Closing Bell: Sensex ends 300 points higher, Nifty around 10,600; auto gains big

3:30 pm Market at Close: The market ended the day on a strong note, marking a continuity in its upward trend for March series, but the Nifty ended below 10,600.

The Sensex is up 303.60 points or 0.89% at 34445.75, while the Nifty is up 91.60 points or 0.87% at 10582.60. The market breadth is narrow as 1606 shares advanced, against a decline of 1159 shares, while 222 shares are unchanged.

Tata Motors, Larsen & Toubro, Axis Bank and UPL gained the most on both indices, while Sun Pharma, Infosys, and Tech Mahindra lost the most.

At 3:20 pm Berger Paints has considered setting up an integrated paint plant in Lucknow, Uttar Pradesh

At 3:05 pm Lupin launches Testosterone topical solution: Lupin announced the launch of its Testosterone Topical Solution, 30 mg per actuation having received an approval from the United States Food and Drug Administration (FDA) earlier.

At 3:00 pm Reliance Infra wins arbitration award: Shares of Reliance Infrastructure rose 4 percent intraday Monday as the company won arbitration award against Goa government.

The company has won an arbitration award of Rs 292 crore against Government of Goa.

The Arbitration Tribunal, in its award on February 16, 2018, has ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure by April 15, 2018.

The Tribunal has also ordered payment of interest at 15 percent p.a. on the total award amount if Government of Goa fails to pay the entire award amount by the deadline.

2:50 pm PFC inks MoUs: State-run Power Finance Corporation (PFC) today said that it has inked memorandums of understanding (MoUs) with Uttar Pradesh power utilities for providing financial assistance of Rs 50,200 crore.

The PFC has executed MoUs with Uttar Pradesh state sector power utilities – UPRVUNL, UPPTCL and UPPCL – for providing required financial assistance of Rs 50,200 crore, a PFC statement said.

According to statement, these funds would be used for upcoming greenfield and extension of thermal power generation projects at Jawaharpur, Panki, Harduagunj, Anpara and Obra; development of coal mines; Integrated Power Development Scheme, Saubhagya, DDUGJY (rural electrification); and for strengthening of transmission and distribution network in the state.

 2:35 pm Management Speak: In an interview to CNBC-TV18, Harshil Mehta, Joint MD & CEO of Dewan Housing Finance Corporation (DHFL) spoke about the latest happenings in his company and sector.

As far as the Bandra Kurla Complex (BKC) property is concerned the management stand is absolutely very clear that either we would like to put it out on lease or once the lease transaction is done sell it to an investor, said Mehta.

Talking about disbursements, he said it’s on higher side and is predominantly driven from our retails strategy which is in the tier 2, tier 3 markets driven by organic growth coming in from those markets in the affordable housing segment.

2:15 pm ONGC deadline: Oil producer ONGC has said it may miss the June 2019 target for starting production from its Krishna Godavari basin block due to new policies like GST and local purchase preference rules, including the one that mandates state-owned firms to source domestic iron and steel for infrastructure project.

Clarifying on its last week’s filing to stock exchanges, Oil and Natural Gas Corp (ONGC) said the new policies it had cited for a possible delay pertained to local purchase preference policy, steel policy and GST policy.

“The new policies concerning oil and mining sector, as referred in the reply of ONGC to NSE and BSE, though not amply clarified in the reply, were pertaining to policies like purchase preference policy, steel policy, GST policy etc. and not regulatory policy,” ONGC said in a statement.

1:55 pm Sun Pharma observations: Shares of Sun Pharma fell around 3 percent intraday as investors turned wary of observations issued to its Halol plant by the US drug regulator.

US FDA issued three Form 483 observations for its Halol site in Gujarat.

The company didn’t disclose the nature of these observations.

A Form 483 is issued by the US FDA inspectors at the end of the inspection outlining any deviations from GMP.

The US FDA conducted Good Manufacturing Practices (GMP) inspection of Sun Pharma’s Halol facility from February 12 – 23.