Biocon surged 10 percent as the US FDA approved Mylan and Biocon's Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.
11:48 am Buzzing: Shares of Wipro declined 3.2 percent as National Grid US filed lawsuit against company in the US court.
The suit filed by National Grid against the company in the US court for the Eastern District of New York seeking damage amounting to USD 140 million plus additional cost related to the project.
National Grid has been a valued customer of Wipro in the US and UK for several years.
The company strongly believes that the allegations misstate facts and the claims are baseless. The company will vigorously contest the allegations in court.
The suit filed by National Grid against the company in the US court for the Eastern District of New York seeking damage amounting to USD 140 million plus additional cost related to the project.
National Grid has been a valued customer of Wipro in the US and UK for several years.
The company strongly believes that the allegations misstate facts and the claims are baseless. The company will vigorously contest the allegations in court.
The lawsuit is related to an enterprise resource planning (ERP) implementation project, which began in 2009, and was undertaken by National Grid US.
11:40 am Crude Oil Update: Crude oil futures eased by Rs 26 to Rs 3,736 per barrel today as speculators reduced their positions amid a weakening trend overseas.
Profit-booking at existing levels too weighed on crude prices, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in December was trading lower by Rs 26, or 0.69 percent, to Rs 3,736 per barrel in 1,902 lots.
The oil for delivery in far-month January 2018 also fell by Rs 25, or 0.66 percent, to Rs 3,749 per barrel in 43 lots.
The West Texas Intermediate (WTI) crude lost 0.3 percent at USD 58.15 a barrel, while Brent crude, the international benchmark, fell 0.4 percent to USD 63.51 a barrel at the New York Mercantile Exchange.
11:20 am Buzzing: Tata Motors share price rallied 3 percent intraday following strong commercial vehicle sales data reported by the company in November
"The commercial and passenger vehicles sales performance in domestic market in November 2017 was at 52,464 units, a growth of 58 percent, over last year due to growing demand across segments, introduction of new products and strong customer initiatives," the company said in its filing.
Commercial vehicle sales increased 71.9 percent year-on-year to 35,307 units in month gone by.
"The commercial sector has bounced back strongly after the initial disruption in the market, surrounding demonetization and the BS4 transition that largely affected the transport industry last year," the company said.
Tata Motors said passenger vehicle sales growth of 35 percent at 17,157 units was driven by strong growth momentum of new generation Tata cars.
11:06 am Market Check: Equity benchmarks gained strength again, backed by Infosys that extended rally to nearly 4 percent after appointment of Salil S Parekh as MD & CEO of the company.
The 30-share BSE Sensex was up 112.18 points at 32,945.12 and the 50-share NSE Nifty gained 30.70 points at 10,152.50.
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