M&M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid.
He also said that there were around 620 cases of black fungus or mucormycosis in the city, but there is a shortage of Amphotericin-B injections used in its treatment.
The 30-share bluechip index is rebalanced on a semi-annual basis with next rejig slated for June 18.
The Justice A Arumughaswamy Commission of Inquiry that probed the circumstances leading to Jayalalithaa's death in 2016, in its concluding remarks said that V K Sasikala, the late Chief Minister's confidante, 'have to be found fault with and investigation is to be ordered'.
Credit Suisse analysts cut their rating on Sun Pharma stock to 'neutral' from 'outperform
The Drugs Controller General of India (DCGI) has granted permission to the Serum Institute of India (SII) to manufacture the Sputnik COVID-19 vaccine in India for examination, test and analysis with certain conditions, official sources said.
SBI was the top gainer in the Sensex pack, rallying over 10 per cent, followed by Kotak Bank, Dr Reddy's, UltraTech Cement, ITC and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards.
The government is hopeful of a speedy launch of single-dose COVID-19 vaccine Sputnik Light in India and all stakeholders, including the Russian manufacturer and its Indian partners, have been directed to fast-track the application and regulatory approval procedures for the jab to boost the country's vaccination drive, sources said.
Benchmark indices Sensex and Nifty retreated from over one-week highs to close lower on Wednesday due to profit booking in banking, IT and metal stocks amid weak global trends. After a two-day rally, the 30-share BSE Sensex dropped by 90.99 points or 0.16 per cent to settle at 57,806.49 in volatile trade. As many as 19 of its constituents declined while 11 advanced. The broader Nifty slipped by 19.65 points or 0.11 per cent to close at 17,213.60 with 31 of its stocks ending in the red.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
On the Sensex chart, IndusInd Bank, Axis Bank, Tech Mahindra, HDFC, ICICI Bank, HCL Tech, HDFC Bank, SBI and ITC were prominent gainers.
On the Sensex chart, Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank and Asian Paints were top gainers. Sensex settled up by 380.21 points at its all-time closing high of 47,353.75. The NSE Nifty ended 123.95 points at 13,873.20.
'There is no emergency of a third wave that we are rushing for booster doses.'
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Axis Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by HDFC twins, ICICI Bank, Bajaj Finance and SBI. NSE Nifty zoomed 274.20 points to end at 14,982.
This import duty exemption would remain in force till October 31 this year.
Dr Reddy's, Glenmark, Wockhardt have lined up alternatives for Zytiga
PowerGrid was the top loser in the Sensex pack, slumping over 4 per cent, followed by ONGC, IndusInd Bank, Kotak Bank, L&T, Asian Paints and Bajaj Auto. NSE Nifty tanked 258.40 points to 14,359.45.
Russia's central bank early on Tuesday raised interest rates to 17 per cent to counter the 50 per cent rouble fall in six months.
The drug that it would supply is called Olanzapine, used to treat schizophrenia and bipolar disorder.
Among major gainers, ITC, Reliance Industries, Dr Reddy's and HDFC rose up to 3 per cent.
L&T was the top gainer in the Sensex pack, rising over 3 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank, SBI and HDFC Bank. NSE Nifty surged 168.05 points to 14,653.05.
Tech Mahindra was the top loser in the Sensex pack, shedding over 3 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries. NSE Nifty fell 185.60 points to 17,671.65.
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
'No approval was given to Sputnik V on Thursday. Some queries have been asked on safety, efficacy, and logistics, which the firm will have answers to at the next meeting'
Investor wealth has jumped by over Rs 12.31 lakh crore in three days, taking the market capitalisation of all BSE-listed companies to a record Rs 198.43 lakh crore on Wednesday as equities continued their Budget-driven rally. The BSE benchmark Sensex closed above the historic 50,000 mark for the first time ever on Wednesday. The 30-share benchmark closed with a gain of 458.03 points or 0.92 per cent at 50,255.75. During the day, it zoomed 728.67 points to its lifetime high of 50,526.39. In three trading days, the benchmark has gained 3,969.98 points or 8.57 per cent.
Addressing a press briefing, Union Health Secretary Rajesh Bhushan said Zydus Cadila, Sputnik V, Biological E and Gennova are other vaccines also in the pipeline which are in advanced clinical trials in India.
The US Food and Drug Administration had in February approved Johnson & Johnson's COVID-19 vaccine that works with just one dose for emergency use.
Domestic pharma major Panacea Biotec in collaboration with Russian sovereign wealth fund Russian Direct Investment Fund (RDIF) has begun the production of 'Sputnik V' COVID-19 vaccine in India, according to a joint statement issued.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The prime minister was happy that the assurance given by the Serum Institute that it will make India self-sufficient in vaccines at the lowest possible price in the world was fulfilled.
This is not just a Ranbaxy or Wockhardt problem, says K Satish Reddy
A back of the envelope calculation shows that India has roughly over 680 million doses of Covid-19 vaccines consisting primarily of Covishield doses.
G V Prasad is elevated as chairman of Dr Reddy's Laboratories, a position held by the late K Anji Reddy, and he has big shoes to fill.
The Central Drugs Standard Control Organisation has granted restricted emergency use authorisation to two new vaccines and a drug for COVID-19, taking the number of preventives and treatments available in India to 12.
Titan was the top gainer in the Sensex pack, rising over 3 per cent, followed by M&M, Reliance Industries, Axis Bank, TCS, Maruti and Infosys. NSE Nifty surged 122.10 points to 15,885.15.
The drug comes in powder form in a sachet, which is taken orally by dissolving it in water. It accumulates in the virus-infected cells and prevents virus growth by stopping viral synthesis and energy production.
Asked if the government has decided to administer the COVID-19 vaccine to the entire population free of cost on priority basis and if so, the target fixed to administer the doses, the health minister said according to Revised Guidelines for Implementation of National COVID Vaccination Program, which came into effect from June 21, all citizens aged 18 years and above, irrespective of their income status, are entitled to free vaccination at all government vaccination centres.
Growth has been under pressure since the lockdowns related to Covid-19 started and fresh prescription generations slowed.
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