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Pharma stocks lead the gains
Thu, 1 Oct 01:30 pm

After opening the day on a firm note, the Indian Indices continued their positive trend in the post noon trading session. Sectoral indices are trading on a positive note with stocks from the pharma and capital goods sectors leading the gains.

The BSE-Sensex is trading up 99 points (up 0.4%) and the NSE-Nifty is trading up 23 points (up 0.3%). The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.4%. Gold prices, per 10 grams, are trading at Rs 25,774 levels. Silver price, per kilogram is trading at Rs 34,650 levels. The rupee is trading at 65.58 to the US$.

Stocks in the automobile sector are trading mixed with gains led by Ashok Leyland and Eicher Motors. As per a leading financial daily, Hinduja group flagship company Ashok Leyland has sold shares worth Rs 1.65 billion of IndusInd Bank Ltd. The company in a BSE filing stated that it has sold 18 lakh equity shares of Rs 10 each held in IndusInd Bank in the open market between September 25th and 29th at a net price of Rs 918.76 per share. The company has been selling its non-core assets in order to bring down its debt level. It earlier sold its US-based Defiance Testing and Engineering Services. It also divested its 48.5% stake in Ashok Leyland Wind Energy Ltd (ALWEL) as a part of sale of non-core assets of the company. The debt-equity ratio of the company stood at 2.6 as on 31st March, 2015. Scrip of Ashok Leyland is trading up by 2.2% on the BSE.

Pharmaceutical stocks are also trading firm with Novartis and Pfizer leading the gains. As per an article in Economic Times, GlaxoSmithKline Pharmaceuticals (GSK India) has completed its transaction with Novartis Healthcare. By this GSK India had acquired Novartis vaccines business and divested its marketed oncology portfolio to Novartis Healthcare. This follows a global transaction between GSK plc, UK (GSK) and Novartis AG, Switzerland which was completed in March 2015. The transaction will enhance GSK's vaccines portfolio and by harnessing its expertise in virology, bacterial infection and technological platforms, the company will be able to deliver a reliable supply quality of vaccines. Stock of GSK is presently trading marginally down.

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