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After opening the day on a firm note, Indian indices continued to remain buoyant in the post noon trading session. Gains are being led by pharma, IT and metal stocks while banking stocks are trading negatively.
The BSE-Sensex is trading up 197 points (up 0.8%) and the NSE-Nifty is trading up 56 points (up 0.7%). The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.8%. In commodity markets, Gold prices, per 10 grams, are trading at Rs 26,092 levels. Silver price, per kilogram, is trading at Rs 34,846 levels. Crude oil is trading at Rs 2,967 per barrel. The rupee is trading at 65.72 to the US$.
Stocks in the telecom space are trading positively with Idea Cellular and Bharti Airtel leading the gains. As per a leading financial daily, Idea Cellular has got its shareholders approval to raise up to Rs 100 billion through issue of non-convertible debt securities on private placement basis in one or more tranches. The same was approved in the company's 20th AGM held on Monday by way of approval of a special resolution. Idea Cellular is the leading GSM mobile services operator in India with over 72 million subscribers. The company's trailing twelve month (TTM) EPS stood at Rs 8.30 per share at the end of the June 2015 quarter. Presently the stock of Idea Cellular is trading up by nearly 5% on the BSE.
Most of the stocks in the pharma space are trading in the green with Torrent Pharma and Wockhardt witnessing maximum buying interest. International specialty pharma company Sun Pharmaceutical Industries has announced the commencement of a tender offer, for acquisition of all of the outstanding shares of InSite Vision. The offer has been commenced through the company's indirect wholly owned subsidiary - Thea Acquisition Corporation. The acquisition of outstanding shares of InSite Vision will be for US$ 0.35 per share in cash, without interest and less any required withholding taxes. To recall, Sun Pharma had on 16 September 2015, announced its intention to acquire InSite Vision. The scrip of Sun Pharmaceuticals Industries is trading up by 1.5%.
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