Sensex, Nifty End Range-Bound Session Marginally Higher; Lupin Soars on U.S. FDA Clearance

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Lupin Soars After USFDA Clears Goa Plant

The drug maker closed up 7.8 percent at Rs 1,684, its biggest single day jump since February 5. The company said it has cleared a U.S. FDA inspection carried out back in July 2015 and the agency has issued an Establishment Inspection Report (EIR).

However, the company press release to the exchanges said, the responses from the March 2016 U.S. FDA inspection and updates thereafter are still under review by the drug regulator.

Lupin Soars After USFDA Clears Goa Plant

The drug maker closed up 7.8 percent at Rs 1,684, its biggest single day jump since February 5. The company said it has cleared a U.S. FDA inspection carried out back in July 2015 and the agency has issued an Establishment Inspection Report (EIR).

However, the company press release to the exchanges said, the responses from the March 2016 U.S. FDA inspection and updates thereafter are still under review by the drug regulator.

Tata Motors’s JLR Clocks 22% Growth in Retail Sales

Jaguar Land Rover (JLR), the U.K. arm of Tata Motors, sold 219,556 units or 22 percent more than the first six-month period of last year, primarily driven by an increase in Jaguar sales of 64 percent.

It also managed its best-ever June sales at 46,456 vehicles, 17 percent up on 2015, the company said in a press release.

Jaguar has seen unprecedented growth driven by the successful introduction of the Jaguar F-PACE as well as continued strong sales of the XE. Land Rover has delivered a solid performance, particularly for the Discover Sport, which is now the brand’s best-selling vehicle.”

Andy Goss, group sales operations director, Jaguar Land Rover said in the release.

Shares of the homegrown auto maker, however, continued to trade lower at Rs 456 (down 0.8%) on the BSE.

Tata Steel Slips on Report of U.K. Assets Sale on “Pause”

Shares of the debt-laden firm dropped as much as 5.2 percent to Rs 316 after a BBC report, without quoting any sources, said that it will pause sale of most of its U.K. business. This includes the Port Talbot.

Tata Steel Slips on Report of U.K. Assets Sale on “Pause”

Shares of the debt-laden firm dropped as much as 5.2 percent to Rs 316 after a BBC report, without quoting any sources, said that it will pause sale of most of its U.K. business. This includes the Port Talbot.

Europe Opens Higher

European shares advance, snapping their three-day losing streak.

Europe Opens Higher

European shares advance, snapping their three-day losing streak.

The NSE IT index is down around 1.4 percent, making it the worst performing sectoral gauge. Leading the list of losers is HCL Tech (-2.4%), followed by Mindtree (-2%), Tech Mahindra (-1.9%), Infosys (-1.3%), TCS (1.2%) and Wipro (-1.1%).

BSE Realty Index Outperforms Larger Peers

Real estate shares, led by Oberoi Realty, rise anywhere between 10 percent and 0.2 percent, making the BSE Realty Index the top performing index during late morning trade.

According to property consultant JLL, the Indian real estate space has once again become attractive for global investors as private equity investment reach $149 million-mark in the first five months of 2016.

Looking at the scale of ongoing deals, it seems like PE investment is back into India’s retail sector with a big bang. It also goes on to show how retail real estate is back in favour with the global investor community,”

Shobhit Agarwal, MD (Capital Markets) & International Director, JLL India said in a report.  

As things stand, JLL expects the current year to be a record-breaking one in terms of PE investments into the industry.

Top Gainers on BSE Realty

• NBCC India (+9.7%)
  
• Oberoi Realty (+8,3%)
  
• Unitech (+2.6%)
  
• Godrej Properties (+1.2%)
  
• Sobha Ltd (+0.5%)
  
• Omaxe (+0.4%)
  
• HDIL (+0.3%)
  
• DLF (+0.1%)
  

Also Read: Ballarpur Terminates Malaysia Unit Sale; Invokes Rs 337 Crore Guarantee

ITD Cementation, J Kumar, HCC, L&T gain on Mumbai Metro orders

Construction firms ITD Cementation, L&T, J Kumar, HCC have gained anywhere between 0.4 percent and 12 percent after bagging orders from the Mumbai Metro.

ITD Cementation, J Kumar, HCC, L&T gain on Mumbai Metro orders

Construction firms ITD Cementation, L&T, J Kumar, HCC have gained anywhere between 0.4 percent and 12 percent after bagging orders from the Mumbai Metro.

Hindalco Tops Gainers List

The Aditya Birla Group company rises as much as 2.7 percent to Rs 127, its highest level since June 2015. According to a Hindu Business Line report, the mines ministry is likely to push for a hike in the import duty for aluminium products.

