Overseas, Asian shares edged higher on the prospects of a less-hawkish Federal Reserve policy trajectory. The main US stock indexes closed marginally lower yesterday, 20 March 2017 for the third straight day of losses, as investors were reluctant to make big bets without major economic or corporate news.
Expectations that the US Federal Reserve will have to step up rate hikes to counter inflationary pressure from President Donald Trump's stimulus are also waning after the Fed dropped no hints of an acceleration in credit tightening last week.
Back home,the key benchmark indices drifted lower on first trading day of the week yesterday, 20 March 2017, weighed by selling in index heavyweights, Infosys, Reliance Industries and ICICI Bank. The Sensex lost 130.25 points or 0.44% to settle at 29,518.74, its lowest closing level since 15 March 2017.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 56.67 crore yesterday, 21 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 536.21 crore yesterday, 21 March 2017, as per provisional data.
Among corporate news,Shares of Avenue Supermarts will get listed on the stock exchanges today, 21 March 2017. The issue price was fixed at Rs 299 per share, the top end of the IPO price band of Rs 295 to Rs 299 per share. The IPO of Avenue Supermarts received strong response from investors. It was subscribed a whopping 105 times. Avenue Supermarts is an emerging national supermarket chain. The company's stores operate under the "D-Mart" brand, registered as a trademark under various classes of products.
HCL Technologies announced that its board approved buyback of up to 3.50 crore fully paid-up equity shares of the company at Rs 1000 per share for an aggregate amount not exceeding Rs 3500 crore. The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.
Separately, HCL Technologies said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.
Aurobindo Pharma announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets, 600/30 mg and 1200/60mg (OTC). Aurobindo's Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets are the AB rated generic equivalent of Reckitt Benckiser's Mucinex DM tablets. The product will be launched in Q1 FY2018.
Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets helps loosen mucus and phlegm, and thin out bronchial secretions, making coughs more productive. The approved product has an estimated market size of $235 million for the twelve months ended December 2016, according to IRI database. The announcement was made after market hours yesterday, 20 March 2017.
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