A surge in headline inflation pulled the market lower with bank shares leading the slide. The BSE Sensex was provisionally down 31.04 points or 0.18%, off close to 185 points from the day's high and up close to 40 points from the day's low. Index heavyweight Reliance Industries reversed gains. Metal and FMCG stocks fell. But, IT stocks rose. The market breadth was weak in contrast to a strong breadth in early trade.
The market edged lower in early trade tracking weak regional stocks. It soon rebounded after Dubai said it had received $10 billion from Abu Dhabi to help it repay $4.1 billion in an Islamic bond maturing on Monday, 14 December 2009. The market pared gains after hitting fresh intraday high in mid-morning trade. The market surged again in afternoon trade. A sell-off in mid-afternoon trade pulled the market into the red. The market moved between positive and negative zone later
The latest data from global fund tracker EPFR Global showed emerging market equity funds received $2.3 billion in inflows in the week ended 9 December 2009, bringing 2009 inflows to $75.4 billion. Emerging-market funds are heading for record annual inflows in 2009. The previous record was $54 billion in 2007.
Asia excluding Japan and global emerging market stock funds each attracted net inflows of more than $800 million for the week. Among the largest developing nations, Russian stocks funds saw inflows rise to a seven-week high of $181 million while Indian equity funds absorbed $128 million, EPFR said.
Dubai said on Monday it had received $10 billion from fellow UAE member Abu Dhabi to help it repay $4.1 billion Islamic bond maturing on Monday. The statement said the excess would be used to cater to Dubai Worlds needs up until the end of April 2010. "We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices," Sheikh Ahmed bin Saaed al-Maktoum said in a statement.
"Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.", he said. Abu Dhabi is the largest member of the United Arab Emirates federation and a major oil exporter. The statement also said that the United Arab Emirates Central Bank, which governs monetary policy in Dubai, Abu Dhabi and other UAE constituents, "is also prepared to provide support to local UAE banks."
Dubai's conglomerate Dubai World roiled global markets in late November 2009 when it said that it wanted to suspend debt payments for six months.
Closer home, inflation based on the wholesale price index (WPI) surged 4.78%, data released by the government showed at 12:00 IST on BSE. That was much higher than previous month's annual rise of 1.34%. The food article index within the wholesale price index rose 16.71% in November 2009. The manufacturing products index in the WPI rose an annual 3.99%. In its October policy review, the Reserve Bank raised its WPI inflation projection for end-March 2010 to 6.5% with an upside bias from 5% earlier.
The government is concerned about rising inflation, but there is no need for any emergency action at this stage, finance secretary Ashok Chawla said on Monday. Chawla said the inflation numbers were within the range set by the central bank and the government
The rise in the wholesale price index during November 2009 is mainly due to higher food prices, Finance Minister Pranab Mukherjee said today.
The Trade Minister Anand Sharma said on Monday rising wholesale prices are a matter of concern and the government is monitoring prices of essential commodities.
A finance ministry official said on Friday 11 December 2009 the government was taking steps to moderate the rise in food prices, a day after data showed the food price index which is released weekly, jumped an annual 19.05% as at 28 November 2009.
The Reserve Bank of India has said it needs to strike a balance between growth and inflation, but has also noted most inflation pressures are coming from food supply shortages, where monetary policy is not an effective tool. Governor D Subbarao has said the danger was that food price inflation, running at an annual 19.05% at end-November, spills over into broader inflation expectations.
Industrial output jumped 10.3% in October 2009 from a year earlier, helped by stimulus measures and robust domestic demand, data released by the government on Friday showed. Manufacturing production rose 11.1% in October 2009 from a decline of 0.6% a year earlier. September's annual industrial growth rate was revised upward to 9.6% from 9.1% previously. Industrial output rose 2.6% in the 2008/09 fiscal year (April-March), slower than 8.5% in 2007/08.
Investors fear that a recovery in the economy and a surge in wholesale price inflation will add pressure on the central bank to tighten monetary policy. The Reserve Bank of India holds a quarterly policy review in late January 2010.
