INDIAN EQUITY BENCHMARK increased for the fourth
consecutive day amidst volatile trading and expiry of the
February Futures & Options (F&O) derivative contracts. Gains
of 2% in index heavyweight ITC also contributed towards the
Further, State Bank of India increased by 1% to Rs 1,522 after
the country’s largest public sector lender said that its board
schedule to meet next week to consider interim dividend to
shareholders of the company.
Tata Steel and Sesa Sterlite extended yesterday's fall to decline
by 3.2% and 2.4% respectively, as metal companies continued
their struggle after a weak global outlook for the industry. They
were the worst performer in the Sensex.
Asian stock markets were swung between small gains and
losses in choppy trade, as growing concerns over the global
economic recovery dampened sentiment.
European stocks slid on a disappointing consumer confidence
report, though healthy corporate earnings cushioned losses.
U.S. stocks markets remained lower, despite the release of
positive German economic growth data as investors remained
cautious amid uncertainty over the European Central Bank's
next policy moves.
Tata Power extends Tuesday's slide
Tata Power Company lost 1.48% with the stock extending recent
fall triggered by equity dilution worries after the firm said its board
of directors will meet on 27 February 2014 to consider various fund
raising options. TPREL was selected as the preferred bidder in a
process conducted by AES Corporation for sale of its 100% stake
in ASW in September 2013
Arvind Remedies inches up after
commencement of commercial
operations at a unit
Arvind Remedies rose 0.82% after the company said that on 20
February 2014 the commercial operation of the new unit of the
company at Kakkalur, Tiruvellore, Tamil Nadu for few products has
been started. Arvind Remedies' net profit jumped 52.4% to Rs
18.61 crore on 29.5% growth in net sales to Rs 233.04 crore in Q3
December 2013 over Q3 December 2012.
ICICI Bank launches Branch on
Wheels in Odisha
ICICI Bank Limited, India’s largest private sector bank, announced
the launch of ‘Branch on Wheels’ in Odisha, as part of its financial
inclusion plan that aims at providing banking services in villages
which are so far devoid of banking facilities.
Lupin receives FDA approval for
generic Mycobutin capsules
Lupin Ltd (Lupin) announced that it has received final approval for
its Rifabutin Capsules USP, 150 mg from the United States Food
and Drugs Administration to market a generic version of Pharmacia
and Upjohn Company’s Mycobutin Capsules 150 mg. Lupin
Pharmaceuticals Inc., the company’s US subsidiary would
commence marketing the product shortly.
Dr Reddy's at new high, launches
headache drug Sumatriptan
Shares of Dr Reddy’s Labs hit a record high at Rs 2823, up around
2 percent in early trade. Investors are excited about the company
as it launched Sumatriptan injection USP in the US market. It is a
therapeutic equivalent generic version of Imitrex Statdose Pen and
was launched in the US market on February 25 following approval
by the United States Food & Drug Administration.