2:40 pm Sun Pharma in News:
Sun Pharmaceutical Industries shares gained 1 percent intraday on distribution agreement with AstraZeneca India for innovative type 2 diabetes medicine.
“Sun Pharma and AstraZeneca Pharma India announced a partnership for distribution of dapagliflozin, an innovative type 2 diabetes medicine, in India. Dapagliflozin is AstraZeneca India’s leading diabetes medicine,” says the company in its filing.
Under the agreement, Sun Pharma will promote and distribute dapagliflozin under brand name Oxra. AstraZeneca India markets dapagliflozin under brand name Forxiga but under the terms of agreement, both companies will distribute dapagliflozin in India under different brand names.
“AstraZeneca will retain intellectual property rights to dapagliflozin,” it says.
2:20 pm: Fund raising in YTD: Indian firms have raised a staggering Rs 46,000 crore from the primary market route in first ten months of the current fiscal, mainly on account of robust fund mobilisation through initial public offerings. In comparison, companies had garnered Rs 13,158 crore in the April-January period of 2014-15. Most of the funds have been raised for expansion plans, to repay debt and for other general corporate purposes.
“During 2015-16, primary securities market seems to have come out of its lull. Both the total number of issues and the resources mobilised from the primary securities market have gone up. IPOs have contributed to this performance more than public debt issues and rights issues,” capital markets regulator Sebi noted.
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2:00 pm Market Check
Equity benchmarks continued to see selling pressure in afternoon trade, weighed down by banking & financials, technology and oil stocks.
The 30-share BSE Sensex declined 97.49 points to 25233 and the 50-share NSE Nifty slipped 27.15 points to 7687.75. The broader markets remained flat.
HDFC, HDFC Bank, Reliance Industries, Lupin and ONGC were biggest contributors to Sensex’s fall while Bharti Airtel, Bajaj Auto, Hindalco and Tata Steel gained 2-5 percent.
European markets traded higher today following the terrorist attacks in Belgium claimed to have been carried out by the Islamic State, with major indices shrugging off the attacks. France’s CAC, Germany’s DAX and Britain’s FTSE were down 0.3-0.7 percent.
In Belgium attacks, at least 30 people were killed and many more injured. Global terrorist organization ISIS claimed responsibility for the supposed suicide bombings that took place in the capital city’s airport and a metro station.