Tuesday, 22 May 2018

Market Live: Sensex, Nifty open flat on mixed Asian stocks; SBI down, Dr Reddy's Labs gains

Buzzing: Shares of Future Retail declined nearly 7 percent on the back of weak set of numbers reported by the company in the quarter ended March 2018. The company has reported net loss at Rs 463.6 crore in the quarter ended March 2018 against profit of Rs 123 crore in the same quarter last year. The net loss of Rs 463.6 crore includes non-cash exceptional loss of Rs 604 crore post demerger of retail business undertaking of Hypercity Retail Revenue of the company increased to Rs 4,574.65 crore from Rs 4,383.84 crore. The operating profit or EBITDA was up at Rs 201.9 crore and margin was at 4.4 percent.

Glenmark submits new drug to USFDA: Glenmark Pharmaceuticals has submitted a New Drug Application (NDA) to the US Food & Drug Administration (FDA) for its leading respiratory pipeline candidate Ryaltris, an investigational fixed-dose combination nasal spray of an antihistamine and a steroid, as a treatment for seasonal allergic rhinitis (SAR) in patients 12 years of age and older. Ryaltris (olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg)), formerly GSP 301 Nasal Spray, has been conditionally accepted by the FDA as the brand name, it said. Glenmark expects the FDA will determine whether the NDA is complete for filing within 60 days. "If the NDA is accepted, the Prescription Drug User Fee Act (PDUFA) target action date will be assigned at that time. Glenmark has studied Ryaltris in seven clinical trials involving more than 4,000 patients.

Order Win: The Buildings & Factories business of L&T Construction has bagged orders worth Rs 4,033 crore. Buildings & Factories IC has won a prestigious order from a reputed government client for the design & construction of 1,125 Nos of Residential towers of G+3 floors under PMAY Scheme at Visakhapatnam, Prakasam, Guntur, and Krishna Districts in Andhra Pradesh, to be completed within stringent timelines. Another order has been secured from a leading cement manufacturer for the construction of cement plants in Odisha and Andhra Pradesh on the design and build model. The business has bagged another turnkey order from a government client in Patna (Bihar) to establish a cancer institute along with the supply, installation and commissioning of medical equipment.

Crude Update: Oil prices rose amid worries that Venezuela's crude output could drop further following a disputed presidential election in the country and with potential sanctions on the OPEC-member. Brent crude futures were at $79.38 per barrel, up 0.20 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. US West Texas Intermediate (WTI) crude futures were at $72.44 a barrel, up 0.28 percent from their previous settlement, reports CNBC. May 22, 09:19 AM (IST) Market Opening: Benchmark indices started off trade on a flat note, tracking mixed trend seen in Asian stocks. The 30-share BSE Sensex was up 30.63 points at 34,646.76 and the 50-share NSE Nifty rose 15.30 points to 10,532. Coal India, ONGC, NTPC and BPCL were early gainers while Bharti Airtel, Lupin, SBI, Bharti Infratel, Grasim, M&M and Hindalco Industries were under pressure. Nifty Midcap index was down 9 points. Just Dial, Motilal Oswal, Triveni Engineering, Intellect Design, ACE and Astrazeneca gained up to 5 percent. Mahanagar Gas, Globus Spirits, Redington, DLF, Future Retail, Hatsun Agro, Jet Airways, Canara Bank, Bank of India, Bank of Baroda and IFCI were down up to 6 percent.
This Content has been taken from https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-flat-on-mixed-asian-stocks-sbi-down-dr-reddys-labs-gains-2573043.html

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