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After trading in the positive territory during post noon trading session, the Indian benchmark indices gathered momentum and closed the day above 27,000 levels. While the BSE-Sensex today closed higher by 233 points, the NSE-Nifty closed higher by 60 points. However, Midcaps closed weak for the second day running. S&P BSE Midcap index closed lower by 0.1%, while the S&P BSE Smallcap closed higher by 0.2%. IT and metal stocks were the biggest gainers today.
Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.64%, while China's Shanghai Composite is up 1.27% and Hong Kong's Hang Seng is up 0.46%. European markets have opened higher with shares in Germany leading the region. The rupee was trading strong at 64.78 against the US$ in the afternoon session.
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Majority of the automobile stocks finished the day in the green with Tata Motors and Bharat Forge leading the gains. According to a leading financial daily, Tata Motors' subsidiary Jaguar Land Rover (JLR) plans to invest about US$2 billion in the first phase to set up a manufacturing base in the Republic of Slovakia. Tata Motors was exploring plans to set up a factory with an installed capacity of up to 300,000 vehicles over the next decade. The company is planning to generate 400 jobs in the plant and 50,000 supplementary jobs in the allied sectors and is hoping to start production by 2018.
Tata Motors ended the trading higher by 3%, extending its 15% rally in the past four trading days on the BSE. Reportedly, JLR derives around 40% of its sales from diesel variants of which Europe accounts for 90%. However, in recent months, things have not been too hunky dory and there has been pressure on JLR volumes in China.
According to a leading financial daily, Sun Pharmaceutical Industries has withdrawn its appeal in the lawsuit filed by Ranbaxy against the US health regulator. The lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US. Sun Pharma released a statement stating that the withdrawal of the lawsuit won't have any adverse financial impact on the company. Ranbaxy had earlier sought 'immediate judicial review' of the USFDA that shredded it of statutory rights and millions of dollars in anticipated revenue for its drugs Nexium and Valcyte.
In its first quarter results for the financial year ending 2016, Sun Pharma had reported a 3.3% YoY growth in sales and a decline of 60.2% YoY in net profits. Bhavita Nagrani, our pharma analyst, has given a detailed analysis of the results (subscription required). Here, she has explained the factors that have led to the substantial fall in profits and the growth prospects for the company going forward.
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