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Shares of the Mumbai-based drugmaker rose as much as 4.41 percent to Rs 698 after the company received Abbreviated New Drug Application (ANDA) for Hydrcortisone Valete Ointment.
These ointments are used to treat a variety of skin conditions like allergies and rashes and upon Commercialization company will be eligible for 180 days of Competitive Generic Therapy (CGT) exclusivity, Glenmark Pharma said in an exchange notification.
Nifty can go higher from current levels and traders can go long with a stop loss at 10,800 for target of 10,950, Sumeet Bagadia, executive director at Choice Broking told BloombergQuint in an interview.
Other trading ideas:
Shares of the Chennai-based systems and equipment maker for power, oil & gas and refinery industries rose as much as 7.21 percent, the most in nearly a month, to Rs 63.90.
The company has secured order worth Rs 49.40 crore from Tamil Nadu Transmission Corporation (TANTRANSCO) for fabrication, engineering, supply, erection, testing and commissioning and handing over of 110/33-11 kv GIS Substation at Velachery Main Road in Chennai.
The country’s largest private sector lender will consider its September-December quarter results on Jan. 19.
HDFC Bank traded 1.4 percent higher at Rs 2,124.10.
Shares of the Mumbai-based drugmaker recovered from low levels and rose as much as 0.3 percent to Rs 855.50 after it received U.S. drug regulator's nod for Tadalfil tablets.
Lupin received approval for Tadalafil Tablets from the U.S. FDA to market generic version of Eli Lilly and Company's (Lilly) Adcirca Tablets, 20 mg, Lupin said in an exchange notification.
Tadalfil is used in treatment of pulmonary arterial hypertension to improve exercise ability and had annual sales of $503.8 million in the U.S., the notification added.
Source: Bloomberg
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Shares of the Delhi-based construction services provider recovered from low levels and rose as much as 4.2 percent to Rs 305.
The company has won order of Rs 425.42 crore for construction of Government Medical College and Hospital Building as Chapra, Bihar, Ahluwalia Contracts said in an exchange filing.
Shares of power producing companies were trading higher after the sector regulator released draft tariff regulations for the next five-year period that some analysts said weren’t as negative as the market expected.
The draft regulations of the Central Electricity Regulatory Commission for April 2019-24 indicate the intent to reduce the cost of power for consumers. The return on equity dilution for companies is lower than what is being factored by current market valuations, Swarnim Maheshwari, Mumbai-based analyst with Edelweiss Securities Ltd. wrote in a note.
Gauge of power shares — S&P BSE Power Index rose as much as 2.89 percent to 1,992 led by Power Grid, Suzlon Energy NTPC and Siemens.
Source: Bloomberg
Indian equity benchmarks extended gains led by ICICI Bank, HDFC twins and Reliance Industries.
The Sensex rose 0.85 percent or 305 points to 36,268 and the NSE Nifty 50 Index climbed 0.67 percent or 73 points to 10,878.
Fifteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Power Index's 1.6 percent gain. On the flipside, the S&P BSE Consumer Durables Index's 0.5 percent decline.
The overall breadth was positive as 1,255 shares were advancing while nearly 800 were declining on the BSE.
Shares of the specialty pharma company rose close to 10 percent, the most in over four months, to Rs 299.
Solara Active Pharma Sciences’ research centre at Chennai received zero observations on Form 483 from U.S. FDA, according to an exchange notification. The trading volume was more than 16 times the 20-day average for this time of the day, according to Bloomberg data.
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Shares of the Gurgaon-based state-run transmission utility company rose as much as 5.84, the most since May 29, to Rs 196.55 on heavy volumes.
Trading volume was 8 times its 20-day average, according to data compiled by Bloomberg.
Over 43 lakh shares changed hands on the National Stock Exchange, as per the information on NSE website.
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Shares of the Mumbai-based airline operator fell as much as 4.2 percent to Rs 249 after its largest lender — State Bank of India called for forensic audit of its books, Press Trust of India reported citing sources.
State Bank of India, which is the lead banker to Jet Airways' over Rs 8,000-crore loans, has mandated Ernst & Young to conduct a forensic audit of the airline’s books for the period between April 2014 and March 2018, the report added.
Meanwhile,
National Green Tribunal Orders Reopening Of Vedanta’s Sterlite Copper Plant In Tuticorin
Indian rupee opened higher at 71.85 per dollar against Friday's close of 71.90.
The home unit rose as much as 0.13 percent or 10 paise to 71.80 against the greenback.
Indian bonds are likely to be supported by oil prices hovering near $60 a barrel, a factor that is likely to keep a lid on consumer price inflation.
The benchmark 10-year yield fell 2 basis points last week, adding to 36 basis points of drop in the previous three weeks as bonds rallied in recent weeks on the back of easing inflation and speculation of lower interest rates under the new RBI Governor Shaktikanta Das.
One-year onshore swap rates are factoring a 50 percent chance of a reduction around April or June, or 100 percent chance of a 25-basis-point cut in August, according to ICICI Securities Primary Dealership Ltd.
Meanwhile, the rupee could start stronger but will be kept in check by uncertain appetite for risks amid a sell-off in equity markets.
Not helping matters is a wider than expected trade deficit. The gap was at $16.7 billion, government data showed on Friday, compared with $15.1 billion in a Bloomberg survey, but smaller than October’s $17.1 billion. The implied opening from the forwards suggests that the rupee will start trading at 71.86 per dollar, slightly firmer than 71.89 on Friday.
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