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Sensex Opens Strong ahead of RBI Policy; Metal & Realty Stocks Rally
Thu, 5 Apr 09:30 am | Rini Mehta, TM Team

Asian shares bounced from two-month lows today as world equities recovered from a selloff triggered by escalating Sino-US trade tensions. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei 225 gained 1.2%. Markets in mainland China, and those in Hong Kong and Taiwan, are closed today. Overnight US stocks closed with gains.

Back home, India share markets opened the day on a strong note tracking strong lead from global stocks and ahead of RBI monetary policy outcome. The BSE Sensex is trading higher by 365 points while the NSE Nifty is trading higher by 124 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 1.2%.

All sectoral indices have opened the day in green with metal stocks and realty stocks> witnessing buying interest. The rupee is trading at 65.02 to the US$.

Pharma stocks have opened the on a mixed note with & leading the gainers. As per an article in a leading financial daily, Natco Pharma has launched a generic version of Teriflunomide, under its brand Denopsy.

The drug is used for the treatment of relapsing and remitting forms of multiple sclerosis (RRMS).

Reportedly, this is the first oral medicine for RRMS being offered in India in 14 mg and 7 mg tablets. Teriflunomide is sold by Sanofi-Genzyme under the brand name Aubagio, in the US.

One shall note that, the number of patients suffering from multiple sclerosis in India is 5-20 per one lakh population.

Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past, there was a sharp pick-up in new drug approvals in FY17.

Generic Drug Approvals Hit The Roof

With an aim to lower the overall healthcare costs in the country, USFDA approved a record 763 generic drugs for the financial year ending 30th September.

As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year. Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year.

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Natco Pharma share price opened the day up by 2.2%.

Moving on to the news from the engineering sector. As per an article in a leading financial daily, State-run power equipment maker BHEL has fully commissioned the 330 MW Kishanganga Hydro-Electric Project in Jammu and Kashmir with the synchronisation of its third unit.

The first two units of the project were commissioned last month.

Developed by state-run hydro power giant NHPC Ltd, the project is located on the tributary of the river Jhelum, in Bandipora district of J&K.

Reportedly, the 3x110 MW Kishanganga project will be able to generate 1,350 Million Units (MU) of clean electricity annually, facilitating reduction of greenhouse emissions.

The scope of the order on BHEL included the execution of the Electro-Mechanical (E&M) package for the project comprising design, manufacture, supply, installation and commissioning of Vertical Shaft Pelton Turbines and matching synchronous Generators, Controls & Monitoring (SCADA) System along with electrical and mechanical auxiliaries.

Further, the company has so far commissioned 33 hydro power sets with a cumulative capacity of 1,477 MW in J&K. BHEL is currently executing hydro projects of over 2,700 MW capacity in the country and 2,940 MW in Bhutan which are under various stages of implementation.

BHEL has so far bagged orders for 500 hydroelectric generating sets cumulatively of various ratings in India and abroad, with a capacity of more than 29,000 Mw. Of these, equipment for around 5,700 Mw capacity were commissioned in overseas projects.

BHEL share price opened the day up by 1.7%.

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