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After opening the trading session on a negative note, the Indian equity markets gathered steam as the day progressed and finished the day on a strong note. While the BSE-Sensex today closed higher by 150 points, the NSE-Nifty closed higher by 44 points. Smallcaps and Midcaps too were in demand today with both the BSE Mid Cap and BSE Small Cap indices closing higher by 0.2% and 0.5% respectively. Gains were largely seen in banking and capital goods sector.
Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.73%, while the Hang Seng led the Nikkei 225 lower. They fell 1.72% and 1.04% respectively. European markets are mixed today. The FTSE 100 is up 0.34%, while the CAC 40 gained 0.18%. The DAX is down 0.08%. The rupee was trading at 66.17 against the US$ in the afternoon session.
According to a leading economic daily, the Environment Ministry has decided to grant environmental clearance to Tata Steel for expansion as well as setting up of two units at its Joda plant in Keonjhar district, Odisha based on the recommendation of the Expert Appraisal Committee. Reportedly, the total cost of the project is estimated to be around Rs 1.85 bn providing employment to about 2,000 people.
The company has received clearance for expansion of Fe-Mn (Ferro Manganese) alloy plant from 0.0504 million tonnes per annum (MTPA) to 0.06 MTPA. Besides, the company has also received nod for addition of 0.06 MTPA silico-manganese plant and 0.05 MTPA manganese sinter plant in existing Ferro alloy plant at Joda, Koenjhar district in Odisha.
The approval has been given with some specific conditions including developing green belt in 33% of plant area and maintaining of gaseous emissions within permissible limits among others. The company is expanding the Ferro alloys production keeping in view the country's rising steel demand, which is expected to touch 193 MT in 2020.
Tata Steel recently declared its results for the quarter ended September 2015. Market conditions in Europe significantly worsened in the quarter as UK continues to witness surge in imports and declining competitiveness of the manufacturing sector due to weak industrial demand, strengthening of the sterling and adverse regulatory and business conditions. Income from operations declined by 18.1% YoY and other operating income also declined by 12.3%. Here is our detailed analysis of the results. (Subscription required)
According to a leading financial daily, Sun Pharmaceutical Industries is believed to be in talks with Swiss pharmaceutical giant Novartis to acquire its branded drug portfolio in Japan. If the deal happens to go through, it would be Sun's second association with Japan. It had acquired Ranbaxy Laboratories from Japan's Daiichi Sankyo last year.
Reportedly, the deal could be valued at US$ 300-400 million and might be concluded by as early as December. The deal will enable Sun to gain market access in the world's second largest pharma market. It is to be noted that Sun Pharma is India's largest drug company by sales and it generates half its consolidated revenue from the US market.
The scrip of Sun Pharmaceuticals Limited finished the trading day on negative note (down 0.2%) on the BSE.
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