The Goods and Services Tax (GST) regime would have four slabs and it is likely to be unveiled within 15 days, chairman of empowered committee of state finance ministers Asim Dasgupta said on Sunday, 13 December 2009. GST slabs would include exempted items list, one standard rate for majority of the goods and services and another having a moderate rate, he said.
The implementation of GST is scheduled for 1 April 2010. However, there are doubts at various quarters whether the new tax regime would come into effect at the targetted date because of differences of opinion over the rates among states and the items to be included under GST. The Empowered Committee of state finance ministers had released a discussion paper on GST on 10 November 2009. It proposes to replace central levies like excise duty, service tax, special additional duty, countervailing duty by GST.
State levies like VAT, sales tax, entry tax etc would also be subsumed. Besides all this, central and state cesses and surcharges would be out once GST comes into effect.
Meanwhile, the RBI has reportedly expressed its concerns over many investment companies with low capital base raising disproportionately high funds. As per the current norms, corporate investment firms, which hold strategic stakes of group companies, are exempt from following the stringent norms similar to NBFCs. RBI may impose regulatory restrictions on such investment arms having high leverage as a measure to limit the aggressive borrowing by corporates. Currently, RBI is reported to be in discussion stage with some corporate groups on the issue.
The disinvestment programme is reportedly set to enter an ambitious phase in the next financial year with the Department of Disinvestment planning to seek Cabinet approval for a host of companies from January 2010. The Cabinet has so far followed a cautious approach in approving disinvestment in companies, though it has simultaneously come out with a broad policy direction for the programme. Based on the policy, the disinvestment department has prepared a list of up to 30 companies that can be considered for disinvestment
Meanwhile, the initial public offer of DB Corp, India's second largest regional newspaper, was subscribed 2.6 times by 15:00 IST on Monday, 14 December 2009. The company has set a price band of Rs 185-212 a share.
European shares rose on Monday, extending their wining streak to three-sessions, as Dubai debt fears eased, with banks the major gainers. The key benchmark indices in France, Germany and UK rose by between 0.58% to 1.06%.
Most Asian stocks rebounded on Monday after Dubai said it had received $10 billion from Abu Dhabi to repay debt, as risk appetite improved. The key benchmark indices in China, Hong Kong Taiwan, South Korea rose by between 0.31% to 1.71%. But, the key benchmark indices in Singapore, Japan and Indonesia were down by between 0.02% to 0.5%.
Trading in US index futures indicated the Dow could jump 44 points at the opening bell on Monday, 14 December 2009.
The Dow and S&P 500 rose on Friday 11 December 2009 after stronger-than-expected retail sales and consumer sentiment data reinforced investor confidence in a steady economic recovery. The Dow Jones industrial average rose 65.67 points, or 0.63%, to 10471.5. The Standard & Poor's 500 Index added 4.06 points, or 0.37%, to 1106.41. The Nasdaq Composite Index down 0.55 points, or 0.03%, to 2190.31.
Senior White House economists on Sunday predicted the US economy will start creating jobs by spring and said that boosting employment will be at the top of President Barack Obama's agenda next year.
A key event this week is a regular two-day meeting of the US Federal Reserve Meeting which begins on Tuesday, 15 December 2009. The Fed is expected to maintain its pledge to keep US interest rates close to zero for "an extended period" after Chairman Ben Bernanke warned that US economic recovery still faced "formidable headwinds", such as tight credit conditions and rising unemployment. Bernanke's re-appointment as chairman of the Federal Reserve by the Senate banking committee is expected on Thursday.
Investors, meanwhile, are increasingly wondering when Bernanke will signal any changes to the exceptionally loose US monetary policies and liquidity conditions that have propelled asset markets higher this year. US industrial production during November, the figures for which are due on Tuesday, is expected to rise 0.5%. This would slow the year-on-year decline from minus 7.1% in October to minus 5.4%.
US producer prices are expected to show the headline measure returning to positive territory for the first time in a year, with the year-on-year rate rising from minus 1.9% in October to a rise of 1.6%. US consumer price inflation is also likely to move into positive territory for the first time since February 2009, with the headline measure expected to rise from minus 0.2% in October to a rise of 1.8%. Core inflation, though, remains low and could sink below 1% next year following a sharp slowdown in labour costs.
