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Stock markets move north
Thu, 5 Feb 11:30 am

After opening flat, Indian stock market indices have been trading strong over the last two hours of trade. IT and FMCG stocks witnessed maximum buying interest while power and Realty stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 115 points and NSE-Nifty is up by 30 points. BSE Mid Cap index and BSE Small Cap index are both trading marginally up. The rupee is trading at 61.68 to the US dollar.

Telecom stocks are trading mixed. AGC Networks and MTNL are trading the weakest while Tata Communication and Himachal Futuristic are leading the gains. According to a leading business daily, French telecom group Orange may consider merging with Bharti Airtel, thereby completing the creation of "Orange Africa" as the company strengthens its business in Africa. But Orange is less interested in the company's assets in English-speaking African countries. Last year, Bharti Airtel said it will sell about 3,100 telecoms towers in four African countries to Helios Towers Africa. The plan was to sell most of its transmitter towers in Africa to raise up to US$2 bn.

Indian pharma stocks are trading on a positive note with Dishman Pharma and J.B. Chemicals trading the strongest. According to leading a financial daily, drug maker Dr Reddy's Laboratories is set to expand the capacity of three of its bulk drugs and intermediates manufacturing plants located in Telangana, with a combined investment of Rs 820 m. The company has approached the Ministry of Environment and Forests for necessary approvals for expanding the combined capacity of three facilities. Reportedly, the company has proposed to expand the API manufacturing capacity from 21.9 tonnes per month (TPM) to 68.76 TPM in an area of 16.81 acres. Dr Reddy’s Lab is currently trading down by 1% on the BSE.

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