Realty & Auto Stock Lead Gains

Thu, 30 Jun 01:30 pm

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After opening the trading day on a positive note, the Indian Indices continued to trade firm during the post-noon trading session. Most of these gains were seen on the back of positive global cues. Major sectoral indices are trading in the green with stocks from the realty and auto leading the gains.

The BSE Sensex is trading higher by 159 points (up 0.6%) and the NSE Nifty is trading up by 48 points (up 0.6%). The BSE Mid Cap index is trading higher by 0.7% while the BSE Small Cap index is trading higher by 0.8%. Gold prices, per 10 grams, are trading at Rs 31,215 levels. Silver price, per kilogram, is trading at Rs 43,310 levels. Crude oil is trading at Rs 3334 per barrel. The rupee is trading at 67.60 to the US$.

Stocks in the auto sector are trading on a mixed note with Tata Motors Ltd and TVS Motors trading in the green. As per an article in The Economic Times, the Supreme Court is considering to lift the ban on sale of diesel vehicles in Delhi and NCR (national capital region). However, it stated that the decision will be subject to a levy of one-time environment compensation cess.

Apparently, this will be a major relief to auto makers and those seeking to buy diesel SUVs and cars with engine capacity of more than 2000cc.

Further, it was reported that Automotive Research Association of India (ARAI) will test the prototype of cars for compliance with various norms prior to permission for their sale.

Unveiling a slew of measures to curtail alarming pollution levels in Delhi and NCR, the apex court had on December 16 last year banned registration of diesel-run sports utility vehicles and high-end private cars till 31st March 2016. Later, the ban on registration was extended till further orders.

In one of our editions of The 5 Minute Wrapup, we have highlighted how diesel deregulation will impact the auto-makers.

Moving on to the news from pharmaceuticals sector. According to a leading financial daily, Dr Reddy's Laboratories has bought back nearly 5.08 million shares. The company has deployed Rs 15.7 billion against the maximum buyback size.

Reportedly, the company bought back 5.08 million equity shares at an average price of Rs 3,090.92 per share.

One must note that, the company's board had approved a proposal to buy back shares not exceeding 25% of the total paid-up equity capital of the company earlier.

The share buyback offer comes at a time when the company is facing heat from the USFDA (United States Food and Drug Administration) for violating manufacturing norms at three of its plants. The company had received a warning letter in November from the USFDA for several violations with regard to current good manufacturing practices in Andhra Pradesh and Telangana, as well as in oncology formulation manufacturing facility in Visakhapatnam.

On a separate note, the company recently announced a deal with Teva in which it bought a portfolio of eight drugs for US$350 million. One of our premium editions of The 5 Minute WrapUp offers an insight into the deal and states the upside for Dr Reddy's from this development (subscription required).

The scrip of Dr Reddy's Laboratories was trading up by 0.7% at the time of writing.

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