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Buoyancy continues across sectors
Wed, 23 Apr 01:30 pm

The Indian stock markets continued to scale higher in the last two hours of trade on the back of sustained buying activity across index heavyweights. Gains were led by stocks from the capital goods and consumer durable segments. The stocks from realty sector are, however, trading marginally lower.

The BSE-Sensex is trading higher by 105 points and the NSE-Nifty is trading higher by 27 points. The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 61.07 to the US dollar.

Stocks from Food & tobacco sector are trading mixed. While VST Industries and Ruchi Soya are trading higher, Britannia is trading down. As per a leading financial daily, GSK Consumer Healthcare has said in a filing to exchanges that multi-billion dollar deal amongst its parent GlaxoSmithKline Plc (GSK) and Swiss drug major Novartis is not likely to affect the company's Indian business unit. For instance, GSK and Novartis have agreed to form a joint venture wherein OTC (over-the-counter) division of Novartis would be combined with GSK's consumer business. The joint venture in which GSK will hold 63.5% is expected to have annual sales of about US$ 10 bn. According to the filing, the JV would exclude Indian GSK Consumer, where ownership would directly be held by GSK Plc. It may be noted that the parent, GSK has earlier increased its stake to 75% in the company through an open offer of Rs 64 bn.

In a move to strengthen the Indian banking system, RBI has barred Indian manufacturing and infrastructure companies from repaying their bank loans through ECB (external commercial borrowing) route availed at the bank's overseas branches or subsidiaries. The central bank's rationale for the same is that risk remains intact in the Indian banking system when ECB is availed from banks overseas branches. RBI has also cautioned the commercial banks from issuing guarantees or letter of credit to Indian companies' overseas JV or subsidiaries for purpose other than ordinary business course of that overseas arm. It has also sought out to effectively monitor the end use of funds to overseas arms of Indian companies. This is in order to bring down the unsystematic business risk of Indian banks.

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