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Indian Indices Trade Strong, Logistics Sector Gets Infra Push, and Top Stocks in Action
Wed, 22 Nov Pre-Open | Prasheel Vartak, TM Team

On Tuesday, share markets in India opened in green and traded positively throughout the day and ended the day strong.

The BSE Sensex closed higher by 118 points to end at 33,478 while the broader NSE Nifty ended the day up by 28 points to close at 10,327.

Among BSE sectoral indices, consumer durables index rose the most by 2%, followed by pharma stocks at 1.8%. Dr Reddy's Lab and Sun Pharma were among the top gainers.

Top Stocks in Action Today

Yes Bank share price is likely to be in focus today the company announced plans to raise over US$ 400 million through two syndicated loan transactions in Taiwan and Japan - comprising of $250 million from Taiwanese banks and 16.5 billion yen (around US$ 150 million) from Japan

Ajanta Pharma share price will be among the stocks to watch today after the company announced USFDA approval and launch of Clonidine Hydrochloride Extended Release Tablets in the US Market through its wholly owned subsidiary Ajanta Pharma USA Inc. In total, Ajanta has 39 Abbreviated New Drug Applications (ANDAs) of which it has 22 final ANDA approvals, 2 tentative approvals, and 15 ANDAs under review with USFDA. Till date, it has launched 16 products in the US market.

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Logistics Sector Classified as Infrastructure

In a major push for the sector, the government has granted infrastructure status to the logistics sector, making it easier for companies operating cold chains, industrial parks and warehousing facilities to raise long-term credit from banks and other financial institutions at low rates, and attract foreign investment.

This is a positive move for developing an integrated logistics framework in the country.

Considering a proposal by the commerce ministry, the finance ministry decided to include logistics in the master list of infrastructure sub-sectors.

The government has defined "logistics infrastructure" to include a multimodal logistics park comprising an inland container depot (ICD) with a minimum investment of Rs 500 million and minimum area of 10 acre, a cold chain facility with a minimum investment of Rs 150 million and minimum area of 20,000 sq. ft and a warehousing facility with a minimum investment of Rs 250 million and a minimum area of 100,000 sq ft.

Development of logistics will give a boost to both domestic and export markets. The decision will enable the logistics sector to access infrastructure lending at easier terms with enhanced limits, larger amounts of funds as external commercial borrowings (ECB), longer tenor funds from insurance companies and pension funds and also make it eligible to borrow from the India Infrastructure Financing Co. Ltd (IIFCL).

Leading logistics players have welcomed the government's decision saying the move will help them raise funds at a lower cost which in turn will help reduce the overall transportation cost. The industry expects the move to lead to a 50 basis points gain for logistics players in terms of finance costs.

Global Indices Mixed Over Political Uncertainty

Global financial markets were mixed as German coalition talks hit a roadblock. German chancellor Angela Merkel said she would prefer fresh elections to ruling with a minority government after talks on forming a three-way coalition collapsed

However, strong German economic growth data gave European stocks a lift. Upbeat industrial data in Germany helped the benchmark DAX brush off worries over the collapse of German coalition government talks.

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