After trading in the positive territory during post noon trading session, the Indian equity markets gained further ground and closed the day in the green. While the BSE-Sensex today closed higher by 221 points, the NSE-Nifty closed higher by 83 points. Midcaps and Smallcaps too closed on a strong note today. While the S&P BSE Midcap index closed higher by 1.3%, the S&P BSE Smallcap index was up by 0.9%. Metal, power and banking stocks were the biggest gainers today.
Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.27%, while the Shanghai Composite led the Nikkei 225 lower. They fell 2.67% and 1.63% respectively. European markets are higher today with shares in London leading the region. The rupee was trading strong at 66.37 against the US currency in the afternoon session.
According to a leading financial daily, Dr. Reddy's Laboratories has signed a commercialization deal with Hatchtech, an Australian pharmaceutical company developing an innovative prescription head lice product, Xeglyze Lotion. The exclusive rights for this product are applicable for the territories of the United States, Canada, India, Russia and the CIS, Australia, New Zealand and Venezuela. Additionally, Hatchtech will be filing its New Drug Application for Xeglyzew with the US Food and Drug Administration (FDA). If approved, the product will be marketed in the United States by Promius Pharma, a wholly-owned specialty company of Dr. Reddy's Laboratories. As part of the agreement Dr. Reddy's will pay Hatchtech an upfront amount of US$ 10 million, up to US$ 50 million based on pre commercialization milestones and an undisclosed amount based on post commercialization milestones, linked to achievement of annual net sales targets.
Buying activity was witnessed across majority of the stocks in the engineering sector with Elecon Engineering and Welspun Corportaion leading the pack of gainers. However, Kalpataru Power and Thermax Ltd ended the trading day in the red. Shares of Siemens surged more than 2% in intraday trading today after it was reported that the company has won a crucial order approximately worth Rs 810 million from Diesel Locomotive Works (DLW), Varanasi. The scope of work for the project includes supply and supervision for installation and commissioning of AC-AC traction systems including Locomotive Controller for Diesel Electric Locomotives. Siemens is one of the leading producers of energy-efficient, resource-saving technologies; combined cycle turbines for power generation; and power transmission solutions.