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Indian markets trade in the green
Thu, 15 Oct 01:30 pm

After opening the day on a positive note, the Indian Markets continued to trade in the green in the post noon trading session. Sectoral indices are trading on an encouraging note with stocks from the auto and banking sectors leading the gainers.

The BSE-Sensex is trading up 237 points (up 0.9%) and the NSE-Nifty is trading up 77 points (up 1%). The S&P BSE Midcap index is trading up by 0.9% and the S&P BSE Smallcap index is trading up by 0.6%. On the commodity front, gold prices, per 10 grams, are trading at Rs 27,256 levels. Silver price, per kilogram is trading at Rs 37,505 levels. Per barrel crude oil is available at Rs 3,004. The rupee is trading at 64.79 to the US$.

Most of the engineering stocks are trading on a positive note with Jyoti Structure and Shanthi Gears leading the gainers. As per an article in Livemint, Larsen and Toubro Ltd (L&T) is planning to list five operational road assets through an Infrastructure investment trust (InvIT). The company is expecting to raise more than Rs 20 billion through this process. The company has stated that it is ready with the plan for InvIT, which the Board could propose in a month's time.

InvIT is a new structure cleared by the capital market regulator to simplify fund raising by infrastructure developers. The company in this regard pointed that institutions with long-term funds, such as the insurance companies and pension funds would be best suited for InvITs.

The company in its first quarter results of financial year 2015-16 has reported 6.7% YoY growth in sales. However, net profits fell by 37% YoY. Rahul Shah, Managing editor of Microcap Millionaires, recently put out a detailed note sharing his views on these results. You can read the same here (subscription required).

Pharmaceutical stocks are trading on a mixed note with Lupin Ltd and Indoco Remedies leading the gains. As per a leading financial daily, Sun Pharmaceutical Industries' US subsidiary - Taro Pharmaceuticals has acquired Canada's Zalicus Pharmaceuticals, a company engaged in the development of a pain management drug candidate coded Z944. The acquisition is aimed at strengthening Taro's focus on proprietary drugs and expanding beyond its forte in dermatology drugs.

Taro Pharmaceuticals has made cash payment of about Rs 250 million for the same. This is in addition to issuing a non-interest bearing, limited recourse promissory note of an equal amount with maturity date of July 1, 2017.

Sun Pharma is the fifth largest specialty generic pharmaceutical company in the world with a presence in over 150 countries. Presently the stock of company is trading marginally up.

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Mar 16, 2018 (Close)