Suven Life Sciences gains 3% on product patents in Brazil and Eurasia

These two patents are valid through 2023 and 2034 respectively.

Suven Life Sciences shares gained 2.7 percent in morning on Thursday on securing product patents in Brazil and Eurasia.

The pharma company announced the grant of one product patent from Brazil and one from Eurasia corresponding to the new chemical entities for the treatment of disorders associated with neurodegenerative diseases.

These patents are valid through 2023 and 2034 respectively, it said.

The granted claims of the patents are being developed as therapeutic agents for neurodegenerative disorders such as for the treatment of cognitive impairment associated with neurodegenerative disorders like alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinson and Schizophrenia etc.

At 11:09 hours IST, the stock was quoting at Rs 225.55, up Rs 3.70, or 1.67 percent on the BSE.

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Buy Bank of Baroda, target Rs 132

We expect stock to resolve higher and head towards our earmarked target of Rs 132 levels in the coming month.

The share price of Bank of Baroda has bounced back after finding support from 61.8 percent retracement of recent up move seen from October low to November highs (Rs 91 - Rs 118) indicating resumption of uptrend, thereby offering a fresh entry opportunity, with a favourable risk-reward set up

Past two months price action has been enclosed inside the upward sloping channel formed adjoining subsequent lows of October and December of Rs 91 – Rs 102 and projected from Rs 115, suggesting positive bias. Meanwhile, the immediate support is placed around |109 as it is 50 percent retracement of current up move (Rs 102 – Rs 117), placed at Rs 109 levels

Among oscillators, the weekly MACD indicator logged a bullish crossover and now inching upward, thus supporting the positive bias

We expect stock to resolve higher and head towards our earmarked target of Rs 132 levels in the coming month as it is confluence of:

- 61.8 percent retracement of the last major decline Rs 156 – Rs 91, placed at Rs 131

- 200 days SMA is placed around Rs 128

- Bearish gap (Rs 135 – Rs 126) recorded on September 18

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Buy Abbott India, target Rs 8,450

We expect the stock to resume fresh up move and test levels of Rs 8450 levels in the medium term, says Dharmesh Shah of ICICI Securities.

Abbott India is in secular uptrend as it continues to form higher peak and higher trough in the monthly chart and is seen trading in a rising channel highlighting sustained buying demand at elevated levels. The last three month corrections has seen the stock testing the lower band of the channel thus providing fresh entry opportunity to ride the next up move in the stock.

The share price of Abbott India has registered a breakout above multiyear highs around Rs 6170 levels during middle of previous year. The stock post the breakout has rallied and hit an all time high of Rs 8820 during September 2018. The last three months sideways corrective consolidation has helped the stock work off the overbought condition developed after the previous sharp rally. The stock is currently placed at the major support area of Rs 6900-7100 being the confluence of:

- The lower band of the rising channel placed since CY’17

- 50 percent retracement of the previous up move Rs 5430-Rs 8820 placed at Rs 7130 levels.

The stock has already taken four months to retraced just 50 percent of the previous five months up move (Rs 5430 to Rs 8820). A slower retracement suggests corrective nature of current decline and positive price structure

We expect the stock to resume fresh up move and test levels of Rs 8450 levels in the medium term as it is the 80 percent retracement of the entire previous decline (Rs 8820-6900) placed around Rs 8450 levels.

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D-Street Buzz: Nifty IT outperforms led by Tech Mahindra; Sun TV up 2%, midcaps gain

The breadth of the market favoured the advances with 1115 stocks advancing and 548 declining while 397 remained unchanged.

The Indian benchmark indices continued to trade in the green in this afternoon session with the Nifty50 adding 74 points, trading at 10,803 while the Sensex gained 252 points and was trading at 35,901.

Nifty Energy continued to rise, up 1.5 percent led by Reliance Industries which jumped 2.5 percent followed by GAIL India and ONGC.

IT stocks were also buzzing with gains from Infosys, Tata Elxsi, TCS, Tech Mahindra, Wipro and Oracle Financial Services.

Selective media stocks were also up led by EROS International Media, Sun TV Network and Network18 among others.

From the metal space, the top gainers were Hindustan Copper, Hindalco Industries, NALCO, JSW Steel and Hindustan Zinc.

