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India's Third Giant Leap

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Indian share markets zoom higher
Fri, 28 Jun 01:30 pm

Buoyed by improving current account deficit situation, Indian share markets continued to soar higher in the post-noon trading session. Barring IT and consumer durables, all the sectoral indices are trading in the green with metal, capital goods and power stocks being the biggest gainers.

BSE-Sensex is up 407 points and NSE-Nifty is trading 121 points up. BSE Mid Cap is trading up 1.4% whereas BSE Small Cap index is trading up by 1.1%. The rupee is trading at 59.5 to the US dollar.

All the private bank stocks are trading in the green with Dhanlaxmi bank and South Indian Bank being the biggest gainers. As per a leading financial daily, the Cabinet Committee of Economic Affairs (CCEA) has given a go-ahead to Yes Bank for increasing its foreign holding to 60%. The bank is also planning to raise US$ 500 m through the Qualified Institutional Placement (QIP), American Depository Receipt (ADR) or Global Depository Receipt (GDR) route. The company already has got shareholder's approval to raise up to US$ 500 m. Yes Bank stock is currently trading 1.2% up.

Most of the Indian pharma stocks are trading in the green with Sun Pharma and Orchid Chemicals leading among gainers. As per financial daily, Cadila Healthcare has been sued by Alpex Pharma for filing an ANDA (Abbreviated New Drug Application) with USFDA (United States Food and Drug Association). Alpex, based in Mezzovico, Switzerland, alleges that Cadila, has wrongly applied to the USFDA to sell the generic version of its brand Suprenza. As per the filing of the innovator, it claims that Cadila is intending to launch the low-cost copies of the medicine before the patent expiry in 2018. The said drug is prescribed for the obesity. Reportedly, the law suit was filed yesterday in Federal court in Wilmington, Delaware. Cadila was trading up by 0.4%.

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