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Sensex Finishes on a Strong Note; Oil & Gas Stocks Rally
Wed, 30 Aug Closing

Indian share markets continued to trade strong during the afternoon session amid strong global markets as market participants shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan.

At the closing bell, the BSE Sensex closed higher by 258 points and the NSE Nifty finished up 88 points. The S&P BSE Mid Cap finished up by 1.5% while & S&P BSE Small Cap too finished up by 1.3%. Gains were largely seen in metal stocks, energy stocks and realty stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.19% and the Nikkei 225 rose 0.74%. The Shanghai Composite lost 0.05%. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.44% while Germany's DAX is up 0.43% and London's FTSE 100 is up 0.25%.

The rupee was trading at Rs 63.94 against the US$ in the afternoon session. Oil prices were trading at US$ 46.17 at the time of writing.

As per an article in The Economic Times, supplies by Coal India to power utilities witnessed 11% growth during August 2017 in comparison to the previous corresponding period.

Till 27th August, the company supplied 26.5 million tonnes of coal to generating units against 23.9 MTs on a like-to-like comparison of previous year. Reportedly, this helped coal fired power generation go up by 18% during the period.

The company is also temporarily regulating coal movement to non-power sector pushing additional coal to these plants in a bid to boost coal supplies to thermal power plants. Additionally, CIL is synergizing its efforts with railways to prioritize movement of coal to plants with critical coal stock. Average loading of rakes per day went up 8% during August 2017.

Coal India share price finished the day up by 1%.

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Meanwhile, Steel Authority of India (SAIL) share price finished up by 1.1% after the company and Indian Railways have entered into a strategic agreement on Long Term Tariff Contract.

The agreement will involve fifteen of the sixteen zones under Indian Railways for transportation of iron & steel and other related commodities. In terms of benchmark gross freight revenue and tonnage it poised to be the highest tariff contract of Indian Railways.

As part of the agreement, which will come into effect from September 1, 2017 and will be valid for a period of three years. SAIL is committed to generate a benchmark Gross Freight Revenue (BGFR) of Rs 34.18 billion with corresponding tonnage of 19.3 million tonne.

In news from pharma sector, Aurobindo pharma share price finished the trading day on an encouraging note (up 0.6%) after it was reported that the company is in talks to buy the Russia business of Mumbai-based Shreya Life Sciences Pvt. Ltd. As per an article in The Livemint, the deal is potentially valued between US$80 million and US$100 million.

Shreya Life Sciences has a product portfolio comprising more than 200 products across various therapeutic segments.

Aurobindo Pharma has been one of the most acquisitive domestic pharma companies. Reportedly, Aurobindo, along with Intas Pharmaceuticals Ltd, was also in a race to acquire a part of the European assets of Israeli generic drugmaker Teva Pharmaceutical Industries Ltd. This deal, if completed, could be the biggest overseas acquisition by an Indian pharma company.

In February, Aurobindo Pharma acquired four biosimilar products from Swiss firm TL Biopharmaceutical AG for an undisclosed amount. In January, the company agreed to buy Portugal's Generis Farmaceutica SA from Magnum Capital Partners for £135 million.

In another development, Cadila Healthcare share price finished up by 1.1% on the BSE after Zydus Cadila received approval from the US health regulator to market aspirin and extended release dipyridamole capsules, used to prevent excessive blood clotting and reduce the risk of strokes.

The BSE Healthcare Index has been going through more than a blip. Domestic and export markets have both been challenging.

Price to Earnings Ratio (PE) of Top Pharma Companies

Government regulations on branded generics have proved a roadblock in domestic markets. In developed markets, stringent USFDA checks on manufacturing plants along with price erosion in generics have eroded profitability. It seems there is a structural change taking place in the sector overall as to how business is done and will be done in the future.

Indian Oil Corporation share price surged 3.6% as the company announced capital investments to the tune of Rs 320 billion over the next three to four years. To meet the rising demand for petrochemicals, especially plastics and polymers, largest public sector company will invest Rs 320 billion to ramp up its output by fiscal 2021.

And here's a note from Profit Hunter:

The S&P BSE Sensex almost recovered yesterday's loss - up 258 points. The S&P BSE Oil and Gas index witnessed maximum buying - up 2.32%. The Indian Oil Corporation (IOC) is the top gainer in the index.

Last time when we reviewed IOC it had announced its Q4FY18 results. And the stock had rallied 13% with strong volumes in just two days after it found support from the horizontal support line at 365 levels. We mentioned the possibility of stock hitting a new lifetime high given the strong price action and volumes.

The stock continued the buying interest and today it is up 4% for the day. It hit a new life high of Rs 455 in today's session.

So let's see if the stock will continue to maintain the momentum or if it will find some selling from its life high.

IOC Hits a New Life High
IOC Hits a New Life High 

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Mar 16, 2018 (Close)