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Auto stocks in demand today
Mon, 29 Dec Closing

After starting the day on a firm note, Indian share markets pared some of their gains and trended lower in the post-noon trading session, albeit closing the day on a firm note. The BSE-Sensex closed up by 154 points while the NSE-Nifty closed higher by 46 points. Both midcap and small cap stocks were in demand. BSE Mid Cap closed higher by 0.87% and BSE Small Cap index up by 0.53%. Barring banking stocks, most of the sectoral indices closed in green with auto stocks being the most favoured.

As regards to the global markets, the Asian pack closed mixed today with Hong Kong leading the gains. The rupee was trading at Rs 61.65 to the dollar at the time of writing.

Most of the Indian pharma stocks closed the day on a positive note with the leadings gainers being Orchid Chemicals and Wockhardt. As per a leading business daily, Glenmark Pharmaceuticals is set to out-license its molecule, GRC 17536 for pain management. The company is in talks with some multinational companies and the deal is likely in next few months. The molecule has successfully completed phase-II trials on 138 patients in Europe and India. In past 10 years, the company has signed approx 7 out-licensing deals. Post out-licensing the drug, Glenmark gets out-licensing payment and subsequent milestone payments on the successful completion of trials. Glenmark's out-licensed drug Croflemer was approved by USFDA in 2013. Company has been quite active in developing and out-licensing its molecules.

Majority of telecom stocks have closed the day in the green led by Tata Teleservices and Idea Cellular. As per a leading business daily, telecom companies such as Idea Cellular are eagerly awaiting announcement on reserve price for spectrum auction. In an interview, Himanshu Kapania, the Managing Director of the company stated that he expects the upcoming auction for spectrum to be anywhere between 8 and 10 times of earlier prices, which will ultimately mean that the consumers will have to bear the costs. The current spectrum capacity of Idea stands at 253 MHz, of which 60 MHz is coming up for renewals. Most of the spectrum that will be up for renewal is from the 900 MHz band. The company had expanded its spectrum capacity in Feb this year.

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