Key benchmark indices were range bound in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 380.46 points or 1.45% at 26,617.33. The Nifty 50 index was up 116.95 points or 1.44% at 8,219. Positive cues from Asian markets boosted investors' sentiment.
Overseas, Asian stocks were trading higher today, 8 December 2016, after Wall Street strode to new records and bonds rallied on wagers the European Central Bank (ECB) would extend its asset buying campaign at a policy meeting later in the session. US stocks closed higher yesterday, 7 December 2016, with the Dow industrials and S&P 500 notching new records. Investors are bracing for the ECB's policy-setting meeting today, 8 December 2016.
Back home, the broad market depicted strength. There were almost three gainers against every loser on BSE. 1,766 shares rose and 602 shares fell. A total of 127 shares were unchanged. The BSE Mid-Cap index was currently up 1.26%. The BSE Small-Cap index was currently up 1.25%. Both these indices underperformed the Sensex.
Tata Motors was up 3.68% after the company that Jaguar Land Rover (JLR), the UK's leading manufacturer of premium luxury vehicles, reported its best ever November retail sales. JLR reported 2% rise in total sales to 47,588 vehicles in November 2016 over November 2015. The announcement was made during market hours today, 8 December 2016.
Jaguar recorded its best November ever, with retail sales reaching 14,613 vehicles, up 83% compared to November last year, and driven by continuing strong sales of the new XF and the F-PACE. Calendar year-to-date sales for Jaguar were 132,381, up 75% year-on-year.
Land Rover recorded November sales of 32,975 vehicles, down 14% over November 2015, as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport were offset by lower volumes of the discontinued Land Rover Defender and outgoing Discovery. Calendar year-to-date sales for Land Rover reached 395,556 vehicles, 9% up on the prior year.
Most pharmaceutical shares edged higher. Piramal Enterprises (up 1.29%), Strides Shasun (up 0.79%), Glenmark Pharmaceuticals (up 0.78%), Wockhardt (up 0.74%), Lupin (up 0.36%), GlaxoSmithKline Pharmaceuticals (up 0.25%), Sun Pharmaceutical Industries (up 0.25%) and Alkem Laboratories (up 0.19%), edged higher. Aurobindo Pharma (down 0.39%), Cadila Healthcare (down 0.41%), Dr Reddy's Laboratories (down 0.44%) and IPCA Laboratories (down 1.88%), edged lower.
Cipla was up 1.18% after the company said it received final approval for its Abbreviated New Drug Application (ANDA) for Entecavir Tablets USP 0.5 mg and 1 mg, from the United States Food and Drug Administration (USFDA). Entecavir Tablets, USP 0.5 mg and 1 mg, are AB-rated generic equivalents of Bristol-Myers Squibb's Baraclude tablets 0.5 mg and 1 mg and are a Hepatitis B virus nucleoside analog reverse transcriptase inhibitor indicated for the treatment of chronic Hepatitis B virus infection. Baraclude Tablets and generic equivalents had U.S. sales of approximately $206M for the 12 month period ending October 2016, according to IMS Health. The product will cater to the US market and will be commercially available in the coming weeks. The announcement was made during market hours today, 8 December 2016.
Divi's Laboratories lost 3.75% after the company's Visakhapatnam unit received form 483 from the US health regulator. The US Food and Drug Administration (USFDA) has issued a form 483 with 5 observations to the company's unit-II at Visakhapatnam, Andhra Pradesh. The company will respond to the USFDA letter within the time permitted, it said. The US health regulator had an inspection of the plant from 29 November to 6 December 2016. The announcement was made after market hours yesterday, 7 December 2016.
Realty shares edged higher. Indiabulls Real Estate (up 4.58%), Sunteck Realty (up 3.25%), Housing Development and Infrastructure (HDIL) (up 2.97%), Unitech (up 2.55%), DLF (up 2.23%), Mahindra Lifespace Developers (up 1.69%), D B Realty (up 1.37%), Godrej Properties (up 1.24%), Parsvnath Developers (up 0.47%), Anant Raj (up 0.36%), Peninsula Land (up 0.33%), Sobha (up 0.28%) and Omaxe (up 0.13%), edged higher. Oberoi Realty (down 0.5%) and Phoenix Mills (down 0.91%), edged lower.
Prestige Estates Projects dropped 1.26% after consolidated net profit fell 58.23% to Rs 64.51 crore on 29.4% fall in total income to Rs 1173.52 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 7 December 2016.
Meanwhile, Prestige Estates Projects' board of directors approved acquisition of additional stake of 20% in Villaland Developers LLP, a real estate development company, from the existing partners for Rs 20 crore. Subsequent to the acquisition, company's overall stake in Villaland will stand at 80%. The proposal is being mooted with a view of consolidation of the revenues of Villaland in the company. Villaland's turnover stood at Rs 212.35 crore as on 31 March 2016.
Tata Elxsi rose 1.27% after the company's key client Panasonic Corporation said it will establish the design division in Bangalore in April 2017 in partnership with the company. The announcement was made after market hours yesterday, 7 December 2016.
Panasonic Corporation announced that it will start the local production of refrigerators and strengthen its R&D functions. It aims to expand its appliances business in India by accelerating the Iocalizing, production and sales activities to develop products that match the local needs. Keeping in mind the rising demand for valueadded refrigerators, the new factory will be built at Technopark, Jhajjar, Haryana and will be operational starting November 2017. Sales from the said factory will commence from April 2018 in India. The company will establish the design division in Bangalore in April 2017 in partnership with Tata Elxsi. Through this division it will develop technologies such as artificial intelligence and robotics applicable to appliance products not only for India but also for Japan and global markets.
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