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As there was a risk of sentiment trades, which pushed the dollar index sharply higher, profit booking was seen in the rupee due to which it depreciated. However, we feel the rupee has moved near its supply zone and the spread between spot and future has risen. The rupee could appreciate again and move towards 73.25 levels.
The dollar-rupee October contract on the NSE closed near 73.51 in the last session. The open interest fell 1.33% in the last session.
Zydus Cadila gets final USFDA approval:
Zydus Cadila has received final approval from the USFDA to market Fingolimod Capsules, 0.5 mg (US RLD: Gilenya Capsules).
Fingolimod is an immunomodulating drug. It is a sphingosine 1-phosphate receptor modulator indicated for the treatment of relapsing forms of multiple sclerosis (MS). The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.
Nifty IT index shed nearly 1 percent dragged by the Mindtree, Mphasis, HCL Tech:
Rupee Opens: Indian rupee opened marginally lower at 73.43 per dollar on against previous close of 73.38, amid buying seen in the domestic equity market.
Market Updates: Benchmark indices erases early gains and trading flat.
At 10:01 IST, the Sensex was down 6.51 points or 0.02% at 39721.90, and the Nifty was down 5.60 points or 0.05% at 11674.80. About 875 shares have advanced, 914 shares declined, and 123 shares are unchanged.
South Indian Bank Q2: Company’s net profit was down 23% YoY at Rs 65.1 crore versus Rs 84.5 crore and NII was up 13.6% at Rs 663.1 crore versus Rs 584.3 crore, reported CNBC-TV18.
ICICIdirect on Mindtree:
Broking house believes the company’s expertise in digital technology will make it a key beneficiary of improved traction in the cloud in the coming years. In addition, vendor consolidation opportunities, improving win ratio, increase in annuity business will provide long term visibility to revenues.
MindTree’s aim to improve margins via employee pyramid, offshoring, pricing, utilisation and annuity business bodes well for profit growth. Maintains buy with target at Rs 1,680.
Mindtree slips 3% post result:
Mindtree share price shed 3 percent on October 16 a day after the company reported 19 percent QoQ jump in its consolidated net profit at Rs 253.7 crore against Rs 213 crore in the quarter ended June 2020.
Rupee revenue of the company stood at Rs 1,926 crore against Rs 1,909 crore and consolidated dollar revenue was up 3.1 percent at $261 million against $253.2 million.
Buzzing Stock: Cyient share price gained over 3 percent after the company declared its September quarter results. Its consolidated net profit was up 3.1 percent QoQ at Rs 83.9 crore versus Rs 81.4 crore and revenue was up 1.2 percent at Rs 1,003.3 crore versus Rs 991.7 crore.