Opening Bell: Sensex rises over 150 points, Nifty around 10,300
Indian indices opened higher on Monday led by gains in financials and FMCG stocks. At 9:18 am, the Sensex was trading 160 points higher at 34,892 while the Nifty rose 57 points to 10,302. Index heavyweights ICICI Bank, RIL, Bajaj Finance, ITC, and HUL were the top contributors to the benchmarks at opening.
JUST IN: ICICI Bank sells shares of ICICI Prudential in pre-market block of 2.15 crore shares. Divested 1.5 percent of ICICI Prudential for Rs 840 crore
Don’t assign risk weight on credit under ECLGS: RBI to lending institutions
The RBI on Sunday said lending institutions should assign zero percent risk weight on the credit facilities extended under the Emergency Credit Line Guarantee Scheme to MSME borrowers announced by the government in the wake of COVID-19 pandemic. The government in May introduced the Emergency Credit Line Guarantee Scheme (ECLGS) for providing 100 percent guarantee coverage for additional working capital term loans (in case of banks and financial institutions) and additional term loans (in case of NBFCs) up to 20 percent of their entire outstanding credit up to Rs 25 crore as on February 29, 2020.
The credit facility is guaranteed by the National Credit Guarantee Trustee Company (NCGTC).
Hetero Labs gets DCGI nod to make Gilead’s COVID-19 drug
Drug firm Hetero on Sunday said it has received approval from regulator DCGI to launch investigational antiviral drug Remdesivir for the treatment of COVID-19. The company has received the manufacturing and marketing approval for Remdesivir from the Drug Controller General of India (DCGI) for the treatment of COVID-19, it said in a statement. Hetero’s generic version of Remdesivir will be marketed under the brand name ‘Covifor’ in India. The drug will be available in 100 mg vial (injectable) which has to be administered intravenously in a hospital setting under the supervision of a healthcare practitioner, it said.
Coronavirus treatment: Cipla launches generic remdesivir under brand name Cipremi
Cipla has launched remdesivir under the brand name Cipremi (remdesivir lyophilised powder for injection 100 mg) and will be marketing and supplying the drug through both government and open market channels. The Mumbai-headquartered company said it will be commercialising remdesivir through its own facilities and partnered sites. The drug has been approved for adult and paediatric patients hospitalised with suspected or laboratory confirmed COVID-19 infection, particularly those on oxygen support. Cipla, along with Hetero Pharma, has received approval from the drug regulator to manufacture and market the COVID-19 medicine in India.
8 Sensex firms add Rs 1.76 lakh crore in valuation last week; RIL leads rally
Eight of the 10 most valued Indian companies together added Rs 1,76,489.28 crore in market capitalisation last week, with Reliance Industries accounting for the lion’s share of the gains. The BSE Sensex rallied 950.85 points or 2.81 per cent last week. Reliance Industries Ltd (RIL) was the star performer in the top-10 list, as its market valuation zoomed Rs 1,08,213.62 crore to Rs 11,15,418.03 crore during the week. The other major gainer was HDFC Bank, whose valuation jumped Rs 27,788.22 crore to reach Rs 5,67,093.60 crore. The market capitalisation of ICICI Bank climbed Rs 12,729.16 crore to Rs 2,35,648.10 crore and that of HDFC rose by Rs 8,110.36 crore to Rs 3,18,597.21 crore.
Global Markets: US stock futures fall as infections spike hits confidence
US stock futures dropped in early Asian trade on Monday as rising coronavirus cases in the United States raised more doubts about a quick economic rebound from the massive downturn triggered by the pandemic. US S&P 500 futures were down 0.4 percent at 2323 GMT, having fallen as much as 1.05 percent in earlier trade.
First up, here is quick catchup of what happened in the markets on Friday
Indian indices rose on Friday, riding on gains in financials and index heavyweight Reliance shares after the oil-to-telecoms conglomerate said it had become net-debt free, taking some focus away from rising coronavirus infections and border tensions with China. The Sensex ended 523 points higher at 34,732, while the Nifty50 rose 153 points to settle at 10,244. Both indices finished the week on a positive note.
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