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Thursday, 18 September 2014

Nifty above 8150; TCS top gainer, NBCC most active

11:00am FII View
Timothy Moe, Goldman Sachs says regional equities have seen a positive but volatile Q3 so far, in-line with our expectations. “As we look through the remaining months of the year, we believe the macro environment will remain favourable for Asian equities as US growth continues to recover in Q4,” he adds. 

“We continue to be overweight on India with a Nifty target of 9,000 by September 2015,” says Moe.
The Sensex rose 104.33 points to 27216.54 and the Nifty climbed 37.75 points to 8152.50. About 1548 shares have advanced, 897 shares declined, and 81 shares are unchanged on the BSE. 

10:30am Biocon in News
Investors lapped up more shares of Biocon on Friday after Silver Leaf Oak (Mauritius) agreed to acquire a minority 10 percent stake in Syngene International, the subsidiary of Biocon’s Research Services.

 The stock gained 2 percent in addition to 2.7 percent in previous session. Silver Leaf will acquire the stake from Biocon Research (BRL), a wholly owned subsidiary of Biocon at a valuation of Rs 3800 crore, said the company in its filing to BSE, adding the transaction is subject to standard condition precedents including regulatory approvals.

 Silver Leaf Oak (Mauritius) is an investment vehicle advised by India Value Fund Advisors (IVFA).
Post the completion of this transaction, Biocon and BRL will jointly hold 85.54 percent stake in Syngene. 

"This transaction is part of the overall strategic plan for Syngene and sets a new benchmark as we prepare the company for listing," said Kiran Mazumdar-Shaw, Biocon’s chairman and managing director. 

Before this transaction, BRL (on September 9) bought entire 7.69 percent stake from GE Equity International Mauritius (a subsidiary of GE Capital Corporation) in Syngene International for an agreed consideration of Rs 215.38 crore.

 10:00am Equity benchmarks continued to consolidate in morning trade after seeing more than a percent rally in previous session. The market is waiting for new triggers like Q2 earnings (will start in October) and Modi's US visit (on September 30) after Japan and China meets.

 The Sensex rose 27.06 points to 27139.27 and the Nifty climbed 13.55 points to 8128.30 while the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.8 percent each.

 The market breadth was positive. About 1361 shares have advanced, 748 shares declined, and 62 shares are unchanged.

 India's largest IT services exporter TCS topped the buying list, up 2.5 percent followed by Cipla and Tata Power with over a percent gain. Sun Pharma, HDFC, Bajaj Auto, Wipro, ONGC, Hindalco, Tata Steel and NTPC gained 0.4-0.9 percent.

 However, ITC, Reliance Industries, HDFC Bank, L&T, HUL, M&M, Axis Bank, Dr Reddy's Labs and Hero Motocorp fell 0.4-1 percent. 

NBCC, JK Tyre, RS Software, Cyient, Tata Elxsi, TCS and HDFC were most active shares on exchanges. More information please visit site

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