Key barometers pared gains after hitting fresh intraday high in afternoon trade. At 13:33 IST, the barometer index, the S&P BSE Sensex, rose 274.79 points or 0.74% at 37,625.12. The Nifty 50 index also advanced 71.15 points or 0.64% at 11,118.95.
The S&P BSE Mid-Cap index was up 0.56%. The S&P BSE Small-Cap index rose 0.62%. The market breadth was positive. On the BSE, shares 1,253 rose and 957 shares fell. A total of 151 shares were unchanged.
Bharti Infratel (up 3.39%), ICICI Bank (up 1.52%), Axis Bank (up 1.43%), NTPC (up 1.27%) and Wipro (up 1.16%) advanced.
Yes Bank (down 2.33%), Power Grid Corporation of India (down 1.94%), GAIL (down 1.62%), Grasim Industries (down 1.30%) and BPCL (down 1.20%) declined.
Sun Pharmaceutical Industries gained 3.07%. The pharma firm's wholly owned subsidiaries has granted an exclusive license to a subsidiary of China Medical System Holdings (CMS) to develop and commercialize seven generic products in Mainland China. The collaboration with CMS now covers eight generic products. The total addressable market size for all these eight products is about $1 billion (as per recent IQVIA data) in Mainland China. The initial term of the agreement shall be 20 years from the first commercial sale of the respective products in Mainland China and may be extended for additional three years' as per mutual agreement of the two parties. The announcement was made after market hours on Friday, 16 August 2019.
Titan Company rose 1.26%. The firm purchased 9.45 lakh equity shares from one of the shareholders of Carat Lane Trading (CaratLane), a subsidiary of the company, thereby increasing its stake in CaratLane from 69.5% to 72.3%.
Shares of Spandana Sphoorty Financial were trading at Rs 804.30 at 13:22 IST on BSE, discount of 3.31% over the initial public offer (IPO) price of Rs 856. The stock debuted at Rs 824, discount of 3.73% to the IPO price. So far the stock hit a high of Rs 849 and low of Rs 690.
HCL Technologies, a leading global IT services company, announced that it has signed MoU with Maharashtra Airport Development Company (MADC) for expansion of Multi-modal International Cargo Hub and Airport (MIHAN) campus in Nagpur. HCL will acquire 90 acres of land adding to the existing state of the art 50 acre campus. The MoU was signed in the presence of Nitin Gadkari, Minister for Road Transport & Highways of India. The stock was trading 0.67% higher at Rs 1,068.75.
Auto major Mahindra & Mahindra announced that it has inaugurated its first automotive assembly plant in Sri Lanka. The assembly plant commenced its production with its first product, KUV 100. The company has extended its global footprint by establishing a plant in Welipenna, near Colombo, Sri Lanka. The plant established is in association with Ideal Motors of Sri Lanka. The stock was trading 0.64% higher at Rs 531.
Glenmark Pharmaceuticals announced that the company has received approval for Remogliflozin Etabonate and Metformin Hydrochloride for adults with type 2 diabetes in India. The drug is indicated in the treatment of type‐2 diabetes mellitus in adults. The company reported that it will sell tablets under the brand names 'Remo‐M' and 'Remozen‐M'. Shares of Glenmark Pharma were trading 2.19% higher at Rs 369.
Tech Mahindra rose 0.76%. Tech Mahindra informed divestment of 73.38% equity investment held by the company in FixStream Networks Inc., USA, a subsidiary company for $2 million. The announcement was made on Sunday, 18 August 2019.
TVS Motor Company advanced 2.06%. TVS Motor (Singapore) Pte, a wholly-owned subsidiary of TVS Motor Company, has signed definitive agreements to invest US$ 3.2 million in Predictronics Corporation, a US corporation, headquartered in Cincinnati, Ohio, which specialises in providing end-to-end predictive maintenance analytics solutions. The announcement was made on Saturday, 17 August 2019.
Coffee Day Enterprises was locked in a 5% upper circuit at Rs 66.05 after the company announced debt reduction plans. The company's total debt as on 31 July 2019, excluding Sical and Magnasoft, stood at Rs 3,472 crore while the total debt of Coffee Day Group was Rs 4,970 crore. The company has announced the divestment of Global Village Tech Park (Global Village) held by its subsidiary Tanglin Developments for an aggregate consideration in the range of Rs 2,600-3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore. The debt position of Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days. The company further assured that it is expected to have a comfortable position to service the reduced debt obligations.
Dr Reddy's Laboratories has announced today, 19 August 2019, that it has launched Versavo (bevacizumab), a biosimilar product of Roche's Avastin in India, to be used for curing patients with several types of cancers like metastatic colorectal cancer, non-squamous non-small cell lung cancer, recurrent glioblastoma, metastatic renal cell carcinoma, cervical cancer, metastatic breast cancer and epithelial ovarian, fallopian tube and primary peritoneal cancer. The pharma major was up by 1.17% to Rs 2,522.
Larsen & Toubro (L&T) rose 1.88%. L&T has today issued and allotted 14,000, or 6.77% rated listed unsecured redeemable non-convertible debentures of Rs 10 lakh each aggregating to Rs 1400 crore which will mature on 20 August 2020. The said debentures are proposed to be listed on the National Stock Exchange of India (NSE). The interest on the debentures will be paid on an annual basis.
Overseas, shares in Europe and Asia were trading higher on Monday as hopes of more stimulus from central banks around the world and steps being taken by major economies such as Germany and China soothed investors' fears of a sharp global economic slump.
US stocks rebounded on Friday as news of potential German economic stimulus brought buyers back to the equities market.
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