Indian equity markets started the day on a positive note and continued this trend through mid-afternoon on sustained buying by funds and retail investors amid firm global cues. However, selling pressure intensified in late afternoon, which scrapped almost all earlier gains, before closing the day marginally higher. Realty and Metal stocks were leading the pack of gainers. While the BSE-Sensex closed higher by 21 points, the NSE-Nifty closed higher by 10 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 61.8 to the dollar at the time of writing.
Biocon's most ambitious project, the development of oral insulin, is expected to be delayed further. The company which is attempting to develop this drug for the past few years - first on its own and for the past one year with global pharmaceutical major Bristol Myers Squibb (BMS), is expected to pick up talks with BMS on the future of the project going further. During November last year, Biocon had signed co-development partnership with BMS aiming to leverage the positive data obtained from the Indian Phase III study. Biocon had previously conducted a Phase III study in India with IN-105, which did not meet its primary endpoint.
Yes Bank has raised US $150 m long-term loan from International Finance Corporation (IFC) for a tenor of up to seven years to scale up its loan portfolio for the SME sector. While US $45 m would come through IFC's co-lending programme, another US $60 m would be IFC's own account loan, both for a seven-year period. The balance US $45 m would be a syndicated loan provided by Intesa Sanpaolo, Bank Muscat, Doha Bank and AKA Frankfurt for a tenor of two years. YES Bank said it was the first institution globally to receive funding through IFC's managed co-lending portfolio programme and the first Indian bank to raise loan under IFC's A/B loan facility. YES Bank has swapped the loan with RBI through the concessional snap window offered to banks