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Banks and Engg stocks lead the gains
Mon, 18 Aug 11:30 am

After opening strong, the Indian Indices are trading well above the dotted line in the morning session. Banking and engineering stocks are leading the gainers while IT and FMCG stocks are witnessing selling pressure.

The BSE-Sensex is trading up 110 points. The NSE-Nifty is trading up 30 points. The BSE Mid Cap index is trading up 1.3% and the BSE Small Cap index is trading up 1.6%. The rupee is trading at 60.76 to the US dollar.

Most of the software stocks are trading lower today. Infosys and Tata Consultancy Services (TCS) are leading the losers. Zensar Technologies has announced an acquisition in the US. The company has acquired Professional Access, a global leader in Oracle, e-commerce and other enterprise services. This is an area in which Zensar too has considerable domain knowledge. Professional Access has a presence in UK, Latin America, West Asia and Africa and has recorded US$ 38 m in revenue. The financial details of the deal were not disclosed but the management was scouting for an acquisition in the range of US$ 30-50 m to boost the company's enterprise services. Zensar Technologies is trading up 1.8%.

Majority of the Indian pharma stocks are trading firm today with Indoco remedies and Dishman pharma being among the leading gainers. Cipla Ltd has announced its June 2014 results. Net sales grew by 13.6% YoY during the quarter. The growth was led by good performance in its domestic and export formulations. Export API declined marginally during the quarter. The operating profits during the quarter declined by 21.4% YoY due to non-recurring income and sharp increase in employee costs. Subsequently even profits were down by 39.3% YoY for the period. Cipla is trading up 1.7%.

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Feb 21, 2018 (Close)