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Realty stocks lead the rally
Wed, 19 Oct 11:30 am

Indian stock market indices traded firm over the last two hours of trade on the back of sustained buying activity across index heavyweights. Realty and banking stocks witnessed maximum buying interest.

The BSE-Sensex is up by 267 points, while the NSE-Nifty is up by 81 points. BSE Mid Cap and BSE Small Cap indices are up by 1.34% and 1.08% respectively. The rupee is trading at 49.12 to the US dollar.

Banking stocks are trading strong. Andhra Bank and Dena Bank are the biggest winners. According to a leading financial daily, India's largest lender State Bank of India (SBI) is planning to tie up with Macquarie Group to raise US$ 1.5 bn for its second fund to invest in infrastructure assets and companies in India. The first fund, SBI Macquarie Infrastructure Trust which closed in March has raised US$ 1.2 bn. Both the companies hope to complete the paperwork quickly and be ready for launch over the next two months, although given global uncertainty and weak investor appetite, the launch could get delayed and could happen only in the first quarter of 2012. Like the first fund, the second will invest in core infrastructure assets including roads, utilities, telecoms, ports, airports and companies servicing those sectors.

Pharma stocks are trading strong led by J B Chemicals and Ranbaxy. According to a leading financial daily, Lupin is planning to enter into two marketing alliances to market adult vaccines and enhance its market share in chronic diseases segment in India. The company wants to tie up with a multinational and a domestic company by March 2012 to market the products. Lupin had decided to move away from the acute therapy, anti infective segment because of the stronger growth potential of the lifestyle and chronic therapy segment in India. Apart from vaccines, Lupin is also searching for a partner to help market cardiovascular, diabetes, gynecology and respiratory drugs. This is a positive step by the company given that chronic therapy drugs enjoy higher sales and margins.

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Mar 23, 2018 (Close)