Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Banking Stocks Lead the Losses
Mon, 16 May 01:30 pm

Indian equity markets continue to trade below the dotted line in the noon session amid mixed international markets. Sectoral indices are trading on a mixed note with stocks from the IT and pharma sectors leading the gains. PSU and banking stocks are leading the losses.

The BSE Sensex is trading lower by 57 points and the NSE Nifty is trading lower by 19 points. The BSE Small Cap index is trading lower by 0.3% and while the BSE Mid Cap index is trading flat. The rupee is trading at 66.82 to the US$.

Shares of Piramal Enterprises are trading on an positive note (up 0.4) after it was reported that the company's Consumer Products Division has entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 1.1 billion. The acquisition includes brands namely; Ferradol, Neko, Sloan's and Waterbury's Compound.

Additionally, the agreement also includes the trademark rights for Ferradol and Waterbury's Compound in Bangladesh and Sri Lanka. Reportedly, these brands hold a rich legacy and have a high consumer pull and are available in India for the past 30 plus years. These products currently operate in a market which is currently estimated at Rs 70 billion (Subscription Required). The script of Pfizer is trading up by 0.4%.

In another development, Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Bupivacaine Hydrochloride Injection USP, 0.25% (2.5 mg/mL) and 0.5% (5 mg/mL) 50 mL multiple dose vials. This product is expected to be launched in Q2 FY16-17. Reportedly, the approved product has an estimated market size of US$5.6 million for the twelve months ending March 2016. The script of Aurobindo Pharma is currently trading down by 0.1% on the BSE.

Moving on to news from energy sector. According to an article in The Economic Times, the oil ministry has asked the state-owned fuel retailers Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum to buy as much ethanol as they can from distilleries in the state of Bihar for mixing in petrol. The news comes just weeks after Bihar banned the sale of liquor.

According to oil companies, about 60 million litres of ethanol may be produced in Bihar through sugarcane molasses. The oil firms will strive to absorb this ethanol for their program to mix sugarcane extracted ethanol in petrol to help Bihar. Reportedly, the move is likely to give about Rs 3 billion to farmers of the state through sugar mills / distilleries. As much as 5% ethanol is doped in petrol that is sold in 21 states and four Union Territories.

Meanwhile, Indraprastha Gas posted a rise of 12.27% in its net profit at Rs 1.07 billion for the quarter ended March 31, 2016 as compared to Rs 958.8 million for the same quarter in the previous year. However, total income of the company has decreased by 3.40% at Rs 8.92 billion for quarter under review as compared to Rs 9.23 billion for the quarter ended March 31, 2015. During 2015-16, total sales volume grew by 4% over the previous year with both CNG as well as PNG segments recording 4% volume growth. Indraprastha Gas is trading up by 1.2%.

Energy sector is trading well below the dotted line with Castrol India and ONGC leading the losses.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Banking Stocks Lead the Losses". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Mar 16, 2018 (Close)