As per provisional figures, the BSE Sensex was down 31.04 points or 0.18% to 17,087.99. The Sensex rose 156.16 points at the day's high of 17275.19 in mid-morning trade. The Sensex fell 70.86 points at the day's low of 17048.17 in late trade.
The S&P CNX Nifty was down 15.25 points or 0.3% to 5,102.05 as per provisional figures.
The market breadth, indicating the overall health of the market was weak. On BSE, 1104 shares advanced as compared with 1726 that declined. A total of 64 shares remained unchanged. The breadth was strong in early trade.
Among the 30-member Sensex pack, 12 rose while rest fell.
The BSE Mid-Cap index fell 0.68% and the BSE Small-cap index fell 0.46%.
BSE clocked a turnover of Rs 4110 crore, lower than Rs 5226.42 crore on Friday, 11 December 2009.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 0.36% to Rs 1065.10. The stock came off the day's high of Rs 1083.50. Reliance Industries' (RIL's) attempt to take over the world's third-largest independent chemical company, LyondellBasell Industries, reportedly faces its first hurdle when the beleaguered company's management argues its rescue plan for the company before the special bankruptcy court of New York South District.
Despite getting feelers from RIL for an acquisition and cash-infusion into the company, the LyondellBasell management on Friday 11 December 2009, filed an updated rescue plan centred around a $2.5 billion cash infusion by the company's former owner and two investors. Ratification of the plan would significantly dampen RIL's chances of acquiring the company.
Banking shares fell on a likely monetary tightening by the RBI after a sharp jump in inflation. India's largest private sector bank by net profit ICICI Bank fell 1.57% as its ADR fell 2.66% on Friday, 11 December 2009. ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010.
India's second largest private sector bank by net profit HDFC Bank fell 1.75% as its ADR fell 2.63% on Friday.
India's largest bank by net profit and branch network State Bank of India fell 0.79%. The UPA government recently cleared the introduction of State Bank of India (Amendment) Bill in the current session of Parliament. The Bill seeks to bring the government's holding in the country's largest public sector bank on a par with other public sector banks at 51 %. Currently, the Union government holds 59% stake in SBI. At present, the stake of the promoter, that is Government of India, cannot fall below 55 %.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) fell 0.15% extending recent losses triggered by investor worry a dual interest rate scheme on home loans introduced by the company would hit margins.
HDFC recently announced a dual-rate loan scheme under which a borrower will be charged a fixed rate up to March 2012 and a floating rate thereafter. For a 20-year loan of Rs 30 lakh, a borrower will pay a fixed rate of 8.25% up to March 2012 and then a floating rate that's 500 basis points below the prime lending rate (PLR) - the institution's benchmark rate. Currently, the PLR is 13.75%.
Metal stocks reversed early gains on profit taking. Hindalco Industries fell 1.2%. Hindalco Industries is reportedly raising Rs 4500 crore ($966 million) in debt to fund a new alumina refinery. The 1.5-million-tonne per year refinery, in the eastern state of Orissa, is expected to start production in July 2011 and involves about Rs 6500 crore as capital expenditure.
Hindustan Zinc, National Aluminum Company, Sterlite Industries fell by between 0.08% to 1%.
Tata Steel, the world's eighth-largest steelmaker by sales, fell 0.38% in choppy trade on reports the company is in talks with investors to raise Rs 5000 crore ($1.1 billion) in equity and an equal amount in debt. The company said on 7 December 2009 its sales rose 34.5% to 498,000 tonnes, in November 2009 over November 2008.
FMCG shares fell on profit taking. ITC, Hindustan Unilever, Dabur India, Tata Tea, United Spirits fell by between 0.24% to 3.33%.
IT stocks rose after stronger-than-expected retail sales and consumer sentiment data in the US reinforced investor confidence in a steady economic recovery. US is the biggest market for Indian IT companies. India's second largest software services exporter Infosys Technologies rose 1.56% even as its ADR fell 0.25% on Friday, 11 December 2009. India's largest software services exporter TCS rose 0.12%. India's third largest software services exporter Wirpo rose 2.42% even as its ADR fell 1.48% on Friday.
