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Metal Stocks in Favor
Mon, 14 Dec 01:30 pm

The benchmark indices continued to trade above the dotted line in the post-noon trading session. All sectoral indices are witnessing buying activity barring auto sector. Gains are largely seen in metal and pharma stocks.

The BSE-Sensex is trading up by 112 points. The NSE-Nifty is trading up by 40 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 66.79 to the US dollar.

Healthcare stocks are trading on an positive note with Aurobindo Pharma and Sun Pharma leading the gains. According to a leading financial daily, Sun Pharmaceutical Industries' subsidiary Sun Laboratories is planning to tap the domestic bond market in order to raise up to Rs 10 billion to fund an internal restructuring.

The company has divided the issue into two parts of Rs 5 billion, one maturing in two years and the other in three years. Reportedly, it is priced in the range of 7.90%-7.96%, 25-35 basis points higher than similar maturity government securities, making the borrowing cost less than any term bank loan.

Sun Pharma is the fifth largest specialty generic pharmaceutical company in the world. The company provides medicines used by healthcare professionals and patients in over 150 countries worldwide.

According to a leading business daily, Cairn India is set to roll out the world's largest enhanced oil recovery program. In this regard the company will invest about US$760 million in the site where its first oil was discovered in the Thar Desert of Rajasthan.

The company is expected to complete 100 exploration and appraisal wells and 350 development wells in 2016. The enhanced oil recovery (EOR) spending spans over Mangala and Bhagyam oil fields in the Rajasthan block to help arrest the natural decline and maintain production.

Cairn India is one of the largest independent oil and gas exploration and production companies in India with a market capitalization of US$10 billion.

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