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Indian benchmark indices surged more than 1% in intraday trading today and finished for a fourth consecutive session of gain after the US Federal Reserve raised interest rates for the first time in nearly a decade. While the BSE-Sensex today closed higher by 309 points, the NSE-Nifty closed higher by 93 points. Mid and small caps too finished on a positive note. While the S&P BSE Midcap index closed higher by 1.6%, the S&P BSE Smallcap index closed the day higher by 1.7%. All the sectoral indices closed in the green today. Gains were largely seen in metal and power stocks.

Asian stock markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.81% while Japan's Nikkei 225 is up 1.59% and Hong Kong's Hang Seng is up 0.79%. European markets are sharply higher today with shares in Germany leading the region. The DAX is up 2.73% while France's CAC 40 is up 2.66% and London's FTSE 100 is up 1.38%. The rupee was trading at 66.65 against the US$ in the afternoon session.

According to leading financial daily, Tata Power has completed the uprating of existing transmission line no. 4 between MSETCL Kalwa receiving station and Tata Power Salsette receiving Ssation (8 km route length) by replacing existing conductor with high capacity conductor (capacity increased from 900 amps to 1800 amps). The uprated 220kV line will relieve critical loading of the Kalwa-Salsette lines and will enhance firm transmission capacity for bringing power from outside to Mumbai city.

Tata Power is India's largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 8,669 MW and a presence in all the segments of the power sector.

The condition of State Electricity Boards (SEBs) in India is very critical and poor as they face issues like failure to pass on tariff hikes, power theft, infrastructure issues, over capacity and others. As a result, the SEBs are caught in a vicious circle of high debt and operational losses. Hence to bring a turnaround in these companies, the Ministry of Power announced a new scheme - Ujwal DISCOM Assurance Yojna or UDAY. The scheme will support financial turnaround and revival of power distribution companies.

According to a leading economic daily, Sun Pharma announced that one of its wholly-owned subsidiaries in US has entered into an agreement with Nostrum Laboratories Inc for the divestment of the Bryan (Ohio) unit in the United States. The move is part of the company's manufacturing consolidation in the US. As a part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum. As per the reports, the financial impact of this development on Sun Pharma is negligible.

Reportedly, Sun Pharma Managing Director Dilip Shanghvi had announced earlier in August that the company would look at rationalizing manufacturing footprint, post its US$4 billion acquisition of Ranbaxy completed in March this year.

Sun Pharma is now the fifth-largest specialty generic pharmaceutical company in the world. Healthcare professionals and patients in more 150 countries around the world use its medicines. With global revenues of over US$4.5 billion, Sun Pharma has become India's largest and most valuable pharma company. Apart from organic growth, the company has also made nineteen acquisitions since the 1990s. In our recent edition of The 5 Minute Wrap Up Premium, we look at the aggregate numbers of the pharma industry as compared to Sun Pharma (Subscription Required).

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