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Banks, Engineering stocks lift markets
Thu, 5 Dec 11:30 am

After opening on a strong note, the Indian Indices have remained range bound during the last two hours of trading session. Banks and Capital goods indices are leading the gainers.

The BSE Sensex is trading up by 350 points and NSE-Nifty is trading up by 110 points. The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.6%. The Rupee is trading at 61.6 to the US Dollar.

Indian Pharmaceutical stocks are trading mixed today. Indoco Remedies and Glenmark Pharma are amongst the stocks leading the gainers. Strides Arcolab Ltd. and Natco Pharma are leading the losers. According to a leading business daily, the US drug regulator- USFDA has warned Wockhardt Ltd that the company is in a serious violation of good manufacturing practices as accuracy and reliability of the data provided by the latter is questionable. It also raised concerns over all the data generated by the company. It also expressed concern about Wockhardt's inability to implement a robust and sustainable quality system. The USFDA has even asked Wockhardt to hire a third party consultant to address the issues raised by USFDA.

FDA had conducted inspections during July 2013 at the company's Chikalthana factory. An import alert was issued on the facility where its top drug- Toprol-XL is manufactured. In May, FDA imposed a ban on the company's Waluj plant. The ban was imposed after the inspections revealed violation of sound manufacturing practices. Wockhardt is trading 1.12% up today.

Most Telecom stocks are trading higher today. Tata Teleservices and Reliance Communications are among the stocks leading the gainers. According to a leading financial daily, India's largest Telecom service provider Bharti Airtel has announced the successful pricing of the first ever Euro bond issue by an Indian corporate. Bharti Airtel, through its wholly owned subsidiary Bharti Airtel International (Netherlands) B.V, has priced the Euro 750 m issue at a fixed coupon rate of 4% for a tenure of 5 years. The bond issue, which was amongst the biggest this year in Europe, was over-subscribed 5 times, with over 370 investors applying for the same. It received an investment grade rating of Baa3/BBB- from credit rating agencies and will be listed at the Frankfurt stock exchange. Bharti Airtel will use these funds for the upcoming 2G auctions, in which the company will participate to renew its licenses in key circles like Mumbai, Delhi and Kolkata. Bharti Airtel is trading up 1.1% today

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