Suven Life Sciences was locked at 5% upper limit at Rs 29.85, after the company secured two Canadian patents on new chemical entities for the treatment of disorders associated with Neurodegenerative diseases.
The market edged lower in early trade tracking weak regional stocks. It soon rebounded after Dubai said it had received $10 billion from Abu Dhabi to help it repay $4.1 billion in an Islamic bond maturing on Monday, 14 December 2009. The market pared gains after hitting fresh intraday high in mid-morning trade. The market surged again in afternoon trade. A sell-off in mid-afternoon trade pulled the market into the red. The market moved between positive and negative zone later
The latest data from global fund tracker EPFR Global showed emerging market equity funds received $2.3 billion in inflows in the week ended 9 December 2009, bringing 2009 inflows to $75.4 billion. Emerging-market funds are heading for record annual inflows in 2009. The previous record was $54 billion in 2007.
Asia excluding Japan and global emerging market stock funds each attracted net inflows of more than $800 million for the week. Among the largest developing nations, Russian stocks funds saw inflows rise to a seven-week high of $181 million while Indian equity funds absorbed $128 million, EPFR said.
Dubai said on Monday it had received $10 billion from fellow UAE member Abu Dhabi to help it repay $4.1 billion Islamic bond maturing on Monday. The statement said the excess would be used to cater to Dubai Worlds needs up until the end of April 2010. "We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices," Sheikh Ahmed bin Saaed al-Maktoum said in a statement.
"Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.", he said. Abu Dhabi is the largest member of the United Arab Emirates federation and a major oil exporter. The statement also said that the United Arab Emirates Central Bank, which governs monetary policy in Dubai, Abu Dhabi and other UAE constituents, "is also prepared to provide support to local UAE banks."
Dubai's conglomerate Dubai World roiled global markets in late November 2009 when it said that it wanted to suspend debt payments for six months.
Closer home, inflation based on the wholesale price index (WPI) surged 4.78%, data released by the government showed at 12:00 IST on BSE. That was much higher than previous month's annual rise of 1.34%. The food article index within the wholesale price index rose 16.71% in November 2009. The manufacturing products index in the WPI rose an annual 3.99%. In its October policy review, the Reserve Bank raised its WPI inflation projection for end-March 2010 to 6.5% with an upside bias from 5% earlier.
The government is concerned about rising inflation, but there is no need for any emergency action at this stage, finance secretary Ashok Chawla said on Monday. Chawla said the inflation numbers were within the range set by the central bank and the government
The rise in the wholesale price index during November 2009 is mainly due to higher food prices, Finance Minister Pranab Mukherjee said today.
The Trade Minister Anand Sharma said on Monday rising wholesale prices are a matter of concern and the government is monitoring prices of essential commodities.
A finance ministry official said on Friday 11 December 2009 the government was taking steps to moderate the rise in food prices, a day after data showed the food price index which is released weekly, jumped an annual 19.05% as at 28 November 2009.
The Reserve Bank of India has said it needs to strike a balance between growth and inflation, but has also noted most inflation pressures are coming from food supply shortages, where monetary policy is not an effective tool. Governor D Subbarao has said the danger was that food price inflation, running at an annual 19.05% at end-November, spills over into broader inflation expectations.
Industrial output jumped 10.3% in October 2009 from a year earlier, helped by stimulus measures and robust domestic demand, data released by the government on Friday showed. Manufacturing production rose 11.1% in October 2009 from a decline of 0.6% a year earlier. September's annual industrial growth rate was revised upward to 9.6% from 9.1% previously. Industrial output rose 2.6% in the 2008/09 fiscal year (April-March), slower than 8.5% in 2007/08.
Investors fear that a recovery in the economy and a surge in wholesale price inflation will add pressure on the central bank to tighten monetary policy. The Reserve Bank of India holds a quarterly policy review in late January 2010.
The Goods and Services Tax (GST) regime would have four slabs and it is likely to be unveiled within 15 days, chairman of empowered committee of state finance ministers Asim Dasgupta said on Sunday, 13 December 2009. GST slabs would include exempted items list, one standard rate for majority of the goods and services and another having a moderate rate, he said.
