Sugar stocks in demand

Key benchmark indices trade off initial high in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 33.46 points or 0.14% at 24,679.94. The 50-unit Nifty 50 index was up 10.45 points or 0.14% at 7,495.80. The market breadth indicating the overall health of the market was positive. On BSE, 1,383 shares rose and 972 shares fell. A total of 126 shares were unchanged. The BSE Mid-Cap index was currently up 0.23%. The BSE Small-Cap index was currently up 0.58%. Both these indices outperformed the Sensex.

In overseas stock markets, markets in Asia lost ground, stepping back from their recent rally, with weak China trade data weighing on the sentiment. China's Shanghai Composite was currently down 0.8%. Hong Kong's Hang Seng index was currently off 0.68%. China's February exports fell 25.4% in dollar terms, while imports fell 13.8%. The drop in exports was the largest on-year drop since 2009. US stocks eked out small gains yesterday, 7 March 2016, partly due to a jump in oil prices.

Sugar stocks were in demand. Dwarikesh Sugar Industries (up 11.32%), Empee Sugars and Chemicals (up 10%), Upper Ganges Sugar & Industries (up 5.11%), Balrampur Chini Mills (up 5.01%), Shree Renuka Sugar (up 4.96%), Rana Sugars (up 4.68%), Dhampur Sugar Mills (up 4.52%), DCM Shriram Industries (up 4.28%), Eastern Sugar & Industries (up 4.17%), Oudh Sugar Mills (up 3.93%), Sakthi Sugars (up 3.92%), KCP Sugar & Industries Corporation (up 3.77%), EID Parry (India) (up 3.32%), Bajaj Hindusthan Sugar (up 2.45%) and Triveni Engineering & Industries (up 1.19%) edged higher.

Most FMCG shares edged higher. Nestle India (up 2.10%), Godrej Consumer Products (up 1.99%), Procter & Gamble Hygiene & Health Care (up 1.55%), Marico (up 1.41%), Tata Global Beverages (up 1.10%), GlaxoSmithKline Consumer Healthcare (up 0.84%), Bajaj Corp (up 0.74%), Britannia Industries (up 0.46%) and Dabur India (up 0.22%), edged higher. Colgate Palmolive (India) (down 1.41%), Jyothy Laboratories (down 1.78%) and Hindustan Unilever (down 2.52%) edged lower.

VA Tech Wabag surged 4.4% after the company in consortium with IDE Technologies won a Rs 594 crore contract from CMWSSB. The announcement was made before market hours today, 8 March 2016.

Ajanta Pharma gained 2.78% after the company announced that it has received final approval from the United States Food and Drug Administration for Almotriptan Malate Tablets (6.25 mg & 12.5 mg), a generic version of Axert, which is used for treatment of acute migraine pain. The company's wholly owned US subsidiary Ajanta Pharma USA Inc. is scheduled to launch Almotriptan Tablets in US shortly, the company said. The announcement was made on Monday, 7 March 2016, when the stock market was closed on account of Mahashivratri.

Alkem Laboratories gained 2.95% after the company said that its manufacturing plant at Mandva, Gujarat, has successfully obtained the Establishment Inspection Report from the US Food and Drug Administration. The plant manufactures active pharmaceutical ingredients (APIs) and was inspected by US Food and Drug Administration (USFDA) in September 2015. Alkem Laboratories' CEO Prabhat Aggarwal said that this development re-affirms the company's focus towards the United States as its key market and further boosts its ability to enhance its product offering in the market.. The announcement was made on Monday, 7 March 2016, when the stock market was closed on account of Mahashivratri.

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