Sensex Trades Up Over 330 Points; Dow Futures Up by 167 Points

Mon, 19 Oct 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 339 points, up 0.8%, at 40,322 levels.

Meanwhile, the NSE Nifty is trading up by 75 points.

ICICI Bank and HCL Technologies are among the top gainers today. Eicher Motors and Hero MotoCorp are among the top losers today.

The BSE Mid Cap index is trading flat.

The BSE Small Cap index is trading up by 0.3%

On the sectoral front, stocks from the finance sector and banking sector are witnessing most of the buying interest.

On the other hand, stocks from the automobiles sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street indices.

Nasdaq Futures are trading up by 93 points (up 0.8%), while Dow Futures are trading up 167 points (up 0.6%).

Gold prices are trading up by 0.4% at Rs 50,760 per 10 grams.

To know more about gold, visit our YouTube Playlist on gold investing.

The rupee is trading at 73.4 against the US$.

Speaking of the stock markets, Senior Research Analyst at Equitymaster, Apurva Sheth talks about one of the best investment opportunities in the market right now in his latest video for Fast Profits Daily.

According to Apurva, since the market crash on October 15, the stock market has been a little fearful with some stocks causing greater fear than others, to traders and investors.

In the video, Apurva shares how this fear has created a good profit-making opportunity and why the most hated sector in the market has the highest potential upside right now.

Tune in to find out more:

Jet Airways' Lenders Approve Plan by Kalrock Capital; Murari Lal Jalan to Revive Airline

In news from the aviation sector, Jet Airways is finally set to make a comeback, with a new owner - Kalrock Capital and Murari Lal Jalan, after it shut down eighteen months ago and became the first airline to be admitted under the insolvency and bankruptcy code (IBC).

Kalrock Capital, is a financial advisory and asset management firm focusing on real estate and venture capital and has partnered with Dubai based businessman Murari Lal Jalan who has global investments in diverse sectors such as real estate and mining, to revive the airline.

Jet Airways had earlier received bids from two consortiums, one comprising of Kalrock Capital and Jalan, and the other from Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter, and Abu Dhabi's Imperial Capital Investments LLC.

Note that the company operated its last flight between Amritsar-Mumbai on April 17, 2019, as lenders turned down its demand for emergency funding. It has been under insolvency since June 2019.

Claims made by financial creditors, operational creditors, and employees rose to over Rs 400 billion, out of which claims of Rs 155.3 billion have been admitted by the resolution professional. Financial creditors such as State Bank of India (SBI), Yes Bank, and others have claimed Rs 113.4 billion but only Rs 74.6 billion has been admitted.

It is expected that lenders will take a fairly large haircut on their exposure.

As the Committee of Creditors (CoC) has voted for the Kalrock Capital led consortium to revive the airline, with a majority, the resolution professional of Jet Airways will now have to get the plan approved by the National Company Law Tribunal (NCLT). Upon receiving the NCLT approval, they would need to apply to civil aviation ministry and corporate affairs ministry for their approvals, respectively.

However, there are still several uncertainties regarding the revival of Jet Airways. For starters, the slots owned by the airline at key airports, have been redistributed to other airlines. A lot of former employees of the airline are also not sure whether their pending dues will be cleared or whether they will be re-employed by the carrier.

How this revival pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moving on to news from the pharma space...

Among the buzzing stocks today is Dr. Reddy's Laboratories Ltd.

According to a statement from one of the vaccine developers, Dr. Reddy's Laboratories Ltd. and Russia's sovereign wealth fund - Russian Direct Investment Fund (RDIF), have got approval to conduct human clinical trials of their coronavirus vaccine in India.

On August 11, the Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia and became the world's first registered vaccine against Covid-19 based on the human adenoviral vectors platform.

Since Sputnik V was tested on a small number of people in Russia before it got registered as a vaccine, the Drug Controller General of India (DCGI) raised questions over Dr Reddy's initial proposal of testing it among a bigger population in India.

After striking down the first proposal, the DCGI has finally allowed Dr Reddy's to conduct phase 2/3 clinical human trial of Sputnik V. At present, Sputnik V is currently undergoing post-registration phase 3 clinical trial engaging 40,000 participants.

The phase 2/3 trial will be a multi-center and randomized controlled study that will include safety and immunogenicity. Dr. Reddy's and RDIF formed a partnership in September to conduct clinical trials of the vaccine and its distribution in India. RDIF will supply 100 million doses of the vaccine to Dr. Reddy's upon receiving regulatory approval in India.

We will keep you updated on all the news from this space. Stay tuned

At the time of writing, Dr. Reddy's Lab share price was trading down by 0.1% on the BSE.Speaking of Dr. Reddy's, here's an interesting chart on Dr. Reddy's Lab - Investing just Rs 100,000 in the company in 1992 would have given a whopping Rs 4.89 crores in 2014!

To know more about the company, you can access Dr Reddy's latest quarterly results on our website.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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