3:10 pm Buzzing:
Shares of Lincoln Pharmaceuticals rallied 17 percent intraday ahead of listing on the National Stock Exchange. Currently the stock is listed on the Bombay Stock Exchange.
As per circular available on the exchange, shares of Lincoln Pharma will also be listing on the National Stock Exchange with effect from December 17, 2015 and will start trading under normal market segment (rolling segment).
The NSE said 8.85 lakh shares of promoters Hashmukhbhai Ishwarlal Patel, Mahendra Gulabdas Patel, Munjal Mahendrabhai Patel, Patel Siddharth and Piyush Jitendrabhai Patel will not be available for trading on exchanges till May 30, 2017.
It has manufacturing facility at Khatraj, Gujarat, which produces only non betalactum tablets, capsules, liquid & dry-powder, injectables, syrups.
3:00 pm Public offer opens tomorrow: Bengaluru-based Narayana Hrudayalaya is set to open its initial public offer of 2.45 crore equity shares for subscription on December 17. The private healthcare service provider has fixed price band at Rs 245-250 per share for its offer for sale issue.
Through this public issue, investors like Ashoka Investment Holdings will sell upto 62,87,978 equity shares, Ambadevi Mauritius Holding upto 18,86,455 shares and JP Morgan Mauritius Holdings IV upto 1,22,61,648 shares. Promoters – Dr Devi Prasad Shetty and Shakuntala Shetty will offload upto 20,43,608 shares each.
Public Offer will constitute approximately 12 percent of the post-offer paid-up share capital. The company aims raise Rs 600.8-613 crore at lower and higher end of price band but will not get any IPO proceeds.
2:50 pm Interview: Manufaturers of copper and copper based alloys, Arcotech bagged a Rs 335 crore order from India Government Mint.
The order is for supply of 6000 metric tonne of nickel brass with an option of additional 25 percent for Rs 5 coin worth Rs 268 crore. This will provide a significant revenue boost to the company.
Speaking to CNBC-TV18, Amit Sharma, Chief Financial Officer of Arcotech said that the order is in accordance with the company’s margins and it plans to execute the order in a span of 18 to 20 months.
2:40 pm IPO News: Generics drugmaker Alkem Laboratories raised Rs 1350 crore (USD 201.88 million) in its initial public offering after pricing shares at Rs 1,050 each, according to its prospectus.
Pricing was at the top end of its Rs 1,020-1,050 price band.
Alkem is expected to list on exchanges on or before December 29, according to a source familiar with the listing. The IPO was subscribed 44.3 times.
2:20 pm FII on Fed: The Federal Reserve will in all likelihood hike interest rates today, for the first time in nine years, says Mark Matthews of Julius Baer & Co. There he agrees with what the rest of street expects. Where he differs is the course of the monetary policy he sees from hereon to end of 2016.
“Next year, most people believe the Fed will hike another two to four times. We think it’s a ‘one and done’,” Matthews told CNBC-TV18.
He added that contrary to some expectations that the Fed rate hike would cause volatility in markets, they would actually like the rate hike to happen.
“When the Fed raises rates, usually the US dollar goes down. The dollar usually goes up in advance of the hike,” he said. “This time will be the same. And it will be positive for emerging markets.”
Also read – FM says almost certain GST rate will be much less than 18%
02:00 pm Market Check: The market retained strength in afternoon trade with the Sensex rising 179.11 points to 25499.55 and the Nifty climbing 49.40 points to 7750.30, supported by banking & financials, pharma and select technology stocks. Globally investors are eagerly waiting for outcome of Federal Reserve’s meeting tonight. They expect 25 basis points rate hike by Fed, the first hike in last seven years.
The BSE Midcap and Smallcap indices rose half a percent each. On the Bombay Stock Exchange, about 1485 shares have advanced against 1059 declining shares on the BSE.
ICICI Bank, Infosys, HDFC, ONGC, TCS, Lupin, HDFC Bank, Bharti Airtel, Sun Pharma and Axis Bank were leading contributors to Sensex’s gains, up 1-4 percent.