Indian share markets soar higher
Backed by all-round buying, Indian equity markets continued to ascend in the post-noon trading session. Barring consumer durable, all sectoral indices are trading positive with metal, auto and realty stocks being the top gainers.
BSE-Sensex is up 196 points and NSE-Nifty is trading up by 65 points. While BSE Mid Cap is up 1.1%, BSE Small Cap index is trading up by 0.5%. The rupee is trading at 54.6 to the US dollar.
Majority of pharma stocks are trading in green, with Natco Pharma and Strides Acrolab among the leading gainers. As per a leading financial daily, couple of weeks back Ranbaxy had announced about restarting supply of generic Lipitor in US. This was after USFDA authorities had directed for the recall of the drug, which was manufactured in Mohali facility in India. However it is pertinent to note that company is allowed for manufacturing generic Lipitor from its Ohm facility in US. Reportedly, the company is still awaiting green signal from the regulators to resume manufacturing of atorvastatin (Lipitor generics) at its Mohali facility in India. This facility is a newly built SEZ facility and had commenced export of atorvastatin drug since April 2012. In Dec 2012, the company had recalled drug due to presence of glass particles. Thus though company has reinitiated the supply of atorvastatin, it is working with USFDA and has identified and implemented on corrective measures.
Most of the automobile stocks are trading in green with Tata Motors and Maruti Suzuki leading in gains. However, Bajaj Auto and Maharashtra Scooters are trading in red. As per a leading financial daily, Jaguar Land Rover (JLR) owned by Tata Motors has planned to raise investment at its UK engine plant from 350 m pounds to 500 m pounds. This hike is part of JLR's plans to scale up capital spending significantly in its production facilities. JLR has been able to offset plant shutdowns and falling production in the European auto market through rising demand for its luxury saloons and Sports Utility Vehicles in China and other emerging markets. Therefore, JLR in local partnership is building a factory in China. The company is also investigating the potential of manufacturing cars in India.
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Soaring temperatures and heat waves have gripped North India, as locals try to beat it by drinking fluids and covering themselves as they drive their vehicles. The effect of the rising temperatures was visible in Allahabad, where scores of people turned up to take bath in the Ganges river to beat the heat.
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