The move is expected to provide relief to the industry plagued by low prices and underutilised manufacturing capacity.

Hindalco Tops Gainers List

The Aditya Birla Group company rises as much as 2.7 percent to Rs 127, its highest level since June 2015. According to a Hindu Business Line report, the mines ministry is likely to push for a hike in the import duty for aluminium products.

The move is expected to provide relief to the industry plagued by low prices and underutilised manufacturing capacity.

In fact, the BSE Metal index is one of the top gainers, rising around 1.1 percent.

Top Gainers

• Hindalco (+3.8%)
  
• Vedanta (+3.3%)
  
• NALCO (+1.3%)
  
• Hindustan Zinc (+1.2%)
  
• NMDC (+1.2%)
  
• JSPL (+0.9%)
  
• SAIL (0.9%)
  

Also Read: Vedanta Shares Rise After CLSA Hikes Target Price by Over 10%

Opening Bell

Indian stocks got off to a cautious start, with the S&P BSE Sensex climbing 0.1 percent higher to 27,196, while the NSE Nifty fell 0.1 percent lower to 8,335.

Opening Bell

Indian stocks got off to a cautious start, with the S&P BSE Sensex climbing 0.1 percent higher to 27,196, while the NSE Nifty fell 0.1 percent lower to 8,335.

Stocks to Watch

• FIPB Rejects Reliance Communications, Star Den’s Proposal (Read Here)
  
• Power Finance Corp: Transfer of wholly owned subsidiary of PFC Consulting
  
• 3i Infotech: To issue new FCCBs of up to $52 million to existing bondholders
  
• Kajaria Ceramics: Board meet on July 11 to consider merger of Kajaria Securities
  
• Tata Teleservices: Approves issue of redeemable preference shares of Rs 3000 crore.
  
• Indigo, Jet, Spicejet: India flies 81 million passengers in 2015, a growth of 20 percent from 2014 (Business Standard)
  
• JSW Energy: Receives Competition Commission of India’s approval to acquire 1,000 MW power plant from JSPL (PTI)
  
• OIL-IOC deal to acquire 23.9 percent stake in Russia’s Vankor oilfield spoils ONGC Videsh’s deal negotiations (Business Standard)
  
• Lupin, Dr Reddy’s recall 1.7 lakh bottles of tablets in US (Mint)
  
• Reliance Industries: Seeks government’s permission to sell subsidised cooking gas (Economic Times)
  
• Lafarge India bidders in London for final negotiation (Business Standard)
  
• Earnings to watch: Zee Learn Q1
  

For the complete list of Stocks to Watch click here

Talking Points

• Modi shuffles cabinet to soothe spats before India state polls (Full details HERE)
  
• Prime Minister Narendra Modi’s 4-nation African tour begins today
  
• Govt to import 100,000 tonnes of pulses from Mozambique
  
• Telecom Secretary hopes to conduct spectrum auction on time
  
• Toshiba sees $20 billion opportunity in India nuclear project
  
• India’s June oilmeals exports slide 48 percent to 88,514 tonnes
  
• FIPB approves FDI proposals valued at Rs 643 crore
  
• Confident of Passing GST Bill in Monsoon Session: MoS Finance Gangwar
  
• SEBI revised rules for financial results reporting in Ind-AS
  

*Existing formats of balace sheet shall continue till December 31

• TRAI proposes longer prepaid data vouchers
  
• BSE allows sovereign gold bonds as cash collateral
  
• Global funds bought net Rs 266 crore of local stocks on July 5; domestic funds sold net Rs 447 crore: Provisional data

Good Morning!

The early indicator, Nifty Futures on Singapore exchange climb around 0.5 percent to 8,346 as Asian markets rebound after upbeat U.S. economic data offset the disappointment of losses in European equities.

The U.S. service sector activity hit a seven-month high in June as new orders surged and companies hired more workers.

This helped U.S. stocks edge higher after a weak opening, led by healthcare and consumer firms, though investors remained cautious as reflected by the rise in bond and precious metal prices.

Asian markets fluctuate between gains & losses. Safe havens continue to risehttps://t.co/RhL10VsYk3 pic.twitter.com/IuNzKh22gH

— BloombergQuint (@BloombergQuint) July 7, 2016

Meanwhile, minutes of the Fed’s June 14-15 meeting showed that officials were still in wait-and-watch mode but indicated that their decisions could play out over “coming months” as they review a range of positive data before acting again.

Also Read: Australia Rating Outlook Cut to Negative From Stable by S&P

Asian equity markets get off a tentative start. SGX Nifty indicates strong start for India https://t.co/ndxps70Srk pic.twitter.com/SwNbuM74On

— BloombergQuint (@BloombergQuint) July 7, 2016