Asian equity markets are higher today after the Federal Reserve raised rates. The Nikkei 225 is up 0.13% while the Hang Seng is up 1.05%. The Shanghai Composite is trading up by 0.63%. European & the US stocks closed higher in their previous trading session, helped by a bounce in oil prices, after the Federal Reserve took a less aggressive stance than expected.
Meanwhile, Indian share markets have opened the day higher tracking the global markets. The BSE Sensex is trading up by 176 points while the NSE Nifty is trading up by 54 points. The BSE Mid Cap index opened up by 0.7 while BSE Small Cap index opened up by 0.8%.
HCL Technologies share price opened up by 3% after it was reported that the Board of HCL Technologies will meet next week to consider stock buyback, thereby joining the growing roster of IT companies that have opted for the route to make use of huge piles of cash lying idle with them.
All sectoral indices have opened the day in green with capital good stocks and metal sector leading the pack of gainers. The rupee is trading at 66.51 to the US$.
Telecom stocks are trading higher with MTNL and Reliance Communications being the most active stocks in this space. As per an article in a leading financial daily, Bharti Airtel has called off plans to sell a controlling stake in its infrastructure division Bharti Infratel but has decided to monetise 21.6% equity in the company.
However, the company is planning to sell or transfer up to 400 million shares in Infratel to either wholly-owned subsidiary Nettle Infrastructure Investments, any other potential investors or both.
Bharti Airtel share price opened the day flat.
Moving on to the news from stocks in pharma sector. According to a leading financial daily, the price control of stents will result in annual savings of about Rs 44.5 billion for patients.
The National Pharmaceutical Pricing Authority (NPPA) had notified the ceiling price of coronary stents at Rs 7,260 for bare metal stent and Rs 29,600 for drug-eluting ones. The corresponding average MRPs before the notification stood at Rs 45,100 and Rs 0.12 million.
However, according to the US government, India's decision to control prices of cardiac stents shows it is a country that isn't business-friendly. Overseas companies, including US-based Abbott and Boston Scientific, account for almost 70% of India's stent market.
The revenue growth for Indian pharma industry remains moderate with base business in US continuing to face high single digit price erosion, regulatory overhang for select companies and temporary demonetisation effects in India.
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