. The company's net profits declined 18% YoY on a consolidated basis although the company's net sales grew by 1.2% YoY. Company's other income declined by 21% YoY. The firm's performance was impacted by supply constraints. GSK is trading higher by 1.4% on the BSE.

According to a leading financial daily, Titan Company is in advanced negotiations to invest Rs 1.87 bn in online jewellery retailer Carat-Lane for 15% equity stake. Reportedly, the agreement is to be signed in a few weeks with Carat-Lane's current valuation at about Rs 12 bn. Titan which is a part of Tata Group has four business divisions which includes watches & accessories, jewellery, eyewear and precision engineering. Titan draws approx. 80% of its revenue from its jewellery business and this joint venture would give Titan an access to new age brand and customers whereas Carat-Lane is to gain from Titan's experience in marketing.

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