Key indices continued to trade firm in early afternoon trade as Government promulgating the ordinance to amend the Insolvency and Bankruptcy Code, 2016 perked up sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex, advanced 112.15 points or 0.32% at 33,696.86. The Nifty 50 index rose 44.40 points or 0.43% at 10,393.15.
The market opened higher and held firm in the positive terrain so far during the session.
The S&P BSE Mid-Cap index rose 0.6%. The S&P BSE Small-Cap index advanced 0.65%. Both these indices outperformed the Sensex.
The breadth indicating health of the market was strong. On BSE, 1,551 shares rose and 906 shares declined. A total of 147 shares were unchanged.
Pharma stocks gained for the second straight day. Sun Pharmaceutical Industries (up 0.74%), Aurobindo Pharma (up 1.75%), Cipla (up 0.74%), Lupin (up 0.43%), Wockhardt (up 0.45%), Dr Reddy's Laboratories (up 0.14%), and Glenmark Pharmaceuticals (up 0.15%) gained. Divi's Laboratories declined 0.45%.
Cadila Healthcare rose 0.83% after the company said it has received approval from the USFDA for Minocycline Hydrochloride Extended - Release tablets. The announcement was made during market hours today, 24 November 2017. Zydus Pharmaceuticals (USA) Inc., a wholly owned subsidiary of Cadila Healthcare, has received the final approval from the USFDA to market Minocycline Hydrochloride Extended - Release tablets in strengths of 45 mg, 80 mg, 90 mg and 105 mg and 135 mg. Zydus also received the tentative approval for Minocycline Hydrochloride Extended - Release Tablets, 55 mg, 65 mg and 115 mg.
Minocycline Hydrochloride Extended - Release tablets are a tetracycline-class drug, indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older, Cadila Healthcare said. It will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad, the company said.
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Cement stocks also gained. Shree Cement (up 0.56%), Ambuja Cements (up 0.4%), and UltraTech Cement (up 0.54%) gained. ACC declined 0.13%.
Grasim Industries advanced 0.59%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
MT Educare surged 6.29% to Rs 72.70 after a fund bought shares of the company in a bulk deal on NSE yesterday, 23 November 2017. VISA CAPITAL PARTNERS bought 2.5 lakh shares of MT Educare at Rs 68.05 per share in a bulk deal on NSE yesterday, 23 November 2017. The stock had jumped 20% to settle at Rs 68.40 yesterday, 23 November 2017.
Skipper rose 1.63% after the company said it entered into a joint venture with Israel-based company for drip irrigation business. The announcement was made after market hours yesterday, 23 November 2017.
Skipper said its board gave in-principal approval to form a joint venture (JV) with MetzerPlas Cooperative Agricultural Organization, which is one of the largest and most specialised manufacturers of drip irrigation solutions from Israel. The drip irrigation business holds immense potential in India and is one of the focus sectors of the government. The current domestic industry size is estimated at over Rs 5000 crore and the company expects this sector to grow at a robust pace and for the JV to become a major player in it in the years to come. Detailed terms and conditions are yet to be decided and will be informed to the exchange separately when things will get finalized, the company said.
On the macro front, the Government of India promulgated yesterday, 23 November 2017, the ordinance to amend the Insolvency and Bankruptcy Code, 2016. Earlier, the President of India had given his assent to the ordinance to amend the code.
The ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the code. The amendments aim to keep-out such persons who have wilfully defaulted, are associated with non-performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company.
In addition to putting in place restrictions for such persons to participate in the resolution or liquidation process, the amendment also provides such check by specifying that the committee of creditors ensure the viability and feasibility of the resolution plan before approving it. The Insolvency and Bankruptcy Board of India (IBBI) has also been given additional powers.
Meanwhile, the Cabinet Committee on Parliamentary Affairs reportedly today, 24 November 2017, recommended that the winter session of Parliament be held from 15 December 2017 to 5 January 2018.
Overseas, Asian stocks were mixed while investors viewed Chinese shares with caution after their big fall the previous day. Japanese manufacturing activity expanded at the fastest pace in more than three years in November, a preliminary survey showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) rose to 53.8 in November on a seasonally adjusted basis from a final reading of 52.8 in October.
US stock markets remained closed yesterday, 23 November 2017 on account of Thanksgiving holiday.
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