Nifty, Sensex Headed Higher – Wednesday closing report
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:
 
 
  • User

    Nifty, Sensex May Try to Rally a Bit – Monday closing report
    We had mentioned in Friday’s closing report that Nifty, Sensex will move higher. The major indices ended with losses. On the NSE, there were 608 advances, 1,179 declines and 358 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
     
     
    Ashok Leyland's shares fell over 5% over production halt for up to 15 days. In an exchange filing, it informed that in order to "align our production in line with our sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019". 
     
    Yes Bank informed the exchanges that it has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news about the bank's financial health. The bank has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.
     
    Petrol and diesel price continued to decline for the fifth consecutive day on Monday. Petrol prices were cut by 13 paisa per litre, while diesel prices were down by 12 paisa per litre in Delhi, Kolkata, Mumbai and Chennai. The fuel prices had seen a sharp rise after the September 14 drone attacks on a Saudi oil facility and a processing plant.
     
    GMR Energy has entered into exclusive discussions with JSW Energy for potential divestment of its entire stake in its subsidiary company, GMR Kamalanga Energy Limited, which owns and operates a 1050 MW thermal power plant in Odisha. Both GEL & JSW intend to conclude these discussions in an expeditious manner.
     
    Indoco Remedies has received the final approval for its Abbreviated New Drug Application (ANDA) for Rasagiline 0.5 mg and 1 mg tablets from the United States Food & Drug Administration (USFDA). Rasagiline is used for treatment of Parkinson's disease. The market size of this product in the US as per IMS 2018 data is US$ 105 million.
     
    JSPL registered a 16% rise in production in Q2FY20 to 1.58 million tonnes in its domestic operations, with sales increasing by 10% to 1.46 million tonnes during the same quarter. The quarterly production and sales of steel & related products stood at 1.36 MT and 1.32 MT respectively in the same period last year.
     
    Bajaj Finance new loans booked during Q2 FY20 was 6.5 million as compared to 5.3 million in Q2 FY19. The customer franchise as of September 30, 2019 stood at approximately 38.7 MM as compared to 30.1 MM as of September 30, 2018.
     
    During the quarter, the company acquired 1.9 MM new customers. Assets under management stood at approximately Rs135,500 crore as of September 30, 2019 as compared to Rs98,013 crore as of September 30, 2018.
     
    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:
     
     
     
  • User

    Beyond the Cheery Consensus of ‘Big Bang’ Tax Cuts
    Exactly two weeks ago, finance minister (FM) Nirmala Sitharaman announced sharp tax cuts for rich taxpaying companies, making investors delirious with joy. But the joy hasn’t lasted too long. Stock prices are wilting again. Take a look at the broader market, Nifty 500. Almost all the gains after the tax cuts have been lost. 
     
    Another uninspiring piece of data is that the number of...
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