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Sensex sheds early gains
Tue, 13 Sep 01:30 pm

Although Indian stock market indices have shed early gains over the last two hours of trade, they are still trading in the green. All sectoral indices, barring consumer durables and auto, are trading in the positive, with IT and realty stocks being among the major gainers.

The BSE-Sensex is up by 61 points and NSE-Nifty is up by 18 points. Both BSE Mid Cap and BSE Small Cap indices are up by 0.5%. The rupee is trading at 47.27 to the US dollar.

Indian Pharma stocks are trading mixed with Torrent Pharma and Elder Pharma trading strong while JB Chemicals and IPCA Labs are leading the pack of losers. As per a leading financial daily, Biocon plans to list its research services unit Syngene within the next 18 months or so. As per the management, the company is focusing on posting US$ 1 bn revenue in three to five years on the back of its strong clientele. It expects to unlock a lot of value from the research services unit. The Initial Public Offering (IPO) proceeds will be used to support the capex requirements of Syngene. No further details regarding the IPO were given. The stock was trading in the green.

Energy sector stocks are mixed with Cairn India and Gas Authority Of India Ltd. (GAIL) registering the highest gains. Oil and Natural Gas Corporation Ltd. (ONGC) and Indraprastha Gas were leading the pack of losers. As per a leading financial daily, ONGC faces a claim of Rs 10 bn from the villagers in Nagaland. In a public interest litigation (PIL) filed by Dice Foundation, a Kohima-based NGO at the Gauhati High Court against the company, the contention is that the corporation's decision to stop extraction of oil about 16 years back under threat from rebels, has turned out to be costly for villagers of Champang and Tisso in Wokha district of Nagaland. It is said that the oil spilling from capped rigs for years has adversely impacted the quality of land in these villages causing damage to the agrarian economy. The petitioner has also asked for payment for the loss of oil from the oil spill and a directive to the ONGC and the state government of Nagaland to clean up the waste.

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