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Reports India

Indian stock market and companies daily report (July 10, 2014, Thursday)

July 10, 2014, Thursday, 03:27 GMT | 23:27 EST | 07:57 IST | 09:27 SGT
Contributed by Angel Broking

Indian markets are expected to open on a flat note with positive bias tracking marginally positive opening on SGX Nifty while most of the Asian markets are trading mixed.

The US markets mostly higher over the course of the trading day on Wednesday, partly offsetting the notable pullback seen over the two previous sessions. The optimism in the market came on the heels of the release of the minutes of the Federal Reserve's monetary policy meeting in June which confirmed that the Fed plans to completely unwind its asset purchase plan by October as long the economy continues to pick up. Meanwhile, European stocks edged lower for the third consecutive session amid anxiety over Europe's economic prospects.

Back home, Indian shares fell on Wednesday, extending the previous session's steep losses, as investors adopted a cautious stance awaiting cues from the Union Budget to be presented in Parliament on Thursday.

Markets Today

The trend deciding level for the day is 25,498 / 7,596 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,631 - 25,817 / 7,640 - 7,694 levels. However, if NIFTY trades below 25,498 / 7,596 levels for the first half-an-hour of trade then it may correct 25,312 - 25,179 / 7,541 - 7,497 levels.

EU slaps Rs.324cr fine on Lupin for blocking hypertension generic

Lupin has come under the scanner of the European Commission for curbing entry of the low-cost generic version of cardiovascular medicine Perindopril in the European Union (EU). The anti-trust wing of the Commission has slapped a hefty fine of €427.7mn (around Rs.3,458.7cr) on five generic drug manufacturers which includes Lupin too. As per the media reports, of the total fine, Lupin has to pay €40 mn (~Rs.324cr). The company might go through a legal recourse for the same. Even if the penalty still has to be paid, it wonRs.t dent the company, as it has a healthy balance sheet. We remain neutral on the stock.

Economic and Political News

- India Inc invests US$5.03bn overseas in June: RBI

- Investors pump in Rs. 54,000cr in mutual fund schemes in FY14

- Telecom sector investments surges 4 times to US$1.3 billion

Corporate News

- Domestic car sales rise 14.76% in June

- Mahindra recalls 23,000 units of Scorpio Ex variant

- Ashok Leyland raises Rs.667cr via QIP

- India to see US$15bn investments in cold chain in 5 years

- Airtel sells 3,100 telecom towers in Africa to Helios Towers