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18 July 2016
I had wondered last week whether the bulls
could take Nifty, Sensex higher. The major indices of the Indian stock markets
were listless in Monday’s trading and at the close of trading the indices ended
flat. The trends of the major indices in the course of Monday’s trading are
given in the table below: The Total
Investment & Insurance Solutions
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Major Indices(The Total Investment & Insurance
Solutions)
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Initially, the benchmark indices opened
higher following firm global cues and expectations of the Goods and Services
Tax (GST) bill passing in the monsoon session of parliament on Monday. The
markets were mainly moved by healthy expectations out of quarterly results
which are to be announced later during Monday. Heavy selling pressure was
witnessed in telecom, oil and gas and metal stocks. Some movement was noticed
in the state-owned banks, especially State Bank of India's subsidiary banks.
Expectations of the government's announcement of the next round of capital
infusion in state-run banks, for which Rs25,000 crore has been earmarked for
the current fiscal boosted investors' sentiments. On the NSE, there were 603
advances, 1007 declines and 55 unchanged. The Total Investment & Insurance Solutions
Glenmark Pharmaceuticals Ltd is planning to
raise $200 million by issuing USD denominated non-convertible unsecured bonds
to repay existing debt, the company said on Monday. "..subsequent to the
rating received by the leading credit agencies in the world that is Standard
& Poor's and Fitch, the company has decided to tap into the international
bond market and is planning to raise around $200 million by issuing USD
denominated non-convertible unsecured bonds," the company said in a filing
to Bombay Stock Exchange. "The net proceeds will be used for repaying the
existing debt," it said. Glenmark shares closed at Rs833.80, down 2.12%,
on the BSE. The Total Investment &
Insurance Solutions
Sun Pharmaceutical group on Monday announced
the licensing of ELEPSIA XR drug by Sun Pharma Advanced Research Company Ltd
(SPARC) to a subsidiary of Sun Pharmaceutical Industries Ltd for the US market.
In a statement, Sun Pharma said SPARC will licence ELEPSIA XR (Levetiracetam
Extended Release tablets) to a wholly-owned subsidiary for the US market. SPARC
will receive an up-front payment of $10 million from Sun Pharma apart from
certain additional milestone payments and defined royalties linked to any
future sales of ELEPSIA XR. According to Sun Pharma, ELEPSIA-XR was approved by
US Food and Drug Administration (USFDA) in March 2015. Sun Pharma shares closed
at Rs776.65, up 0.81% on the BSE. SPARC shares closed at Rs355.05, up 1.54% on
the BSE.
Reserve Bank of India Governor Raghuram Rajan
on Monday called for manageable and sustainable credit expansion in the
country, saying all avenues for this should be explored. Rajan underlined the
need for building new institutions in rural areas to ease access to credit. He
was also in favour of exploring the possibility of banks working with money
lenders while addressing concerns associated with such an arrangement. He was
speaking at the national seminar on 'equity, access and inclusion --
transforming rural India through financial inclusion' at the National Institute
of Rural Development. During the question-answer session after his
inaugural address, Rajan said as credit to GDP ratio is about 50% "which
is significantly below where it could be even for an emerging market". The
RBI governor pointed out that a number of emerging markets have credit to GDP
ratios of 100% to 120%. China is closer to 150%. "We need to find ways to
expand credit without the over indebtedness, the over borrowing as well as the
pains associated with it. We are working on different ways to do it," he
said. If this takes off, it could be favourable to the public sector banks and
the Bank Nifty closed at 18,923.40, down 01.6%.
The top gainers and top losers of the major
indices are given in the table below:
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Top Gainer(The Total Investment & Insurance Solutions)
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Asian Indices(The Total Investment & Insurance
Solutions)
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