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Markets Continue to Trade Strong
Mon, 11 Jul 11:30 am

After opening the trading day on a strong note, Indian markets continue to trade higher amid firm Asian markets. All the sectoral indices are trading in green with auto and realty stocks leading the pack of gainers.

The BSE Sensex is trading higher by 454 points and the NSE Nifty is trading higher by 128 points. The BSE Mid Cap index is trading up by 1.3% while the BSE Small Cap index is trading higher by 1%. The rupee is trading at 67.16 to the US$.

Telecom stocks are trading on a strong note with ADC India Communication and Idea Cellular leading the gains. Shares of Bharti Airtel are trading on an optimistic note (up 1.6%) after it was reported that the company has received the clearance from the Indian telecom ministry for 4G spectrum trading deal with Aircel.

Earlier, the company had entered into an agreement with Aircel to acquire rights to use 4G spectrum of Aircel in eight telecom circles for Rs 35 billion. These circles are Tamil Nadu, including Chennai, Bihar, Jammu and Kashmir, West Bengal, Assam, the North-East, Andhra Pradesh and Odisha.

As part of receiving the permission for the spectrum sharing deal, the company surrendered 1.2 MHz spectrum in 1800 MHz band in Odisha circle as it breached the spectrum cap limit - after taking into account Aircel's spectrum. Indian telecom operators cannot hold more than 25% of the total spectrum allocated in a telecom service area. (Subscription Required).

Companies such as Bharti Airtel, Vodafone and Idea Cellular have shelled out huge sums in order to succeed in availing the spectrum license. The last spectrum auction in March 2015 was a big success. The government garnered bids of about Rs 1.1 trillion. But things have completely changed in last one year.

Buying activity is seen across majority of the pharma stocks today with Aarti Drugs and Cadila Healthcare leading the gains.

Cipla is investing 1.3 billion South African rand (about Rs 6 billion) in a biotechnology plant in South Africa as it aims to make cancer drugs affordable and grow presence in the market.

Construction is scheduled to start in early 2017, with full operations expected to commence in the third quarter of 2018. Cipla's investment in this facility will enable the creation of the first bio-cluster on the African continent. The facility will manufacture biosimilar drugs (Subscription Required) made from living organisms that would be used in the treatment of cancer and other diseases.

Cipla Biotech, a subsidiary of the company, will construct the plant at a special economic zone in Durban which will commence production in 2018. Cipla acquired South African drug firm MedPro in 2013, its first large foreign acquisition and has been ramping up presence in the African nation. Cipla is currently up by 0.8% on the BSE.

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Jan 16, 2018 01:23 PM