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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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A Strong Start to the Week
Mon, 25 Jul Closing

Indian equity markets continued to trade higher in the afternoon session and crossed the 28,000 benchmark amid strong European markets. At the closing bell, the BSE Sensex closed higher by 292 points, the NSE Nifty finished higher by 94 points. The S&P BSE Midcap & the S&P BSE Small Cap finished up by 1% each. All the sectoral indices finished in the green today with PSU and oil & gas stocks leading the gains.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.13% and the Shanghai Composite rose 0.1%. The Nikkei 225 lost 0.04%. European markets are trading higher today with shares in Germany leading the region. The DAX is up 0.97%, while France's CAC 40 is up 0.68% and London's FTSE 100 is up 0.11%.

The rupee was trading at 67.24 against the US$ in the afternoon session. Oil prices were trading at US$ 43.94 at the time of writing.

Shares of Coal India (up 0.6%) and NTPC (up 0.7%) finished on an optimistic note after it was reported that the companies will jointly finance a Rs 60 billion revival package for Hindustan Fertilizers Gorakpur plant in Uttar Pradesh. NTPC and Coal India would each take 50% stake in Hindustan Urvarak Rasayan.

Revitalization of these plants would help reportedly generate 1.27 million tonne per annum of urea along with other associated chemicals from each plant, bridging the demand supply gap of urea. The other positive consequence of the venture would be employment generation opportunities within the state. Gas would be made available through the proposed Jagdishpur-Haldia pipeline to be constructed by GAIL.

In another development, according to an article in The Economic Times, Coal India will not revise its share buyback offer price of Rs 335 per share even if the stock crosses the offered price at the bourses. This would mean the government, its majority shareholder, will earn the entire Rs 36.5 billion earmarked for the offer.

Two weeks ago, the company's board approved a proposal to buy back 108.9 million shares, which is 1.72% of the state-run miner's shares, for Rs 335 each at a total of Rs 36.5 billion.

The buyback will be followed by an additional divestment that would bring down the government's stake in the company to below 75% and help the behemoth adhere to the Sebi norm of at least 25% public holding in listed companies.

Moving on to news from the pharma sector. According to a leading financial daily, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.5%.

The Triamcinolone Acetonide Ointment USP, 0.5% market achieved annual sales of approximately US$4.4 million, according to IMS Health sales data for the 12 month period ending May 2016. This ointment is used to treat various skin conditions including eczema, dermatitis, allergies and rash.

Glenmark's current portfolio consists of 116 products authorized for distribution in the US market and 61 ANDAs pending approval with the USFDA (Subscription Required). In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio. Glenmark finished the day up by 0.1% on the BSE.

Meanwhile, the Supreme Court has directed Cipla to deposit Rs 1.75 billion with the government for alleged overcharging in respect to certain drugs. The case pertains to 2003 when Cipla received a demand notice from the National Pharmaceutical Pricing Authority for alleged overcharging of drugs covered under price cap. The stock of Cipla finished the day up by 1%.

Pharma stocks finished the day on a positive note with Lupin Ltd and Ajanta Pharma leading the gains.

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May 26, 2017 (Close)

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