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Tech stocks pull Nifty above 8,600
Mon, 20 Jul Closing

The Indian markets end lower on concerns ahead of the monsoon session of parliament. The Sensex today ended lower by 43 points, while the NSE-Nifty ended lower by 6 points. The S&P BSE Midcap and S&P BSE Smallcap stocks ended the day higher by 0.27% and 0.4% respectively.

Asian markets finished on a mixed note at the most recent closing prices. Nikkei gained 0.25%, while the Taiwan Index lost 0.78%. The rupee was trading at 63.60 against the US$ in the post noon session.

Stocks in the cement sector ended the day on a mixed note with Ultratech Cement leading the winners. Ultratech Cement reported a 6% fall in consolidated net profit at Rs 5,910 m for the quarter ended 30th June 2015. Its consolidated net sales rose by 6% as compared to the same quarter of 2014-15 fiscal. Input prices have remained stable except for the rise in royalty for limestone and levies under the Mines and Mineral Amendment Act. Ultratech has commissioned 15 MW waste heat recovery system taking the company’s total power generation capacity from waste heat recovery to 48 MW. Stock of Ultratech Cement ended the day on a positive note.

Stocks in the pharmaceutical sector ended the day on a mixed note with Dishman Pharmaceutical leading the losers. Pharma Major Lupin, has reportedly received an approval from the USFDA for PrandiMet (also known as Prandin) generic, which is used for treatment of type 2 diabetes. The product is expected to have sales of US$ 200-300 m in the US. Danish pharma company Novo Nordisk is the innovator of the drug that has been approved to lower blood glucose in adult patients. Stock of Lupin ended the day on a positive note.

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