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Indian markets extend rally
Fri, 3 Jul 11:30 am

After opening the day in the green the Indian stock market indices have made further gains. Buying interest is highest in the capital goods sector.

The BSE-Sensex is trading up by 145 points (0.52%) and the NSE-Nifty is trading up by 18 points (0.20%). The BSE Mid Cap index is trading up by 20 points (0.18%), while the BSE Small Cap index is trading up by 58 points (0.50%). The rupee is trading at 63.38 to the US dollar. Gold and Silver are trading at Rs 26,226 per 10 grams & Rs 35,891 per kilogram respectively.

Stocks in the Automobile sector are trading on a mixed note with Bajaj Auto trading up by 0.8% and Ashok Leyland trading down by 1.5%. Tata Motors entered the auto-rickshaw space in Ahmedabad with its four-wheeler CNG vehicle called 'Magic Iris'. It offers a fuel efficiency of 29.6 km per litre and is equipped with a 611 cc single cylinder engine. It has been priced at around Rs 3.41 lakh which is much higher than the conventional rickshaws which are priced at around Rs 2 lakh. Tata Motors claims that the Magic Iris would allow the rickshaw driver to make more trips and drive up to 100-120 kms per day without physical fatigue. The company is working on making easy finance options available to its buyers so that initial higher price does not hurt the buyer. They have tied up with several public sector banks for this purpose. Tata Motors is trading down by 1%.

Stocks in the Indian Pharma sector are trading on a positive note with Wockhardt and Elder Pharma leading the winners. Lupin has acquired a 100% stake for an undisclosed amount in a Russian company named 'Biocom'. Biocom is a generic drug maker with focus on therapies for cardiovascular diseases, central nervous system and antimicrobials for systematic use. It also does contract manufacturing and secondary packaging. This is the second overseas acquisition which Lupin made this year. It had acquired a 100% stake in Brazil's 'Medquimica' earlier in May. Biocom recorded sales of Rs 982 m in financial year 2014. Lupin is trading up by 1.8%.

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