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Rupee Updates: Indian rupee is trading higher at 73.36 per dollar, amid volatile trade seen in the domestic equity market. It opened flat at 73.42 per dollar against Wednesday’s close of 73.42.
Alembic Pharma gets USFDA nod:
Alembic Pharmaceuticals today announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Lurasidone Hydrochloride Tablets, 20 mg, 40 mg, 60 mg, 80 mg, and 120 mg.
Alembic Pharmaceuticals was quoting at Rs 947.20, down Rs 3.70, or 0.39 percent on the BSE.
L&T Construction gets contracts:
The construction arm of L&T has secured large orders from a prestigious client for its heavy civil infrastructure business in India.
At 11:13 hrs Larsen & Toubro was quoting at Rs 1,383.30, down Rs 1.65, or 0.12 percent on the BSE.
ICICI Direct:
After April’s jump in US consumer prices buoyed the dollar, US Treasury yields and weakness in domestic equities may push the rupee move towards at 74 levels.
The dollar-rupee May contract on the NSE was at Rs 73.60 in the last session. The open interest rose almost 1% for the May series.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors: USD-INR after going to 73.70 in NDF has fallen back to the level of 73.45. For the day, exporters may sell at 73.50 levels while importers may buy near to 73.30 levels in the near term.
GoAir IPO | Airline says COVID-19 has put a serious threat to its going concern
Wadia group-owned GoAir has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO). On May 13, the airline rebranded itself as Go First, as part of the preparations for the listing amid a rocky period for the aviation sector due to the pandemic.
The company said its departures in December 2020 were just 63 percent of its departures in the year ago, while Available Seat Miles (ASKs) stood at 73 percent of the pre-COVID levels for the quarter ended March 2020. Read more
Market update: Sensex is up 11.55 points or 0.02% at 48702.35, and the Nifty shed 18 points or 0.12% at 14678.50.
Vivek Rathi, Director – Research, Knight Frank India:
On the inflation front, elevated commodity and oil prices over the last year has put upward pressure on manufactured and other items despite an ebb in consumption demand at this juncture. However, as demand returns post the second wave of pandemic, higher prices will bite consumers across spectrum. On the consumer inflation front specifically, CPI at 4.29% for April 2021 is mainly influenced by fuel and light and miscellaneous segments. However, expectation of normal monsoon and accommodative RBI stance does provide some comfort at this juncture when we as a nation battle to safely come out of the second wave with minimal damage to life and livelihood.
Gold Updates:
Gold edged lower on Friday, as a firmer dollar made bullion more expensive for other currency holders, although a pullback in the U.S. Treasury yields limited losses for the safe-haven metal.
Vivek Rathi, Director – Research, Knight Frank India:
The Indian economy was coping well with the pandemic created challenges until the second wave of COVID-19 hit us hard in the month of April 2021. Hence, economic indicators relating to period before April, when most regional lockdowns were introduced, will not capture the present turbulence in on ground economic situation.
IIP for March 2021 has recorded a growth of 22.4% mainly on account of base effect. With productions holidays and factory shutdowns announced during this second wave, we need to brace for greater impact going forward even as base effect of national lockdowns last year determine number movements.
Rupee Opens:
Indian rupee opened flat at 73.42 per dollar on Friday against Wednesday’s close of 73.42, amid volatile trade seen in the domestic equity market. On May 12, rupee ended 8 paise lower at 73.42 against previous close of 73.34.
