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Indian indices continue to trade firm
Fri, 22 Aug 11:30 am

After opening firm, the Indian Indices continued to trade above the dotted line during the morning trading session. Barring stocks from healthcare, FMCG and realty sectors, all the sectoral indices are trading in the green. Maximum buying activity is witnessed in stocks from banking and oil and gas sectors.

The BSE-Sensex is trading up by 120 points. The NSE-Nifty is trading up by 32 points. The BSE Mid Cap index is trading up 0.45% and the BSE Small Cap index is trading up 0.27%. The rupee is trading at 60.76 to the US dollar.

Automobile stocks are trading mixed with Mahindra and Mahindra (M&M) and Eicher Motors being the leading gainers, while Bajaj Auto and Escorts are among the leading losers. As per a financial daily, Ashok Leyland has sold its property worth Rs 2.1 bn in Chennai. This move is in line with company's strategy to divest its non-core assets. The company will utilize this money to bring down its debt. Reportedly, in 2013-14, the company paid off debt of around Rs 1.4 bn. Currently, the company has an outstanding debt of approximately Rs 4.5 bn. Ashok Leyland was trading up by 0.46%.

Majority of the Indian pharma stocks are trading in the green with Natco Pharma and Glenmark Pharma being the leading gainers in the pack. As per a leading financial daily, US department of justice (DoJ) might impose penalty of Rs 2.4 bn on Ranbaxy Laboratories. The said penalty is for violations at its Toansa facility. This facility received import ban in Jan 2014. Reportedly, the specific details of the fine are still awaited. In May 2013, US authorities had imposed penalty worth US$ 500 m due to manufacturing slippages and subsequent import ban on its two formulations facility. Recently Sun Pharma and Ranbaxy had entered into a merger agreement. The transaction is expected to close by December 2014. Post acquisition, Sun Pharma will focus on making all the facilities USFDA compliant.

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