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Sensex ends flat amid Sun Pharma woes, easing trade concerns (Roundup)
Mumbai, Jan 18 (IANS) Heavy sell-off in the healthcare stocks led by Sun Pharmaceuticals kept the key equity indices subdued for most part of the Friday’s trading session, before positive global markets helped them recover and close on a flat note.
Globally, most Asian markets closed on a positive note, while European indices including FTSE 100, DAX and CAC 40 also traded in the green on signs of easing US-Sino trade tensions.
Stocks across the globe advanced after it was reported that US officials are considering lifting some tariffs on Chinese products in an effort to elicit more concessions from China for a bilateral trade deal and to stabilize the financial markets, said Abhijeet Dey of BNP Paribas Mutual Fund.
BSE Healthcare index tanked 2 per cent, while telecom scrips also witnessed heavy selling pressure, losing over 3 per cent.
BSE Sensex closed higher 12.53 points, or 0.03 per cent, after touching a high of 36,469.98 and a low of 36,218.33 points.
The benchmark index opened higher on Friday, at 36,417.58 from its previous close of 36,374.08 points.
The broader NSE Nifty50 also ended in the green, up by a meagre 4.80 points, or 0.04 per cent.
Stocks-wise, Sun Pharma ended up as the top loser on Sensex. The scrip price declined to Rs 390.50 apiece, losing Rs 36.65, or 8.58 per cent, from its previous close of Rs 427.15.
The pharmaceutical major had tanked over 12 per cent at one point over reports of a complaint by a whistleblower against the company.
On Thursday, Sun Pharma declined 5 per cent, finishing as the top laggard on the 30-stock Sensex.
“Sun Pharma came under selling pressure following media reports of a complaint by a whistleblower to the Securities and Exchange Board of India or SEBI, raising fresh concerns over corporate governance in the company,” said Deepak Jasani of HDFC Securities.
Jasani added that investors were at a loss as to what the complaint is all about or how will that impact the company’s operations or its stock price. Some traders took this as a bottomfishing opportunity, while others stayed away till the dust settles.
“Fundamentally, some brokerages had become bullish on the stock over the past few days, but their calls seem to have misfired at least temporarily,” Jasani said.
Other major losers on Sensex were Bharti Airtel, which slipped over 6 per cent, followed by Larsen and Toubro, Axis Bank and Yes Bank, all of which closed lower in the range of 1 to 2 per cent.
In contrast, the top gainer among the 30 scrips on Sensex was Reliance Industries, which jumped over 4 per cent after it reported a healthy third quarter result on Thursday.
RIL was followed by Kotak Mahindra, HCL Technologies, ONGC and Asian Paints, all of which gained up to 1.50 per cent.
On the currency front, the Indian rupee depreciated 13 paise against the US dollar, to 71.18 per US dollar from the previous close of 71.05.
In terms of investments, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net sellers. While FIIs offloaded shares worth Rs 124.91 crore, DIIs sold Rs 0.97 crore worth of stocks on Friday.
–IANS
ravi-rrb/nir
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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