INSUBCONTINENT EXCLUSIVE:
Short covering and fear of missing out resulted in heavy buying in blue chips on Thursday, even when research agencies projected grim
economic outlook for India and the rest of the world.
Auto scrips were in huge demand
Maruti Suzuki saw its best day ever jumping 13 per cent while M-M soared 17 per cent
Cipla and some other pharma names also rallied.
The 30-share Sensex pack closed 4.23 per cent, or 1,266 points, higher at 31,160, while the
Street:Tata Comm surges on bulk dealsShares of Tata Communication jumped further 9.49 per cent to Rs 286 after East Bridge Capital Master
Fund and University of Notre Dame acquired a stake in the company via bulk deals.
Adani Gas gains despite price cutShares of Adani Gas rose
2.15 per cent to Rs 92.80 after the company announced a reduction in prices of compressed natural gas (CNG) and piped natural gas (PNG) used
for cooking in household kitchens, in line with a drop in raw material rates.
NLC India resumes miningShares of NLC India gained 2.45 per
cent to Rs 46 after the state-owned company resumed operations at its mines in Neyveli, Tamil Nadu
Operations at its mines had halted last month as a precautionary measure to ensure the safety of workers in the wake of coronavirus.
Cipla
soars on USFDA nodShares of Cipla soared 12.96 per cent to Rs 579.50 after the company received final approval for a generic version of
Albuterol Sulfate Inhalation Aerosol from the USFDA
It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
Wabag shares jump 5%Shares of VA Tech Wabag
hit 5 per cent upper circuit of Rs 85 after the company announced it has bagged Rs 90 crore-contract for operations and maintenance of
sewage treatment plant in Bahrain.
IDBI okays stake saleShares of IDBI Bank jumped over 7.05 per cent to Rs 21.25 after the bank board
okayed a proposal to sell the bank's stake in life insurance joint venture, in addition to approving a fundraising plan.
Benchmarks snap
7-week losing streakBenchmark indices Nifty and Sensex snapped 7-week losing streak, jumping about 13 per cent in three sessions
The indices recorded their best week in 11 years and closed at three week high.
Autos gain big timeNifty Auto Index was the biggest gainer
jumping 10.52 per cent, which helped it break an eight-week losing streak by gaining 23 per cent in three sessions
Nifty Pharma recorded the best week in history jumping 20 per cent
They included Lupin, Marksans Pharma, Gennex Labs, Orient Paper, FCS Software, Auro Labs, Lyka Labs and Malu Paper Mills, among others
