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Sensex closes 360 points lower; Lupin down 16.48% on USFDA warning letter

Market breadth was negative with 763 stocks rising against 1950 falling on the BSE. Lupin (17.30 percent), Cipla (6.47 percent), State Bank of India (3.19 percent) were among the other top losers.

BT Online | November 7, 2017 | Updated 16:27 IST
Sensex clses 360 points lower; Lupin down 16.48 percent on USFDA warning letter

The Sensex and Nifty closed nearly 1 percent lower onTuesday dragged by the Lupin stock which crashed after the pharma firm said US FDA issued a warning letter to company's Goa and Indore sites which would result in likely delay of new product approvals from Goa, Pithampur facilities. While the Sensex closed 360 points or 1.07 percent lower at 33,370 level, the Nifty ended 0.97 percent or 101.65 points points lower at 10,350 level. We look at key highlights, which affected the market today.

3:47 PM: Bharat Heavy Electricals Ltd (BHEL) posted a 5.9 per cent rise in standalone net profit at Rs 115.42 crore for the quarter ended on September 30, 2017. The company's standalone net profit was Rs 109 crore in the quarter ended on September 30, 2016. Profit in July-September 2017-18 is the highest second quarter profit achieved in last three years.

3:47 PM: Drug major Cipla reported a consolidated net profit of Rs 434.95 crore in Q2. The company posted a net profit of Rs 369.64 crore for the corresponding period of the previous fiscal. Consolidated total income stood at Rs 4,195.74 crore for the quarter under consideration. It was Rs 3,778.25 crore for the same period a year ago.

3:46 pm: Infosys (2.92 percent), TCS (1.55 percent) and Wipro (0.87 percent) were the top gainers on 50-stock Sensex.

3:44 pm: BSE healthcare index slips 3.5 percent, realty index falls 2.2 percent, consumer durables and PSU indexes fall 2 percent, auto, capital goods, bank, energy, metals and power indexes drop 0.9-1.8 percent.

2:57 pm: Market breadth was negative with 763 stocks rising against 1950 falling on the BSE. Lupin (17.30 percent), Cipla (6.47 percent), State Bank of India (3.19 percent) were among the other top losers on the 30-stock Sensex.

2:49 pm:  The Lupin stock fell 17.17 percent or 177 points to 857 level on the BSE.

2:32 pm: Sensex slips more than 340 points, or 1 percent, to 33,383 points, with 24 components in the red.

1:30 pm: Jyothy Laboratories reports September-quarter consolidated net profit at Rs 45.71 crore against profit of Rs 31.11 crore last year; shares rise 1.5 percent to Rs 396.

1:15 pm: Power plant equipment maker Bharat Heavy Electricals posted a nearly 6 percent rise in quarterly profit to Rs 115 crore against Rs 109 crore a year ago but missed analysts' forecasts. Stock down nearly 4 percent on the BSE.

12:54 pm: Local search engine Just Dial reported about 26.5 per cent rise in standalone net profit at Rs 37.5 crore for the September quarter. The company had reported a net profit of Rs 29.6 crore in the corresponding quarter a year ago. Stock falls 5.51 percent or 26 points in afternoon trade.

12.50 pm: Alembic Pharma September-quarter consolidated profit after tax rises to Rs 122 crore against Rs 120 crore an year ago. Stock trades flat at Rs 515 on the BSE.

12:44 pm: IT stocks rise in afternoon trade after rupee  fell on a surge in brent crude oil prices.  TCS, Infosys, Wipro and HCL Technologies were trading higher on the BSE.

12:43 pm: Sensex, Nifty, bonds and the rupee fell on Tuesday after oil prices surged overnight to their highest since mid-2015, raising concerns about the inflation outlook and hitting oil refiners such as Reliance Industries.

12:41 pm: Demonetisation met the objective of reduction in cash circulation, with Rs 3.89 lakh crore less cash in economy now than in 2016, says FM Arun Jaitley. 

12:22 pm: Market heavyweight Reliance Industries is the top loser on the 30-stock Sensex, falling 2.29 percent or 21 points at 913 level on the BSE. Asian Paints (1.52 percent), Bajaj Auto (1.38 percent) and Axis Bank (1.28 percent) were among the other top losers.

12:04 pm: Rupee falls to 64.79 level on high crude oil prices.

11:45 AM: Infosys stock rises as much as 3.4 percent to hit highest in over two months; now up 2.9 percent at 956 in morning trade.

