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Benchmarks Indian indices closed at a record high on Friday as all sectoral indices ended in the green. Sensex crossed 56,000 mark to close at 56124.72, up 0.31%. Nifty closed at 16,705.2, 0.41% higher.
Indian rupee gained 53 paise to close at 73.68 against the US dollar, tracking a positive trend in domestic equities.
Nifty metals and pharma were the biggest gainers. Metals soared 1.63% and Pharma rose 1.38%. Nifty Bank was little changed as it gained only 0.03%.
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Indian Oil Corp: The company is planning to invest Rs 1 lakh crore to increase its refining capacity by almost 33% in the next 4-5 years as it expects fuel demand to grow in near future. At the company’s AGM, its Chairman Shrikant Madhav Vaidya said petrol demand is already back at pre-COVID levels and diesel – the most used fuel in the country – should return to normal levels by Diwali. Currently, IOC operates 11 refineries with a combined capacity of 81.2 million tonne.
Aurobindo Pharma: The company’s subsidiary Eugia Pharma Specialities has received the US Food & Drug Administration’s approval for its ready-to-use cancer treatment injection. “The product will be launched in the US market in the near term and will be produced in Eugia’s manufacturing facility in India,” the company said.
Sudarshan Chemical: The company shares rallied after the finance ministry levied anti-dumping duty on natural mica-based pearl industrial pigments as the company is the only producer of the pigment in the country. Analysts expect the company’s profit to grow by Rs 50 crore. Shares of the company closed 19.45% higher at Rs 707.15.
Carborundum Universal: Shares of the company rose 5% on Friday and settled 2.97% above previous day’s closing price, a day after the company entered into a deal for acquiring a controlling stake in PLUSS Advanced Technologies (PLUSS) at an investment of Rs 115 crore. The acquisition will provide opportunities in emerging areas of material science with applications in energy storage and conservation in life sciences, health care, etc.