After opening firm, the Indian Indices are trading at record highs during the morning session. Banking and auto stocks are leading the gainers; while metal stocks are trading in the red.
The BSE-Sensex is trading up 195 points. The NSE-Nifty is trading up 47 points. The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.7%. The rupee is trading at 61.49 to the US dollar.
Indian pharma stocks are trading mixed with, Piramal Enterprise and Aurobindo pharma being the leading gainers while Cadila healthcare and Dishman pharma being the leading losers in the pack. Aurobindo pharma has announced that the company has emerged as the highest bidder for acquiring Natrol; which manufactures supplements. Reportedly, the process has reached final stage and will be approved by United States bankruptcy court of district of Delaware. Under the auction process, Aurobindo USA emerged as the highest and best bidder with a bid of US$132.5 million to acquire the assets of Natrol with an agreement to take on certain liabilities. Aurobindo USA believes that Natrol is an excellent strategic fit and provides the right platform for creating a fully-integrated OTC platform in the USA and in other international markets. The acquisition will benefit Aurobindo. Post acquisition Aurobindo will have access to its strong portfolio, having presence in variety of attractive supplements market. Thus this will be a new line of segment for the company. Aurobindo pharma was trading up by 3.8% at the time of writing.
Software stocks are trading mixed today. While Tata Consultancy Services (TCS) is leading the gainers; HCL Tech is leading the losers. India's second largest software firm Infosys, is betting big on software products to revive its fortunes. The company's R&D division, Infosys Labs, has been at the centre of the new CEO Vishal Sikka's efforts to transform the company into a next generation services firm. To this end the company has stated that Infosys Labs will develop and implement new disruptive technologies. At the forefront will be automation technologies as well as artificial intelligence. The company has repositioned the division to focus on these technologies and come up with products that will benefit clients. The stock was trading up 0.3% at the time of writing.