11:30 am: Midcap stocks led losses with the index falling nearly 100 points led by losses in Adani Power (4.21 percent), Indian Bank (3.23 percent) and Reliance Infrastructure (3.20 percent) on the BSE.

11:15 am :  Market breadth was negative with 932 stocks rising against 1579 falling on the BSE.

11:00 am: Reliance Communications said it was renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group. In December last year, Reliance Communications had inked binding agreements to sell 51 per cent stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs 11,000 crore but the deal fell through after the company called off its merger with Aircel.

10:46 am: Moody's Investors Service has revised the rating outlook on three PSU lenders --Bank of India, Union Bank and Oriental Bank of Commerce-to stable from negative. The upgrade in outlook follows the government's announcement last month to infuse an unprecedented Rs 2.1 lakh crore into public sector banks over two years.

10:39 am: Deutsche Bank cuts target price to Rs 200 from Rs 210 for Rural Electrification Corporation (REC) (rating buy). REC has reported a 30 per cent decline in standalone net profit to Rs 1,214.66 crore in the second quarter ended September 30, mainly due to lower revenues. The company's standalone net profit was Rs 1,751.27 crore in the quarter ended September 30, 2016.

10:35 am: HDFC Standard Life Insurance Company has raised Rs 2,322 crore from anchor investors, ahead of its initial public offer. Singapore's sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing. The shares have been allocated at the upper price band of Rs 290 apiece. HDFC Standard Life Insurance Company's initial public offer is in progress today. 

10:34 am: Private equity firm Everstone Group on Monday said it has agreed to buy home appliances brand Kenstar from debt-ridden Videocon group. The Videocon group, which is reeling under a debt of over Rs 40,000 crore, has been looking for buyers for its various assets, including Kenstar, in a bid to pare its debt.  The transaction, as per various reports, is pegged at a valuation of about Rs 1,300 crore.

10:31 am: Debt-laden Reliance Communications (RCom) said it would sell its direct-to-home (DTH) subsidiary, Reliance BIG TV, to Veecon Media and Television. As part of the agreement, Veecon will retain nearly 500 employees of Reliance BIG TV.

9:46 am: Small caps stocks led by MMTC (11.62 percent), Astrazeneca  Pharma (10.59 percent),  Alphageo (India)  Ltd (8.96 percent) rise the most among BSE indices.

9:39 AM: Market breadth is positive with 1295 stocks rising against 561 falling on the BSE. 

9:37 am: MMTC (10.93%), NBCC (8.69 percent), Engineers India (7.53%) are the top gainers on BSE in early trade.

9:27 am: Finance Minister Arun Jaitley to address media in afternoon today. 

9: 20 am: Balrampur Chini, BHEL, Cipla, Fretail, Indian Overseas Bank, Jyothylab, Manappuram Finance, Prestige, Tata Coffee, VIP Industries to aanounce Q2 earnings today.

8:50 am: Rupee opens at 64.65 level to the dollar. The rupee on Monday closed weaker against the US dollar at 64.68 against the dollar, down 0.20% from its Friday's close of 64.55. So far this year, the rupee has gained 5.23%.

8:45 am: The value of shares pledged by the promoters of BSE-listed companies reached Rs 2.8 lakh crore at the end of October, an increase of 9% from the preceding month from Rs.2.57 lakh crore at the end of September. Till October this year, pledging of shares was seen in as many as 3,055 out of 5,138 BSE-listed companies;

8:40 am: Japan's Nikkei slipped 0.2 percent, feeling the pinch as the yen remained well above the previous session's lows. US crude shed 12 cents to $57.23 after breaking above $56 a barrel for the first time in more than two years overnight.

In Europe, markets closed on a mixed note with gain seen in oil and metal sector stocks. Commodity prices gained as Goldman Sachs raised its forecast for nickel while crude gained after news that several high profile individuals in Saudi Arabia were detained as part of an anti-corruption investigation.

US markets closed higher on the back of news that Broadcomm is looking to buy chip maker Qualcomm for $70 a share which, if happens, is seen as the biggest deal ever in the tech sector.

8:35 am: On Monday, the Sensex closed 45.63 points or 0.14 percent higher at 33,731 level with consumer durables stocks leading the gains on the back of better-than- expected earnings by blue-chip companies. The Nifty closed 0.01 percent or 0.70 points lower to 10,451 level.

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