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Sensex closes on a firm note
Mon, 25 Oct Closing

After a strong start in the morning, sustained buying across index heavyweights led the Indian indices to close well into the positive in the final trading hour. While the BSE Sensex closed higher by around 139 points (up 1%), the NSE Nifty gained around 40 points (up 1%). The BSE Midcap and the BSE Smallcap also notched gains of around 1% each. While gains were seen across sectors, FMCG and IT stocks were at the receiving end.

As regards global markets, barring Japan most Asian indices closed firm today while European indices have also opened in the green. The rupee was trading at Rs 44.37 to the dollar at the time of writing.

Power stocks closed mixed today. While NTPC and Reliance Infra found favour, Power Grid Corp. and Tata Power closed in the red. As per a leading business daily, power major NTPC has chalked out plans of investing Rs 200 bn for setting up a coal-based power project in Madhya Pradesh. Accordingly, it has entered into a MoU with Madhya Pradesh and MP Power Trading Company for setting up a 3,960 MW thermal power project in the state. The project is likely to be commissioned during the Twelfth Five Year Plan Period (2012-17). Initially, NTPC had envisaged setting up this plant in Uttar Pradesh. But those plans were shelved as it had differences with the state government. It must be noted that NTPC has power generation capacity of over 30,000 MW from all sources of energy and is planning to augment it to 50,000 MW by March 2012.

Dr.Reddy's announced its 2QFY11 results on Saturday. Revenues grew by a tepid 2% YoY in 2QFY11 largely due to decline in sales from the custom manufacturing business and Betapharm. Sales of Betapharm were hampered on account of price erosions caused by the impact of tenders. The North American generics business saw a 3% YoY growth in revenues in rupee terms. However, on a sequential basis, growth stood at 13% largely led by the launch of new products 'Tacrolimus' and 'Amlodipine Benazepril'. A decline in cost of sales and services (as percentage of sales) led to the 2.8% rise in operating margins during the quarter. This coupled with lower depreciation charges and significant reduction in tax expenses aided the 32% YoY growth in bottomline. The stock closed higher today.

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Mar 16, 2018 (Close)