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Indian stock markets remain lackluster
Mon, 2 Apr 01:30 pm

Indian stock market indices are trading flat over the last two hours of trade. All the sectoral indices are in the green with Consumer Durable and Power stocks witnessing maximum buying interest.

The BSE-Sensex is up by 99 points, while the NSE-Nifty is up by 26 points. BSE Mid cap index and BSE Small cap index are up by 1.1% and 1.5% respectively. The rupee is trading at 50.82 to the US dollar.

Pharma stocks have been trading mainly in the green led by Dishman Pharma and Natco Pharma. As per a leading financial daily, the medicine price regulator, the National Pharmaceutical Pricing Authority (NPPA) has found a price fixing mechanism to lower the prices of key cancer medicines. A meeting is expected soon to finalise the pricing policy on drugs. NPPA's study may force the ministry to come up with more effective ways to control prices of essential cancer drugs. Currently, the cancer drugs are manufactured by nearly 20 domestic and multinational drug makers such as Ranbaxy, Cipla, GlaxoSmithKline, Novartis, etc.

Power stocks are trading in the green led by PTC India Ltd. and Reliance Infra Ltd. As per a leading financial daily, Reliance Power has commissioned a 40 MW solar power plant in Rajasthan at a cost of Rs 7 bn. The project has been financed with a debt-to-equity ratio of 75:25 with the debt provided by the US Exim Bank and the Asian Development Bank. The project is expected to generate 70 m units of power and will be used to service power requirement of Mumbai for which a long term power purchase agreement (PPA) has been signed with Reliance Infrastructure. The company will be adding 100 MW capacities at the same site in the next one year. The company hopes to double its solar power capacity to 300 MW over the next two years, taking its overall investment in solar projects above Rs 60 bn.

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