The implementation of GST is scheduled for 1 April 2010. However, there are doubts at various quarters whether the new tax regime would come into effect at the targetted date because of differences of opinion over the rates among states and the items to be included under GST. The Empowered Committee of state finance ministers had released a discussion paper on GST on 10 November 2009. It proposes to replace central levies like excise duty, service tax, special additional duty, countervailing duty by GST.
State levies like VAT, sales tax, entry tax etc would also be subsumed. Besides all this, central and state cesses and surcharges would be out once GST comes into effect.
Meanwhile, the RBI has reportedly expressed its concerns over many investment companies with low capital base raising disproportionately high funds. As per the current norms, corporate investment firms, which hold strategic stakes of group companies, are exempt from following the stringent norms similar to NBFCs. RBI may impose regulatory restrictions on such investment arms having high leverage as a measure to limit the aggressive borrowing by corporates. Currently, RBI is reported to be in discussion stage with some corporate groups on the issue.
The disinvestment programme is reportedly set to enter an ambitious phase in the next financial year with the Department of Disinvestment planning to seek Cabinet approval for a host of companies from January 2010. The Cabinet has so far followed a cautious approach in approving disinvestment in companies, though it has simultaneously come out with a broad policy direction for the programme. Based on the policy, the disinvestment department has prepared a list of up to 30 companies that can be considered for disinvestment
Meanwhile, the initial public offer of DB Corp, India's second largest regional newspaper, was subscribed 2.6 times by 15:00 IST on Monday, 14 December 2009. The company has set a price band of Rs 185-212 a share.
European shares rose on Monday, extending their wining streak to three-sessions, as Dubai debt fears eased, with banks the major gainers. The key benchmark indices in France, Germany and UK rose by between 0.58% to 1.06%.
Most Asian stocks rebounded on Monday after Dubai said it had received $10 billion from Abu Dhabi to repay debt, as risk appetite improved. The key benchmark indices in China, Hong Kong Taiwan, South Korea rose by between 0.31% to 1.71%. But, the key benchmark indices in Singapore, Japan and Indonesia were down by between 0.02% to 0.5%.
Trading in US index futures indicated the Dow could jump 44 points at the opening bell on Monday, 14 December 2009.
The Dow and S&P 500 rose on Friday 11 December 2009 after stronger-than-expected retail sales and consumer sentiment data reinforced investor confidence in a steady economic recovery. The Dow Jones industrial average rose 65.67 points, or 0.63%, to 10471.5. The Standard & Poor's 500 Index added 4.06 points, or 0.37%, to 1106.41. The Nasdaq Composite Index down 0.55 points, or 0.03%, to 2190.31.
Senior White House economists on Sunday predicted the US economy will start creating jobs by spring and said that boosting employment will be at the top of President Barack Obama's agenda next year.
A key event this week is a regular two-day meeting of the US Federal Reserve Meeting which begins on Tuesday, 15 December 2009. The Fed is expected to maintain its pledge to keep US interest rates close to zero for "an extended period" after Chairman Ben Bernanke warned that US economic recovery still faced "formidable headwinds", such as tight credit conditions and rising unemployment. Bernanke's re-appointment as chairman of the Federal Reserve by the Senate banking committee is expected on Thursday.
Investors, meanwhile, are increasingly wondering when Bernanke will signal any changes to the exceptionally loose US monetary policies and liquidity conditions that have propelled asset markets higher this year. US industrial production during November, the figures for which are due on Tuesday, is expected to rise 0.5%. This would slow the year-on-year decline from minus 7.1% in October to minus 5.4%.
US producer prices are expected to show the headline measure returning to positive territory for the first time in a year, with the year-on-year rate rising from minus 1.9% in October to a rise of 1.6%. US consumer price inflation is also likely to move into positive territory for the first time since February 2009, with the headline measure expected to rise from minus 0.2% in October to a rise of 1.8%. Core inflation, though, remains low and could sink below 1% next year following a sharp slowdown in labour costs.
As per provisional figures, the BSE Sensex was down 31.04 points or 0.18% to 17,087.99. The Sensex rose 156.16 points at the day's high of 17275.19 in mid-morning trade. The Sensex fell 70.86 points at the day's low of 17048.17 in late trade.
