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Indian markets surge upwards
Thu, 3 Sep 11:30 am

After opening firm, the Indian Markets have continued to edge upwards. Most sectoral indices are trading higher with stocks from the auto, engineering and banking sectors leading the gains.

The BSE-Sensex is trading up 250 points (up 1%) and the NSE-Nifty is trading up 86 points (up 1.1%). The S&P BSE Midcap index is trading up by 1.1% while the S&P BSE Smallcap index is trading up by 1.3%. The rupee is trading at 66.24 to the US dollar.

Most Indian pharmaceutical stocks are trading in the green, however Dishman Pharma and Glenmark Pharma are in the red. As per a leading financial daily, Cipla has acquired the exclusive rights to market skin care products of the country's leading derma and cosmeceutical player Percos India. This was agreed by a deal which is estimated worth Rs 900 m. With this deal, brands from Percos will help shore up Cipla's dermatology portfolio with an expected offering into cosmetology. Further, Cipla will bag a few fast growing brands like Vedaderm, Claz, Actipeel, Tryses and Glycoveda which have combined sales of around Rs 100 m. According to the agreement signed between the two companies Percos will continue to manufacture the products for five years after which the rights will be transferred to Cipla. The stock of Cipla is trading up by 1.2%.

Most automobile stocks are trading higher with Tata Motors andForce Motors witnessing maximum buying interest. As per Economic Times, Mahindra & Mahindra (M&M) is witnessing weakening vehicle sales in rural areas because of the deficient monsoon rains in parts of the country. As reported, the company's vehicle sales fell 8.5% YoY in the first four months of the current fiscal. This was as against the total passenger vehicle sales in India, which grew 7.5% YoY for the concerned period as per the industry data. Presently the stock of Mahindra & Mahindra is trading up by 1.3%.

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