- QIB portion subscribed 1.18 times at upper price band of Rs 299
- Non institutional portion subscribed 0.38 times at upper price band
- Retail portion subscribed 1.12 times at upper price band
Shares of airline stocks jumped between 4 percent and 5 percent on after the Delhi government slashed taxes on aviation turbine fuel (ATF) for flights to North Eastern region of the country.
Tax on air turbine fuel to be reduced to 1 percent from 25 percent. Delhi Deputy Manish Sisodia told reporters that the tax reduction on ATF is aimed to improve connectivity with northeast areas.
- SpiceJet (+6.3%)
- Jet Airways (+6.2%)
- Interglobe Aviation (+3.1%)
- Global Vectra Helicopters (+5.6%)
#BQSpotted by @shraddha_babla | Windsor Machines posts double digit gains for the second consecutive session. pic.twitter.com/il2UnA0Gte
— BloombergQuint (@BloombergQuint) March 8, 2017
Shares of the Mukesh Ambani-owned company were trading lower by nearly 1 percent after gaining almost 20 percent in the last 10 sessions. The stock had jumped as much as 1.8 percent to a multi-year high of Rs 1,327 on Tuesday.
Reliance Industries has been on an uptrend since February 21, when it announced that Reliance Jio will begin charging for services from April. Analyst upgrades as well as Mukesh Ambani's plans to revamp his holdings in the company have fuelled the rally.
Women fund managers are rare in India but deliver consistent returns, according to Morningstar.https://t.co/QyLWgoEsAc pic.twitter.com/mSTXu3frhP
— BloombergQuint (@BloombergQuint) March 8, 2017
- Geometric has 1.15 million shares change hands in a block deal
Shares of Natco Pharma gained as much as 3.1 percent after the Delhi High Court allowed the drug maker to export Sorafenat API for use in research and development.
The court had barred Natco from exporting Sorafenat in 2014. Sorafenat is manufactured by the Indian company under compulsory license for Bayer’s patented drug Nexavar, used for kidney cancer.
Bayer argued compulsory license is only for sale of the drug in India and Natco should not be allowed to export the drug’s active pharmaceutical ingredients. Natco sought to export samples of the drug’s API to generate clinical trial data for submitting to regulators of various countries
Besides the Natco ruling, the court today also allowed Alembic Pharma to export Rivaroxaban
API for R&D. Bayer has patent over Rivaroxaban, a blood thinner, and sought restraining order on Alembic from exporting the drug for R&D and/or regulatory use overseas.
Alembic Pharma gained as much as 4.3 percent intraday after the news broke.
Shares of drug maker gained 1.4 percent to Rs 442 after the company said it received a final approval to market 2mg, 4mg and 6mg strengths of the muscle relaxant, according to a statement on the exchanges.
The drug will be produced in the company’s Aurangabad facility in Maharashtra.
Continuing with its strong rally, the rupee edged up another 4 paise to a four-month high of 66.63 against the U.S. dollar in early trade today on increased selling of the American currency by banks and exporters.
Forex dealers said that besides the dollar's weakness against other currencies overseas, continued foreign fund inflows and a higher opening in domestic equity market also supported the rupee's momentum.
The rupee had closed at 66.63 on November 10 last year.
The local currency had ended 4 paise higher at 66.67 in yesterday's trade, rising for the second consecutive day.
Movers & Shakers: Wockhardt, MTNL, Glenmark Pharma And More
#BQWatchList | Stake sale talks to FDA worries, @AgamVakil gets you the 5 things to watch today.https://t.co/VMjPoZmPqz pic.twitter.com/XeaszZMYkU
— BloombergQuint (@BloombergQuint) March 8, 2017
Will investors add D-Mart to their shopping trolley?
— BloombergQuint (@BloombergQuint) March 8, 2017
Report @soumeet_sarkar & @sharleendsouza https://t.co/akxzCi2aSI
Flipkart CEO Kalyan Krishnamurthy is looking to raise $1.5 billion to fend off rivals, reports @SarithaRai.https://t.co/TmvjS4Z06u pic.twitter.com/amYtTSvIEg
— BloombergQuint (@BloombergQuint) March 8, 2017
The 10-year benchmark sovereign bond yield may fall in today's session after the government on Tuesday evening announced plans to repurchase Rs 10,000 crore of notes on Thursday.
Traders are expected to remain cautious as the focus shifts to Uttar Pradesh election exit polls that are due tomorrow evening. The election result is due on Saturday. They will also watch out for inflation data and the U.S. Fed policy meeting review, which are slated for next week.
The Indian rupee, which gained 0.1 percent against the dollar yesterday, is expected to keep up its advances if Prime Minister Narendra Modi's party wins the key state election.
The S&P 500 Index lost 0.3 percent, the first back-to-back declines since January, while the Dow Jones Industrial Average fell 0.14 percent to end at 20,924.76.
The odds for a rate hike at the March meeting remained at 96 percent, according to futures rates tracked by Bloomberg.
In commodities, oil prices fell below $53 a barrel after U.S. industry data showed crude stockpiles expanded, adding to an inventory overhang. Gold increased 0.2 percent to $1,218 per ounce after declining 0.8 percent in each of the past two trading session. Copper advanced for the first time in five session, while iron ore and aluminium also climbed.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
