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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Sensex Trades Strong; Realty Stocks Witness Buying
Tue, 14 Mar 01:30 pm

After opening the day firm, share markets in India have continued to remain strong and are trading above the dotted line as market participants remain positive on account of the ruling BJP's clean sweep in state elections. Sectoral indices are trading on a positive note with stocks in the capital goods sector and stocks in the realty sector leading the gains.

The BSE Sensex is trading up by 475 points (up 1.6%), and the NSE Nifty is trading up by 147 points (up 1.6%). Meanwhile, the BSE Mid Cap index is trading up by 1.5%, while the BSE Small Cap index is trading up by 1.2%. The rupee is trading at 66.18to the US$.

In news from stocks in the pharma sector. Alkem Laboratories share price was in focus today as the company's stock fell by over 3% in early trade today.

The stock was one of the few losers in an otherwise strong trading session, as the US Food and Drug Administration (USFDA) issued three observations on account of violation of good manufacturing norms to the company's Baddi plant.

USFDA had conducted an inspection at the company's manufacturing facility located at Baddi, from 2nd March, 2017 to 10th March, 2017. After inspections, the US regulator issued a form 483 with three observations.

Form 483 relates to certain critical observations issued to a company at the end of an inspection if there were any violations of the Food Drug and Cosmetic Act and other related acts of the US Government.

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Companies that receive its observations must respond in writing with a corrective action plan and implement it quickly. If the company does not meet the USFDA's expectations, a warning letter may be issued.

The company said it would put together a detailed response with adequate corrective and preventive measures to address the USFDA Observations and the same is proposed to be filed within the timeline stipulated by the regulator.

Alkem Laboratories own and operate 14 manufacturing facilities across five locations in India and two manufacturing facilities in the United States.

At the time of writing, Alkem Laboratories share price was trading down by 2.2%.

Moving on to global news. Brexit is on the anvil as British MPs overwhelmingly approved a bill allowing Prime Minister Theresa May to trigger negotiations for the UK's exit from the European Union (EU).

The House of Commons rejected amendments by the House of Lords, calling on the government to protect the status of EU nationals within three months of the start of Brexit talk.

They also dismissed calls for Parliament to have a meaningful vote on any Brexit deal.

This means the EU (Notification of Withdrawal) Bill passed the House of Commons without any changes and would now go back to the Lords, where it is expected to be passed.

Both the Houses of the Parliament have to agree the text of the bill before it can be sent for Royal Assent from Queen Elizabeth II and become law.

British Prime Minister Theresa May has committed to triggering Article 50 of the Lisbon Treaty - beginning exit negotiations with the EU - by the end of March.

India UK Trade Relations: Which Way Forward?

India UK Trade Relations: Which Way Forward?

UK's exit from the European Union looks like it may cause a fair bit of upheaval where trade is concerned. As the chart shows, the UK is an important trade partner of India. Its share in India's total exports has been steadily increasing over the last five years. In absolute terms too, our imports and exports with UK stand at a significant level.

With the Brexit happening, the dynamics of India's trading relations with not only UK but the whole of the EU might undergo a change.

As Vivek Kaul writes in his diary:

  • It is clear that Great Britain has a lot to lose by getting out of the European Union. But why is everyone else worried? The simple reason is that calls are now being made in other European nations, including Spain and France, to get out of the European Union. While, no one knows, how this will play out, if anything along these lines happens, it is likely to jeopardise the entire idea of an integrated Europe. If this were to happen, the future of the euro as a currency would be put to test. Also, if anything like this materializes, it will be next Lehman Brothers kind of moment.

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Jun 23, 2017 (Close)

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