10:57 AM
Biocon slips 5% on plan to sell branded formulation biz to Eris
Shares of Biocon slipped 5 per cent to Rs 254.15 on the BSE in Friday’s intra-day trade as the company’s unit Biocon Biologics will sell its Indian branded formulations businesses to Eris Lifesciences in a deal worth Rs 1,242 crore ($150 million).
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10:21 AM
Edelweiss Stress Test Result: Can liquidate 50% of SmallCap Fund in 3 days
In its first disclosure the mutual fund said it would take up to 2 days to liquidate 50 per cent of the MidCap Fund portfolio, worth Rs 5,066.60 crore. 25 per cent of the fund portfolio can be liquidated in 1 trading session.
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10:05 AM
BPCL, HPCL, IOC shed up to 6% on petrol, diesel price cuts, margin worries
Hindustan Petroleum Corporation (HPCL) slipped 6 per cent to Rs 469.70, while Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were down 4 per cent each at Rs 584.10 and Rs 163.60, respectively, in intra-day trade.
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9:53 AM
Comment :: ‘Thursday’s rebound is unlikely to sustain’
The rebound in the market yesterday after the Wednesday crash is unlikely to sustain. Brent crude rising to $85 and the 10-year US bond yield spiking to 4.29% are headwinds for the market.
Results of the stress tests conducted by the mid and small cap schemes of mutual funds expected today will be keenly watched by the market.
If there are clear signs of stress there can be regulatory action by the Sebi, which will impact sentiments in the broader market. Even without stress tests, one thing is clear: the broader market valuations are expensive and in some pockets valuations are frothy.
This is clearly unsustainable. Even when prospects for certain sectors are good, valuations have run ahead of fundamentals.
Low floating stock in many segments has resulted in prices shooting up. Investors should understand that high quality largecaps with good growth prospects are available at fair valuations. Focussing on such stocks would be safer than chasing smallcaps with stretched valuations.
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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9:41 AM
Shakti Pumps hits 5% upper circuit on order win
>> The company received a Rs 93 crore order from the Maharashtra Energy Department.
9:39 AM
Gufic Bio holds gains in weak market on patent win
>> The company has been granted a patent for an invention entitled ‘Lyophilized Pharmsceutical Compositions of Dalbavanci’.
9:37 AM
Eris Life to buy Biocon’s India-branded formulation biz; stocks in red
>>> Eris Lifesciences, a chronic therapy-focused drug firm, has acquired the India-branded formulation business of Biocon Biologics, a subsidiary of Biocon, for Rs 1,242 crore. This includes portfolios in insulin, oncology, and critical care.
>> Eris Life sheds over 1%, Biocon 3.45%
9:34 AM
Bombay Burmah Trading Corp in red on tax searches
>> The Assistant Commissioner of State Tax, Mumbai, has initiated a search on March 13 at its registered office in Mumbai under the Maharashtra Goods and Services Tax Act.
9:31 AM
IIFL Finance choppy after Fitch puts it on negative watch
>> Fitch Ratings has placed IIFL Finance on ‘Rating Watch Negative’, days after the Reserve Bank of India asked the company to stop new gold-backed lending.
9:29 AM
YES Bank off highs; Bank to act as merchant acquiring bank to Paytm
>> YES Bank will act as the merchant acquiring bank for Paytm’s existing and new UPI merchants.
>> With this, the @Paytm handle would also be redirected to YES Bank.
9:27 AM
Paytm hits 5% upper circuit as NPCI okays TPAP role
>> The National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL), the parent firm of Paytm, to participate in UPI services as a Third-Party Application Provider (TPAP) under multi-bank model.
9:24 AM
Buzzing :: OMCs fall on double whammy of price cut, brent crude surge
>> The Centre has reduced prices of petrol and diesel by Rs 2 per litre, effective from March 15, 6 AM.
>> The move comes at a time when Brent crude oil is hovering above $85 per barrel.
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