Firmness prevailed on the bourses in early afternoon trade led by index pivotals TCS, ITC and HDFC. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 156.58 points or 0.46% at 34,004.61. The Nifty 50 index was up 39.50 points or 0.38% at 10,517.40. The Sensex was trading a tad above the psychological 34,000 mark after regaining that level in morning trade. FMCG stocks gained. Pharma shares advanced.
Trading for last session of 2017 began on positive note. Fresh buying in index pivotals pushed the key benchmark indices to fresh intraday high in morning trade. Stocks held firm in mid-morning trade amid sustained buying in index pivotals.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.64%. The S&P BSE Small-Cap index gained 0.7%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,639 shares rose and 922 shares fell. A total of 185 shares were unchanged.
Index heavyweight and cigarette major ITC gained 0.8% to Rs 263.40.
FMCG stocks gained. Marico (up 2.41%), Hindustan Unilever (up 0.78%), Bajaj Corp (up 0.24%), Dabur India (up 1.11%), Britannia Industries (up 0.29%), Colgate-Palmolive (India) (up 1.18%), Godrej Consumer Products (up 2.18%) and Nestle India (up 0.96%) rose.
Pharma shares advanced. Wockhardt (up 2.63%), Cipla (up 0.32%), Sun Pharmaceutical Industries (up 0.84%), GlaxoSmithKline Pharmaceuticals (up 0.36%), Aurobindo Pharma (up 0.35%), Glenmark Pharmaceuticals (up 1.03%) and Alkem Laboratories (up 0.48%) edged higher. Dr. Reddy's Laboratories (down 0.33%) fell.
Cadila Healthcare 2.15% after the company said it received final approval from the US drug regulator for Clomipramine Hydrochloride Capsules USP. The announcement was made during trading hours today, 29 December 2017.
Zydus Pharmaceuticals (USA) Inc., a wholly owned subsidiary of Cadila Healthcare, has received the final approval from the US Food and Drug Administration (USFDA) to market Clomipramine Hydrochloride Capsules USP in strengths of 25 mg, 50 mg and 75 mg.
The drug is used to treat obsessive compulsive disorder which is characterized by uncontrollable, re-occurring thoughts (obsessions) and behaviours (compulsions). It will be manufactured at the group's formulations manufacturing facility at special economic zone (SEZ), Ahmedabad.
Lupin rose 1.12% after the company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex Scalp Solution, 0.005% of Leo Pharmaceutical Products. The announcement was made after market hours yesterday, 28 December 2017.
Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.
Shares of Astron Paper & Board Mill were trading at Rs 119.70 on BSE, a premium of 139.40% over the initial public offer price of Rs 50. The stock debuted at Rs 114, a premium of 128% to the initial public offer (IPO) price. The IPO was subscribed 243.29 times. The issue opened on 15 December 2017 and closed on 20 December 2017. Astron Paper & Board Mill is an Ahmedabad-based company manufacturing kraft paper.
Aarti Industries surged 5.86% after the company signed 20-year exclusive contract worth Rs 10000 crore with SABIC Innovative Plastics US for supplying high value speciality chemical intermediate. The announcement was made during trading hours today, 29 December 2017.
Aarti Industries said it signed Rs 10000 crore multi-year deal with Sabic Innovative Plastics US LLC. The contract entails supply of a high value speciality chemical intermediate over a period of 20 years. The supplies are expected to commence from 2020 with an estimated revenue generation of 10000 crore over the contract period. With this deal, Aarti Industries is set to enter a new chemistry range, first of its kind in India; and its end product is amongst the major growth initiatives for the customer.
Aarti Industries will be investing $35 - $40 million to setup dedicated large scale manufacturing facility for production of this speciality chemical intermediate, and will be built on the basic technology package received from the customer. The upcoming facility will be a 100% export oriented unit in Gujarat. As a part of this contract terms, the customer shall provide $42 million as an advance to Aarti Industries in installments, which shall be adjusted against the supplies in future. This advance shall help reduce the net capital employed, enabling higher ROCE returns for this project.
Centrum Capital rose 2.64% after the company announced that a meeting of the board of directors of the company is scheduled to be held on Wednesday, 3 January 2018, to consider and approve fund-raising by issuing equity shares/any other permissible securities, through further public offer/rights issue/qualified institutional placement/preferential issue. The announcement was made after market hours yesterday, 28 December 2017.
Among macro economic data, India's infrastructure output data for the month of November 2017 will be released today, 29 December 2017. Infrastructure output in India increased 4.7% year-on-year in October of 2017, following a downwardly revised 4.7% rise in the previous month.
Overseas, most Asian stocks were trading higher after Wall Street finished with modest gains. South Korean markets were closed today, 29 December 2017. US stocks rose yesterday, 28 December 2017, with the Dow Jones industrial average closing at a record high buoyed mostly by gains in bank shares and a slight pick up in energy and materials.
In US economic data, the advance trade deficit in goods increased to $69.7 billion in November from $68.1 billion in October. The purchasing managers index for Chicago showed a rise of 67.6 in December from 63.9 in the previous month. Any reading above 50 indicates expansion.
In Europe, Italy's President Sergio Mattarella dissolved parliament yesterday, 28 December 2017 and called elections for early March 2018, a vote that will highlight the economic and political problems still stalking Europe and the country's role as the weakest flank in the currency union.
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