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Thursday, February 27, 2014

INDIAN FACE


INDIAN EQUITY BENCHMARK increased for the fourth
consecutive day amidst volatile trading and expiry of the
February Futures & Options (F&O) derivative contracts. Gains
of 2% in index heavyweight ITC also contributed towards the
rise.

Further, State Bank of India increased by 1% to Rs 1,522 after
the country’s largest public sector lender said that its board
schedule to meet next week to consider interim dividend to
shareholders of the company.

Tata Steel and Sesa Sterlite extended yesterday's fall to decline
by 3.2% and 2.4% respectively, as metal companies continued
their struggle after a weak global outlook for the industry. They
were the worst performer in the Sensex.

GLOBAL FACE

Asian stock markets were swung between small gains and
losses in choppy trade, as growing concerns over the global
economic recovery dampened sentiment.

European stocks slid on a disappointing consumer confidence
report, though healthy corporate earnings cushioned losses.

U.S. stocks markets remained lower, despite the release of
positive German economic growth data as investors remained
cautious amid uncertainty over the European Central Bank's
next policy moves.

MARKET TALKS 

Tata Power extends Tuesday's slide 
 
Tata Power Company lost 1.48% with the stock extending recent 
fall triggered by equity dilution worries after the firm said its board 
of directors will meet on 27 February 2014 to consider various fund 
raising options. TPREL was selected as the preferred bidder in a 
process conducted by AES Corporation for sale of its 100% stake 
in ASW in September 2013 

Arvind Remedies inches up after 
commencement of commercial 
operations at a unit 
 
Arvind Remedies rose 0.82% after the company said that on 20 
February 2014 the commercial operation of the new unit of the 
company at Kakkalur, Tiruvellore, Tamil Nadu for few products has 
been started. Arvind Remedies' net profit jumped 52.4% to Rs 
18.61 crore on 29.5% growth in net sales to Rs 233.04 crore in Q3 
December 2013 over Q3 December 2012. 

ICICI Bank launches Branch on 
Wheels in Odisha 
 
 ICICI Bank Limited, India’s largest private sector bank, announced 
 the launch of ‘Branch on Wheels’ in Odisha, as part of its financial 
 inclusion plan that aims at providing banking services in villages 
 which are so far devoid of banking facilities. 


Lupin receives FDA approval for 
generic Mycobutin capsules 
 
Lupin Ltd (Lupin) announced that it has received final approval for 
its Rifabutin Capsules USP, 150 mg from the United States Food 
and Drugs Administration to market a generic version of Pharmacia 
and Upjohn Company’s Mycobutin Capsules 150 mg. Lupin 
Pharmaceuticals Inc., the company’s US subsidiary would 
commence marketing the product shortly. 

Dr Reddy's at new high, launches 
headache drug Sumatriptan 
 
Shares of Dr Reddy’s Labs hit a record high at Rs 2823, up around 
2 percent in early trade. Investors are excited about the company 
as it launched Sumatriptan injection USP in the US market. It is a 
therapeutic equivalent generic version of Imitrex Statdose Pen and 
was launched in the US market on February 25 following approval 
by the United States Food & Drug Administration




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