Not enthused by the Budget proposals, Indian share markets pared gains and slipped below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading negative with banking, capital goods and oil and gas stocks being the biggest losers. Only FMCG, consumer durable, IT and realty stocks are trading in the green.
BSE-Sensex is down 26 points and NSE-Nifty is trading down by 8 points. While BSE Mid Cap is down 0.3%, BSE Small Cap index is trading up by 0.2%. The rupee is trading at 54.0 to the US dollar.
Majority of the domestic pharma stocks are trading in the red with Strides Arcolab and Panacea Biotech being the major losers. However, Dishman Pharma and J B Chemicals are trading strongly. As per a leading financial daily, Cipla has offered to acquire 100% stake in Cipla Medpro South Africa for a consideration of US$ 512 m. The offer will be implemented through a scheme of arrangement and is subject to regulatory and other approvals including approval by Medpro shareholders. The proposed acquisition will be made either directly or through a subsidiary and will largely be funded by internal accruals. The South African market is a fast emerging market with demand for generic drugs projected to grow at around 14% in future. This acquisition is in line with Cipla's strategy to have a sales market outside India.
All the aluminium stocks are trading in the red with Hindalco and National Aluminium Company Ltd. (NALCO) being among the top losers. As per a leading financial daily, Hindalco Industries has announced a lock-out at its aluminium foil manufacturing plant at Silvassa, in the Union Territory of Dadra and Nagar Haveli due to prolonged workers' strike. Set up in 1998, the plant has a capacity of 30,000 tonnes per annum and a rolling capacity of 9 to 100 microns. The products from the plant are supplied to pharmaceutical companies such as GlaxoSmithKline, Pfizer, Lupin, Aventis, Cadila and Torrent. The unit also exports to 11 countries across Europe, West Asia, South Asia, Australia and Far East.
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MRPL share price has hit a 52-week high. It is presently trading at Rs 45. BSE 500 Index is up by 1.7% at 19,713. Within the BSE 500, MRPL (up 8.3%) and RCF (up 20.0%) are among the top gainers, while top losers are HIMADRI SPECIALITY CHEMICAL and BHARTI AIRTEL.
KEC INTERNATIONAL share price is trading up by 5% and its current market price is Rs 454. The BSE CAPITAL GOODS is up by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are KEC INTERNATIONAL (up 5.2%) and BHARAT ELECTRONICS (up 6.5%). The top losers are SCHAEFFLER INDIA (down 0.2%) and HINDUSTAN AERO. (down 0.3%).
GUJARAT ALKALIES share price is trading up by 10% and its current market price is Rs 346. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are GUJARAT ALKALIES (up 10.2%) and DEEPAK NITRITE (up 14.5%). The top losers are COLGATE and HDFC AMC .
DEEPAK NITRITE share price is trading up by 13% and its current market price is Rs 1,553. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are DEEPAK NITRITE (up 12.8%) and JUST DIAL (up 14.2%). The top losers are BAJAJ HOLDINGS & INVESTMENT and CADILA HEALTHCARE .
HIMADRI SPECIALITY CHEMICAL share price is trading down by 11% and its current market price is Rs 55. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are RCF (up 20.0%) and MMTC (up 20.0%). The top losers is HIMADRI SPECIALITY CHEMICAL (down 11.3%).
BSE Sensex is trading up by 378 points, while the NSE Nifty is trading up by 165 points.
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