Key benchmark indices were trading higher in early trade tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 200.74 points or 0.81% at 25,101.20. The Nifty 50 index was up 67.05 points or 0.88% at 7,664.05. The Sensex crossed the psychologically important 25,000 mark.
The broad market depicted strength. There were more than six gainers against every loser on BSE. 881 shares rose and 142 shares fell. A total of 23 shares were unchanged. The BSE Mid-Cap index was currently up 0.86%. The BSE Small-Cap index was currently up 0.98%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks edged higher today, 30 March 2016, tracking overnight gains in US shares as investors welcomed the latest signal from the Federal Reserve that it will move slowly to raise interest rates. Tokyo's Nikkei 225, however, was trading lower. US stocks closed at their highest level of the year yesterday, 29 March 2016. Owing to weaker-than-expected growth overseas and a cloudy US inflation outlook, Federal Reserve chief Janet Yellen, in a speech in New York, reiterated a need to 'proceed cautiously' in lifting interest rates.
Sun Pharmaceutical Industries was up 2.01%. The company announced before market hours today, 30 March 2016 the acquisition of 14 established prescription brands from Novartis AG and Novartis Pharma AG (together 'Novartis') in Japan. According to the agreements entered into between the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of $293 million. These brands have combined annualized revenues of approximately $160 million and address medical conditions across several therapeutic areas. Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma's subsidiary. The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The local marketing partner will also be responsible for distribution of the brands. As per the December-2015 IMS Data, the size of the Japanese pharmaceutical market was estimated at $73 billion, accounting for over 7% of the $1 trillion global pharmaceutical market.
Ashok Leyland was up 1.45%. The company said that the company has won defence contract worth Rs 800 crore from Indian armed forces for supply of advanced-technology products - 450 units of Field Artillery Tractor (FAT) 6x6 and other similar Super Stallion vehicles; and 825 units of Ambulance 4x4. The announcement was made after market hours yesterday, 29 March 2016.
TCS was up 0.33%. The company yesterday, 29 March 2016 announced the opening of its new office in Toronto. Located in the heart of the city, the facility encompasses three floors and 50,000 square feet, providing a new hub for technical innovation, partner collaboration and industry leading client service, TCS said. The announcement was made after market hours yesterday, 29 March 2016.
MindTree was up 1.74%. The company yesterday, 29 March 2016 announced the launch of its comprehensive IPv6 Stack and Smart Mesh Suite for Bluetooth Smart. The IPv6 Stack and Smart Mesh Suite will enable original equipment manufacturers (OEM) and semiconductor companies to add seamless cloud connectivity to their Internet of Things (IoT) products. The combination of IPv6 and Smart Mesh technology not only transmits data collected from remote sensor nodes to cloud analytics platforms, but also enables control of end devices over the internet. IPv6 enables internet access to millions of individual Bluetooth Smart devices, providing the essential IP infrastructure for applications such as smart homes, wearables, and connected medical devices. The Smart Mesh technology helps overcome range limitations in Bluetooth Smart, an important consideration for industrial and home automation. The announcement was made after market hours yesterday, 29 March 2016.
Jaiprakash Associates was up 4.15%. The company said that a meeting of the board of directors of the company will be held on 31 March 2016 to review the progress of various divestment initiated being pursued by the company. The announcement was made after market hours yesterday, 29 March 2016.
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