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Pharma stocks lead among gainers
Tue, 24 Mar 01:30 pm

Indian markets gained momentum after providing a weak start in the morning session. BSE Sensex is trading with gains of 125 points while NSE-Nifty is trading higher by 40 points. Healthcare sector has been an outperformer in today's trading session. BSE Mid Cap and BSE Small Cap are trading with moderate losses. While the midcap stocks are trading with a loss of 2 points, smallcap stocks are trading with a loss of 20 points.

On the commodity front, while the gold prices, per 10 grams, have increased by 0.03% or Rs 7, the Silver prices, per kilogram, remains unchanged at Rs 37,780 levels. Crude oil prices have showed strength today, a day after Saudi Arabia issued a statement on not lowering its output. Crude oil prices are trading up by 0.5% or Rs 15 higher. Per barrel crude oil is available at Rs 2945. The Indian rupee against the U.S Dollar dipped slightly. The value of the Indian rupee fell about 0.06% or 0.04 and is currently trading at Rs 62.23 against the U.S Dollar.

Power companies have remained volatile between small losses and profits. JSW energy has gained the most while Torrent Power losing the most. As per a financial daily, Adani group and JSW group are the front runners for acquiring a stake in management in Monnet power which is valued to be around Rs 31 bn. Reportedly, they have ousted Tata Power and an international player from the bids. The deal is likely to be sealed in April. Further, it is also reported that the Monnet Power management believes that the deal will help in repaying some debt. As reported in FY 2014, the company has a huge debt of Rs 100 billion. Monnet Power operates out a 1050 MW coal-based power plant located in Odisha. The company plans to further add 660 MW in the plant. Shares of Monnet Ispat gained over 3.5%.

FMCG companies are trading marginally up during the post noon trading session. Shares of Tilaknagar Industries received a major boost of 9% after an Africa-based company decided to buyout some products of Tilaknagar Industries. The company expects to garner anywhere in between Rs 2.5 bn to Rs 3 bn by selling those products to the Distell group. Distell group is one of the leading producers of liquor. The proceeds from this sale are expected to become a cushion, since the company has huge debt of Rs 8 bn in its books.

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