Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

IT & Metal Stocks Trade Higher
Mon, 19 Sep 01:30 pm

Indian Indices have continued trading marginally higher during the post-noon trading session amid strong global markets. Barring FMCG stocks, major sectoral indices are trading on a positive note with stocks from the IT & metal leading the gains.

The BSE Sensex is trading higher by 78 points (up 0.3%) while the NSE Nifty is trading higher by 32 points (up 0.4%). The BSE Mid Cap index is trading higher by 0.6% and BSE Small Cap index is trading higher by 0.5%. Gold prices, per 10 grams, are trading at Rs 30,970 levels. Silver price, per kilogram is trading at Rs 45,915 levels. Crude oil is trading at Rs 2,986 per barrel. The rupee is trading at 66.92 to the US$.

Power stocks are trading on a mixed note with Satluj Jal Vidyut & Jaiprakash Power heading the gains. As per an article in Business Standard, Power Grid Corporation of India (PGCIL) has received its board approval for investment proposals worth Rs 5.6 billion for power transmission related projects.

Reportedly, the company has accorded investment approval for system strengthening in the southern region. It has a commissioning schedule of 30 months progressively from the date of investment approval.

Despite various hassles, the company has a consistent track record (Subscription Required) in commissioning projects on time or even before the scheduled date. Significantly, more than 45% of power generated in India is transmitted through PGCIL. The government has also laid a target of installing capacities of 175 Giga Watts (GW) of renewables by 2022.

In another development, it was reported that, union power ministry has proposed to extend the free electricity connections scheme to all. In this regard, the Centre will extend financial support to states to enable them to offer new electricity connections.

For this purpose, Rural Electrification Corporation (REC) is preparing a scheme to provide long-term loans to states that agree to offer free new electricity connections. As per the plan, the distribution companies will have to get new connection plans approved by REC. REC in turn will reimburse expenses incurred by power utilities in giving electricity access to households.

Apparently, this proposal is in line with the Centre's goal to achieve 24x7 power for all by March 2019.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Dr Reddy's Laboratories Ltd announced expansion of its strategic collaboration with Amgen. Amgen is a US-based independent biotechnology firm.

As a result of the move, Dr Reddy's will market and distribute three of Amgen's medicines in the therapy areas of Oncology and Osteoporosis. The company will market and distribute three additional products in India namely, XGEVA (denosumab), Vectibix (panitumumab) and Prolia (denosumab). Xgeva is used in prevention of skeletal related events, Vectibix is a cancer medication, Prolia is used for treatment of post-menopausal women.

Notably, Last year, Dr. Reddy's had announced an initial strategic collaboration with Amgen to execute commercial services to seek approval of and launch Amgen's Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India.

The alliance is focusing to address unmet medical needs of patients in India, the company stated. Going forward, whether the collaboration leverages the capabilities of both companies to serve the needs of the Indian patients will be the key thing to watch out for.

ICICI Prudential Life Insurance's IPO opens today, the biggest initial public offering in nearly six years. The insurer's parent ICICI Bank will be selling a 12.36% stake with this IPO. An IPO is the most tempting vehicle to realise every investor dreams of making a lifetime of money. Most IPOs, however, fail to hit the mark. So, instead of getting influenced by the general uproar, investors should analyze well in order to avoid any pain in the future.

To help you approach them as an enterprising investor would, we are preparing special handbook for IPO Investing. Watch this space to know how you could access it...

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "IT & Metal Stocks Trade Higher". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 17, 2018 (Close)