Indian Indices Erase Gains; Yes Bank & ICICI Bank Top Gainers

Tue, 26 Nov 12:30 pm

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Share markets in India have erased early gains and are presently trading marginally higher. The BSE Sensex hit 41,000-mark for the first time today, rising over 200 points in early trade. The NSE Nifty also hit a new intraday high of 12,126, overtaking June highs of 12,103.

Sectoral indices are trading on a mixed note with stocks in the healthcare sector and banking sector witnessing buying interest, while telecom stocks and metal stocks are witnessing selling pressure.

The BSE Sensex is trading up by 48 points (up 0.1%), while the NSE Nifty is trading up by 12 points (up 0.1%). The BSE Mid Cap index is trading up by 0.1% and the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 71.58 against the US$.

In news from the realty sector, DLF share price is in focus today. The realty major's arm will invest around Rs 15 billion in the next two years on construction of over 3 million sq ft office space in Gurugram, Haryana.

As per an article in The Economic Times, DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC, has initiated the development of its new mixed-use project 'Downtown' comprising 11 million sq ft of leasing area.

DLF has 67% stake in the DCCDL, while GIC has the rest.

The company's managing director Sriram Khattar said that the company has started construction work on two identical buildings of 7.5 lakh sq ft each.

He added that the construction work on the remaining 1.7 million sq ft will start soon and get completed by end of 2021.

The project cost is estimated to be around Rs 5,000 per sq ft.

In other news, Morgan Stanley has upgraded the company to overweight from equal-weight and also raised its target price.

The financial services firm said the spotlight will now shift towards monetization of DLF's Rs 100 billion unsold completed inventory which leads to positive free cash flow generation and further deleveraging.

DLF share price is presently trading down by 1.3%.

Speaking of real estate sector, this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

Is the Real Estate Sector Set for a Turnaround?

The BSE Realty Index has seen a sharp bounce post this announcement. It is up 21% for the year.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to news from the pharma sector, Glenmark Pharma has received the United States Food & Drug Administration's (USFDA) approval for Metformin Hydrochloride extended-release tablets used for managing type-two diabetes.

The USFDA gave the go-ahead to Glenmark Pharmaceuticals Inc, USA, for Metformin Hydrochloride extended-release tablets USP, 500 mg and 1,000 mg, the generic version of Glumetza of Salix Pharmaceuticals Inc.

Glenmark Pharma share price is presently trading down by 2.7%.

In other news, shares of Indoco Remedies jumped over 10% today after the US drug regulator issued Establishment Inspection Report (EIR) to the company's clinical research organisation in Hyderabad.

The company announced the receipt of EIR for its Clinical Research Organisation, AnaCipher, located at Hyderabad for the inspection carried out by the USFDA from 5th to 9th August 2019.

The inspection was successfully conducted without any observations and stands closed now.

The CRO - AnaCipher conducts Bioequivalence and Bioavailability (BA/BE) studies at its facility spread over an area of 30,000 square feet.

Yesterday, the company had announced that it received an EIR from the US drug regulator for its sterile facility (plant II) and solid dosages facility (plant III) at Goa. The inspection was carried out from Monday, 7th to 15th October 2019.

Indoco Remedies share price is presently trading up by 8%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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