Market Live: Sensex, Nifty hold on to gains; Pharma index top gainer
14:46 buzz: shares of Lupine and Sun Pharma gained 1.8% each intraday after receiving approval from the United States health regulator for drugs.
Important Pharma Lupine has received approval from the US Food and Drug Administration for Armodafinil which is used to treat excessive sleep disorder.
The FDA also approved ANDA for paroxetine hydrochloride presented by Sun Pharma.
Paroxetine hydrochloride is used for the treatment of OCD, panic attacks.
The rise in health care stocks after FDA approval of the drug lifted the Nifty Pharma 1.8 percent.
2:37 p.m. Revenue: Electrical equipment maker, Havells India, fell 16.6 percent compared to the previous year in net profit for the June quarter at Rs 121.3 crore against Rs 145.6 crore during The same period last year.
Profits for the June quarter are lower than the CNBC-TV18 analysts poll that caught up to Rs 158 crore.
Quarter sales, however, increased 26% to $ 1 982 gross over Rs 1,573 crore in the corresponding quarter last year. The figure exceeded expectations of Rs 1.889 billion of analysts.
At the operating level, earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 14 percent to Rs 172.4 crore against Rs. 200.4 crore a year earlier, while the operating margin Increased to 9.3 percent from 13.6 percent in June 2016.
14:30 Fusion: Parliament, Oil Minister Dharmendra Pradhan, said the NGO group PSU, ONGC, has sent a proposal to acquire retail HPLC oil and the Ministry is working to approve in main terms the acquisition of HPC By ONGC.
Sources told CNBC-TV18 that HPCL could remain classified as a subsidiary of ONGC.
14:15 Checking the benchmark index market continued to trade in a strong, skilled trade is less than 9900.
The Sensex rose 167.90 points 31,878.89, while the Nifty has surpassed 48.80 points 9875.95. The width of the market has been close since 1677 stocks advanced against a decline of 934 shares, while stocks of 146 remained unchanged.
ITC, Bharti Airtel, Zee Entertainment and Aurobindo Pharma earned more, while Infosys, HUL, ACC and Ultratech cement lost more.
European stock markets were higher on Wednesday morning by taking a stock of a series of corporate announcements across the continent.
The pan-European Stoxx 600 started the day up to 0.49 percent, showing that losses were recorded Tuesday after the White House has seen the latest setback to its efforts to continue health reforms. All the building materials sectors were barred and seen in the dark.
13:58 GST rate review: The government can not review the tax rates of products under the new indirect tax regime, unless there is an anomaly, a need correction or something was left out.
“The industry is going to be problems in the law, the rules, the rates, but there is no time,” said the central charge of Special Taxes and Customs (CBEC), Vanaja N Sarna.
Sarna also said that the textile and entertainment industry face problems with tariffs and will be eliminated over time.
13:40 NCLT reserve order: The National Court of Company Law (NCLT) has reserved the order in the bankruptcy petition filed by the country’s largest lender against India Bhushan Steel Ltd.