Benchmark indices started off the week on a positive note, tracking recovery in Asian stocks and shrugging off weak cues from Wall Street.
9:07 am USFDA Approval: Alembic Pharmaceuticals announced that the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acyclovir ointment USP, 5 percent.
The approved ANDA is therapeutically equivalent to the reference listed drug product Zovirax ointment 5 percent, of Valeant Pharmaceuticals NorthAmerica LLC.
Acyclovir ointment USP, 5 percent is indicated in the management of initial genital herpes and in limited non-life-threatening mucocutaneous Herpes simplex virus infections in immunocompromised patients.
9:05 am Technical Recommendations: We spoke to 5nance.com and here’s what they have to recommend:
Gravita India Ltd: BUY| Target Rs192 | Stop-loss Rs165 | Return 10%
Nath Bio-Genes Ltd: BUY| Target Rs574 | Stop-loss Rs530 |Return 6%
Adani Transmission Ltd: SELL | Target Rs170 | Stop Loss Rs184 |Return 5%
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9:02 am Stocks in news: Wipro sold 63% of its stake in Wipro Airport IT to Antariksh Softtech
Akzo Nobel: The Board has recommended a share buyback to the tune of Rs 235.20 crore.
Dabur India: The firm has completed the acquisition of two personal care products firms in South Africa.
Lemon Tree Hotels to make debut today
State Bank of India: Bank puts 15 NPAs worth Rs 1,063 crore for sale
Punjab National Bank: Bank puts 15 NPAs worth Rs 1,063 crore for sale
Shree Renuka Sugars: Company to divest Brazilian operations
Dewan Housing Finance: Company plans to raise up to Rs 1,000 crpre via debentures on private placement basis
Ballarpur Industries: Company to sell Malaysian unit for USD 310 million (approx Rs 2,011 crore)
9:00 am Market Check: Benchmark indices started off the week on a positive note, tracking recovery in Asian stocks and shrugging off weak cues from Wall Street.
The 30-share BSE Sensex was up 87.99 points at 33,714.96 and the 50-share NSE Nifty rose 47.70 points to 10,379.30.
However, trends on SGX Nifty indicated a negative opening for the broader index in India, a fall of 5 points.
Binani Industries was up 3.6 percent and GMR Infrastructure gained 9 percent.
US stocks dropped about 2 percent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China, Reuters reported.
Asian shares started flat on Monday as US President Donald Trump kept up his twitter war with China over trade just a couple of days before President Xi Jinping gives a keynote speech on his policy priorities, Reuters reported.
Losses across the region were minor with MSCI’s broadest index of Asia-Pacific shares outside Japan off just 0.05 percent. Japan’s Nikkei wavered either side of flat, and South Korea edged ahead by 0.1 percent.
