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Nifty, Sensex Headed Higher

Moneylife 2019-10-09 00:00:00
We had mentioned in Monday’s closing report that Nifty, Sensex may try to rally. The major indices rallied today. On the NSE, there were 964 advances, 821 declines and 346 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:     The cabinet on Wednesday hiked the dearness allowance (DA) for government employees 12% to 17%.   The State Bank of India has lowered its marginal cost of funds based lending rate (MCLR) by 10 basis points across all tenors to 8.05 per cent from October 10. The MCLR cut will make home and other retail loans cheaper for the existing borrowers.   V-Mart Retail has opened four new stores, in the state of Arunachal Pradesh, Uttar Pradesh, Delhi and Jammu & Kashmir respectively. With this total number of stores increased to 243 stores in 186 cities across 19 states and total tally of stores in Arunachal Pradesh to 1, in Uttar Pradesh to 91, in Delhi to 3 and in Jammu & Kashmir to 7.   Zydus Cadila has received the final approval from the USFDA to market Colesevelam Hydrochloride Tablets, (US RLD - Welchol), 625 mg. This medication is used to lower cholesterol in people with high levels of cholesterol in the blood. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.   Lupin announced the receipt of good manufacturing practice certificate from the pharmaceutical and medical devices agency (PMDA), Japan for its Mandideep API facility (Unit II). The GMP Certificate was issued following an inspection conducted by PMDA between May 14, 2019 and May 17, 2019.   Ashoka Buildcon has received an order from SRIT India, for Kerala State Information Technology Infrastructure Limited, for conducting survey, supply of poles & installation, laying of the overhead and underground optic fiber cable, on existing electricity poles, supply, installation, testing and commissioning of non-IT items. The value of the project is Rs313.72 crore and duration is 24 months.   Minda Industries has entered into definitive agreement with shareholders of Germany based Delvis Gmbh, to acquire 100% interest in the company. The enterprise value of the company along with its two subsidiaries Delvis Solution and Delvis Products is ~Euro 21 million, subject to adjustments, if any, at closing. The transaction is expected to be concluded in next two months. The transaction will be funded by mix of debt and equity.   Aurobindo Pharma has clarified in reference to the observations received from United States Food and Drug Administration (USFDA) after its cGMP inspection at Unit 7 manufacturing facility from September 19-27, 2019. The inspection ended with 7 observations. The company believes none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline.   The top gainers and top losers of the major indices are given in the table below:     The closing values of the major Asian indices are given in the table below: