Natco Pharma, Jet Airways, SpiceJet, InterGlobe Aviation, GVK Power, Jai Corp and KPR Mills gained 0.5-4 percent.
Sensex slips 200 pts; all sectoral indices in the red, PSU Bank dips 2%
Natco Pharma shares rallied as much as 6.4 percent after the Mekaguda facility received zero observations from the US health regulator.
“….announce the successful completion of regulatory inspection from the United States Food and Drug Administration (USFDA) for its active pharmaceutical ingredient (API) facility in Mekaguda Village, Hyderabad,” the pharma company said in its filing.
The inspection by USFDA was conducted during the period February 12-16, 2018.
“The regulatory audit resulted in zero observations (no form 483 issued),” Natco said.
Crude Oil Update: Oil prices extended gains to hit their highest level in nearly two weeks, buoyed as Asian shares joined a global recovery in equity markets and by worries over tensions in the Middle East.
Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation.
US West Texas Intermediate crude for March delivery was up 86 cents, or 1.39 percent, at USD 62.54 a barrel, after earlier touching its highest since February 7.
London Brent crude was up 58 cents, or 0.89 percent, at USD 65.42, after rising more than 3 percent last week.
Market Update: Benchmark indices extended losses, with all sectoral indices trading in the red.
The 30-share BSE Sensex fell 203.24 points to 33,807.52 and the 50-share NSE Nifty declined 66.80 points to 10,385.50.
About three shares declined for every share rising on the BSE.
PSU Bank index was the biggest loser, falling 2 percent.
PNB fraud case: India’s state-run UCO Bank said it has USD 411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB).
PNB, India’s second-largest state-run lender, said last Wednesday that it had detected fraudulent transactions worth USD 1.77 billion at a single Mumbai branch that had benefited “a few select account holders”, and that it had reported the matter to law enforcement agencies.
UCO Bank, in a filing to the Bombay Stock Exchange late on Saturday, said its Hong Kong branch granted loans against letters of credit issued by PNB and was “fully confident” of receiving payment from PNB.
The alleged fraud at PNB benefited billionaire jeweler, Nirav Modi and jewelry retailer Gitanjali.
9:48 am Order Win: The water & effluent treatment business of L&T Construction has secured EPC orders worth Rs 1,680 crore from Pune Municipal Corporation for ‘study, survey, investigation, assessment, design validation and revamping of the entire water supply system for Pune City.
“We are delighted to have bagged this very prestigious order which has the potential to be a game-changer in the realm of water infrastructure development,” said S Rajavel, Senior Vice President & Head – Water & Smart World Communication, L&T Construction.
The scope of the project includes supply, laying, testing and commissioning of water transmission pipelines, optical fiber cable ducts, construction of sumps & house service connections along with water audit, Non-Revenue Water Reduction, SCADA, bill reading & generation and other associated electromechanical & instrumentation works.
Buyback: KPR Mill scrip price gained nearly 6 percent ahead of a board meeting to consider share buyback this week.
“A meeting of the board of directors is scheduled to be held on February 22 to consider the proposal for buy-back of the fully paid-up equity shares,” the textile company said in its filing.
Buzzing: Shares of Bhushan Steel hit 20 percent upper circuit on Monday as investors cheered developments surrounding its takeover bid.
Tata Steel emerged as the highest bidder for Bhushan Steel with a surprise bid of Rs 35,000 crore. JSW Steel, which was the favorite until the end of the race, was second placed with a bid of Rs 29,700 crore. Tata Steel’s stock fell around 5 percent intraday.
A senior bank executive aware of the development confirmed the allotment to Tata Steel and the bid amount.
9:21 am Navi Mumbai Airport: The City Industrial Development Corporation (Cidco), the nodal agency of Maharashtra government implementing the Navi Mumbai International Airport has set a stiff deadline of December 2019 for developer GVK Power & Infrastructure (GVK) to operationalize the first phase of the project.
As part of the first phase – Cidco expects the developer GVK Power & Infrastructure (GVK) to make one runway and a terminal building operational with a capacity to handle 10 million passengers by end of next year.
“It’s achievable,” said Bhushan Gagrani, Vice Chairman and Managing Director of Cidco referring to the first phase deadline.
Gagrani said the company will be handing over the land to GVK in 6-8 months. “We took possession of 98 percent of the land,” said Gagrani.
9:15 am Market Check: The market started off the week on a negative note, with the Nifty and Nifty Bank trading well below its Friday’s low due to further correction in PSU banks.
The 30-share BSE Sensex was down 117.30 points at 33,893.46 and the 50-share NSE Nifty fell 45.10 points to 10,407.20.
PSU Bank index fell over 1 percent. UCO Bank, Union Bank of India, Allahabad Bank, PNB and City Union Bank declined 3-10 percent on PNB fraud case.
Natco Pharma, Jet Airways, SpiceJet, InterGlobe Aviation, GVK Power, Jai Corp and KPR Mills gained 0.5-4 percent.,/p>
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