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Market Live: Nifty holds 10,900, Midcap outperforms Sensex; rupee remains strong against USD Newsखबर. Dated: 12/19/2018 12:09:01 PM | No. of Hits 152



Mishra Dhatu Nigam shares rallied 6 percent intraday after the company has finalised one order worth about Rs 600 crore.

The contract for the same is expected to be signed shortly, the company said.

Dec 19, 11:59 AM (IST)

US Federal Reserve to Announce its 2-day Meet Outcome

The US Federal Reserve is expected to raise interest rates on Wednesday, but may cut the number of hikes it anticipates next year and signal an earlier end to its monetary tightening in the face of financial market volatility and rising recession fears.

The central bank is due to announce its decision at 2 p.m. EST (1900 GMT) after its final two-day policy meeting of the year. Fed Chairman Jerome Powell is scheduled to hold a press conference half an hour later.

Investors widely expect the Fed will lift borrowing costs by a quarter of a percentage point to a range of between 2.25 percent and 2.50 percent. It would be the fourth rate hike of the year and the ninth since the central bank began its current tightening cycle in December 2015. Source: Reuters

Dec 19, 11:32 AM (IST)

Rupee Strong at 70 A Dollar

Continuing its rising spree, the rupee appreciated 37 paise to trade at 70.07 a dollar on persistent drop in crude prices amid fresh foreign fund inflows and sustained selling of the American currency by exporters and banks.

Besides, the dollar's weakness against some currencies overseas ahead of US Federal Reserve's policy meet outcome later in the day also supported the rupee.

Brent crude, an international benchmark, dropped 4.2 per cent lower to USD 57.07 per barrel Tuesday, a 14-month low.

The rupee Tuesday rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US dollar as softening crude oil prices eased concerns over India's current account deficit expansion. Source: PTI

Dec 19, 11:20 AM (IST)

PhillipCapital Downgrades ABB India

ABB India shares fell nearly 4 percent in morning after global investment firm PhillipCapital downgraded the stock as it feels the sale of power grid business deal seems to have priced in.

The research house believes that ABB has moved in the right direction by exiting a project-heavy and low-growth and low-return business while focusing its energies on the evolving high-growth opportunities.

It believes that the positive of this deal and the change in return profile of ABB India are adequately captured in the current valuations. Hence, it downgraded ABB rating from neutral to sell with an unchanged target price of Rs 1,200, implying 14 percent potential downside.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

PhillipCapital Downgrades ABB India ABB India shares fell nearly 4 percent in morning after global investment firm PhillipCapital downgraded the stock as it feels the sale of power grid business deal seems to have priced in. The research house believes that ABB has moved in the right direction by exiting a project-heavy and low-growth and low-return business while focusing its energies on the evolving high-growth opportunities. It believes that the positive of this deal and the change in return profile of ABB India are adequately captured in the current valuations. Hence, it downgraded ABB rating from neutral to sell with an unchanged target price of Rs 1,200, implying 14 percent potential downside. Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Dec 19, 11:02 AM (IST)

Market Update Equity benchmarks are marginally off their highs, with the Nifty holding 10900.

The Sensex is up 63.21 points or 0.17% at 36410.29, and the Nifty up 31.00 points or 0.28% at 10939.70. The market breadth is positive as 1416 shares advanced, against a decline of 646 shares, while 112 shares were unchanged.

Dec 19, 10:49 AM (IST)

Here are 15 technical stock picks for 2019 that could give 13-40% return
Here are 15 technical stock picks for 2019 that could give 13-40% return

A favorable outcome of the general elections would lead to multiple expansion which can push the Sensex closer to euphoric levels of ~45,000 by the year-end.
Dec 19, 10:31 AM (IST)

Bajaj Allianz Selects Majesco Distribution Management

Insurance software services provider Majesco said Bajaj Allianz General Insurance Company has selected Majesco Distribution Management for the incentive and reward management for their employees.

Dec 19, 10:27 AM (IST)

Biocon In Focus

European Commission has approved Ogivri, a biosimilar Trastuzumab developed jointly by and Mylan.

The European Commission has granted marketing authorization for Ogivri to its partner Mylan.

The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) previously issued a positive opinion recommending approval of Ogivri as a biosimilar to Roche's Herceptin (Trastuzumab) on October 18, 2018.

Ogivri is indicated for the treatment of patients with HER2 positive early breast cancer (EBC), metastatic breast cancer (MBC) and metastatic gastric cancer (MGC).

Dec 19, 10:23 AM (IST)

Strides Pharma To Receive $42 mn from Agila Transaction

Strides Pharma Science shares advanced 3 percent in morning as the company is going to receive $42 million from Agila transaction.

The company and its wholly owned subsidiary, Strides Pharma Asia Pte Ltd completed the sale to Mylan Laboratories Limited and Mylan Institutional Inc of Agila Specialties Private Limited and Agila Specialties Global Pte Limited respectively. The transaction was pursuant to Sale and Purchase Agreements effective as of February 27, 2013 on December 04, 2013.

Mylan made claims against the General Claims Escrow which included a third-party claim that was subject to resolution under international arbitration.

The claims in that arbitration were rejected in their entirety, said the company. Hence, Strides will receive around $42 million towards full and final release of the General Claims Escrow immediately.

Dec 19, 10:14 AM (IST)

Glenmark Announces Entry into Branded Dermatology Segment in US

The branded portfolio for the US market will be developed and commercialized by Glenmark Therapeutics Inc., USA, which is a wholly owned subsidiary of Glenmark Holding, SA. This represents an important step in the company’s long-term strategy to build a robust branded business in the US, alongside the company’s existing and successful generics business, the company said.

In support of this new business, Glenmark Therapeutics recently acquired the rights to seven branded dermatology products from Exeltis USA, Inc.

Dec 19, 10:10 AM (IST)

Minda Corporation Likely to Benefit from BSVI norms

Minda Corporation shares gained 3 percent in morning after research house Edelweiss Securities said Bharat Stage VI norms would benefit the company immensely.

It believes wiring harness opportunity for the company is expected to jump more than two-and-half-fold. Hence, it expects 18 percent consolidated EPS compounded annual growth rate over FY18–20.

The research house has maintained its buy call on the stock with a target price at Rs 151, implying 11 percent potential upside from Tuesday's closing levels.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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