Domestic stocks saw an upbeat start on positive Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 222.20 points or 0.61% at 36,488.13. The Nifty 50 index was up 64.15 points or 0.59% at 11,012.45. The Nifty moved above the psychological 11,000 mark in opening trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 783 shares rose and 253 shares fell. A total of 36 shares were unchanged.
On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.
Overseas, Asian stocks are trading higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world.
The White House late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The US last week hit Beijing with levies on $34 billion in goods, and Beijing retaliated with tariffs of the same amount. A final decision on the products to be hit with the new tariffs is reportedly expected after a consultation period in late August.
Sun Pharmaceutical Industries rose 0.64%. Sun Pharmaceutical Industries said that its wholly-owned subsidiary, DUSA Pharmaceuticals, filed trade secret misappropriation and tortious interference claims in an ongoing patent infringement lawsuit against Biofrontera Inc., Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG in the United States District Court for the District of Massachusetts. The announcement was made after market hours yesterday, 11 July 2018.
The lawsuit alleges patent infringement of DUSA's patents covering DUSA's product, Levulan and Kerastick (aminolevulinic acid HCl) for topical solution, 20% used with DUSA's BLU-U Blue Light Photodynamic Therapy Illuminator. DUSA additionally alleges that the Biofrontera defendants misappropriated confidential and trade secret information from DUSA and improperly obtained confidential DUSA information from former DUSA employees to sell and market defendants' own products. The lawsuit seeks an assessment of both damages and injunctive relief against the Biofrontera defendants.
The patents-in-suit concern an apparatus and method for "photodynamic therapy" (or PDT) and equipment for PDT. The photodynamic therapy, pioneered by DUSA, combines a drug with a light source to treat disease conditions. The product was launched by DUSA in September 2000 in the US.
Power Grid Corporation of India rose 0.12%. The company announced that its wholly-owned subsidiary, Powergrid Warora Transmission, secured through tariff based competitive bidding (TBCB), has successfully put the elements into commercial operation progressively from November 2016 and the entire project put into commercial operation by 10 July 2018. The announcement was made after market hours yesterday, 11 July 2018.
Omaxe rose 1.15% after the company said it has executed a concession agreement with North Delhi Municipal Corporation (North DMC) on 10 July 2018 for the redevelopment/reconstruction of multi level car parking at Gandhi Maidan, Delhi. The announcement was made after market hours yesterday, 11 July 2018.
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