The S&P CNX Nifty was down 15.25 points or 0.3% to 5,102.05 as per provisional figures.
The market breadth, indicating the overall health of the market was weak. On BSE, 1104 shares advanced as compared with 1726 that declined. A total of 64 shares remained unchanged. The breadth was strong in early trade.
Among the 30-member Sensex pack, 12 rose while rest fell.
The BSE Mid-Cap index fell 0.68% and the BSE Small-cap index fell 0.46%.
BSE clocked a turnover of Rs 4110 crore, lower than Rs 5226.42 crore on Friday, 11 December 2009.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 0.36% to Rs 1065.10. The stock came off the day's high of Rs 1083.50. Reliance Industries' (RIL's) attempt to take over the world's third-largest independent chemical company, LyondellBasell Industries, reportedly faces its first hurdle when the beleaguered company's management argues its rescue plan for the company before the special bankruptcy court of New York South District.
Despite getting feelers from RIL for an acquisition and cash-infusion into the company, the LyondellBasell management on Friday 11 December 2009, filed an updated rescue plan centred around a $2.5 billion cash infusion by the company's former owner and two investors. Ratification of the plan would significantly dampen RIL's chances of acquiring the company.
Banking shares fell on a likely monetary tightening by the RBI after a sharp jump in inflation. India's largest private sector bank by net profit ICICI Bank fell 1.57% as its ADR fell 2.66% on Friday, 11 December 2009. ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010.
India's second largest private sector bank by net profit HDFC Bank fell 1.75% as its ADR fell 2.63% on Friday.
India's largest bank by net profit and branch network State Bank of India fell 0.79%. The UPA government recently cleared the introduction of State Bank of India (Amendment) Bill in the current session of Parliament. The Bill seeks to bring the government's holding in the country's largest public sector bank on a par with other public sector banks at 51 %. Currently, the Union government holds 59% stake in SBI. At present, the stake of the promoter, that is Government of India, cannot fall below 55 %.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) fell 0.15% extending recent losses triggered by investor worry a dual interest rate scheme on home loans introduced by the company would hit margins.
HDFC recently announced a dual-rate loan scheme under which a borrower will be charged a fixed rate up to March 2012 and a floating rate thereafter. For a 20-year loan of Rs 30 lakh, a borrower will pay a fixed rate of 8.25% up to March 2012 and then a floating rate that's 500 basis points below the prime lending rate (PLR) - the institution's benchmark rate. Currently, the PLR is 13.75%.
Metal stocks reversed early gains on profit taking. Hindalco Industries fell 1.2%. Hindalco Industries is reportedly raising Rs 4500 crore ($966 million) in debt to fund a new alumina refinery. The 1.5-million-tonne per year refinery, in the eastern state of Orissa, is expected to start production in July 2011 and involves about Rs 6500 crore as capital expenditure.
Hindustan Zinc, National Aluminum Company, Sterlite Industries fell by between 0.08% to 1%.
Tata Steel, the world's eighth-largest steelmaker by sales, fell 0.38% in choppy trade on reports the company is in talks with investors to raise Rs 5000 crore ($1.1 billion) in equity and an equal amount in debt. The company said on 7 December 2009 its sales rose 34.5% to 498,000 tonnes, in November 2009 over November 2008.
FMCG shares fell on profit taking. ITC, Hindustan Unilever, Dabur India, Tata Tea, United Spirits fell by between 0.24% to 3.33%.
IT stocks rose after stronger-than-expected retail sales and consumer sentiment data in the US reinforced investor confidence in a steady economic recovery. US is the biggest market for Indian IT companies. India's second largest software services exporter Infosys Technologies rose 1.56% even as its ADR fell 0.25% on Friday, 11 December 2009. India's largest software services exporter TCS rose 0.12%. India's third largest software services exporter Wirpo rose 2.42% even as its ADR fell 1.48% on Friday.
Suven Life Sciences was locked at 5% upper limit at Rs 29.85, after the company secured two Canadian patents on new chemical entities for the treatment of disorders associated with Neurodegenerative diseases.