From the midcap space, the top gainers were Ajanta Pharma, Indraprastha Gas, Mindtree, NBCC, PFC, PAGE Industries, Ramco Cements, REC, Tata Power and United Breweries among others.

The top gainers from NSE include Reliance Industries, Tech Mahindra, Infosys, GAIL India and IndusInd Bank while the top losers included BPCL, Bharti Airtel, Coal India, Bajaj Auto and Dr Reddy's Labs.

The most active stocks were Indiabulls Housing Finance, Reliance Industries, TCS, Infosys and Axis Bank.

Commercial Engineers & Body Builders, Proseed India and SPL Industries have hit new 52-week high on NSE in this afternoon session.

30 stocks have hit new 52-week low including names like Mcnally Bharat Engineering, Ortel Communications, and Raj Rayon Industries among others.

The breadth of the market favoured the advances with 1115 stocks advancing and 548 declining while 397 remained unchanged. On the BSE, 1443 stocks advanced, 842 declined and 151 remained unchanged.

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Edelweiss prefers Hindalco among non-ferrous players, stock shines 2%

Edelweiss expects alumina price to stay near the current level of $400 per tonne till Alunorte resumes operations.

Hindalco Industries shares gained 2.4 percent intraday Thursday after Edelweiss Securities said it continued to prefer the stock among non-ferrous players in view of expected volatility in LME aluminium and alumina prices.

Despite LME aluminium prices slipping below $1,900 per tonne, the research house sees good support from sustained cost pressure and low inventories. While there are risks on growth and trade tensions, it perceives a possibility of aluminium reversing its course.

LME aluminium slipped below $1,900 per tonne for the first time in the past 16 months, trading closest (compared to other base metals) to the marginal cost of production.

Average global cost of production is still at $1,800 per tonne led by alumina and thermal coal cost. In August 2017 when LME aluminium was at similar level, alumina cost was 25 percent lower compared to the current level.

Edelweiss expects alumina price to stay near the current level of $400 per tonne till Alunorte resumes operations.

China became net alumina exporter for the first time in CY18; however, the research believes this is unsustainable as global prices are again at a discount to China's domestic prices.

Record low LME and SHFE inventory is likely to support aluminium prices further, according to the research house.

In China, players dependent on domestic alumina and grid power posted losses for the fourth consecutive month. Current level of SHFE aluminium is the highest in past seven years at which players are clocking loss at the EBITDA level owing to cost pressure.

Edelweiss believes this will spur capacity cuts.

The research house said CY19 aluminium demand growth is pegged at 2.5-3.5 percent YoY. "However, weak Chinese demand in second half of 2018 and further uncertainties expected in CY19 remain a cause of concern."

Driven by expected deficit of around 2 million tonne (around 3 percent of overall demand), Edelweiss sees limited downside for LME aluminium prices. "If costs dip post Alunorte resuming full production and/or thermal coal prices receding, LME aluminium prices could come under pressure."

At 12:45 hours IST, the stock was quoting at Rs 221.60, up Rs 3.25, or 1.49 percent on the BSE.

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Gold prices to trade higher today: Angel Commodities

According to Angel Commodities,yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 percent to trade at $1268.5 per tonne.

Yesterday the markets were closed on account of Christmas. On Monday, spot gold prices

 rose by 1.0 percent to trade at $1268.5 per tonne. Slowdown in the global growth and 

downfall in the stock market drove the investors to seek safety in the yellow metal.

 Concerns over prolonged shutdown of the U.S. government coupled with slowdown in 

the global growth have raised concerns amongst the inve stors. Trump stated that the 

partial closure of the US federal government will continue until his demand for funds

 to build a wall at US - Mexico border are met. Expectations of further rate hikes by FED 

weighed on the Dollar which provided further support to the precious metal.

We expect gold prices to trade higher today on account of political tension in US and 

Economic slowdown. However, stringer dollar might restrict the gains. On the MCX, gold

 prices are expected to trade sideways today, international markets are trading higher by 0.

 32 percent at $ 127 5.8 5 per ounce.

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National Fertilizers up 3% on rupee loan agreement with SBI

The fertiliser maker has signed rupee loan agreement with SBI for an amount of Rs 1,044 crore.

National Fertilizers shares rallied 3 percent intraday Wednesday after the company signed loan agreement with country's largest lender State Bank of India.

On December 24, the fertiliser maker has signed rupee loan agreement with SBI for an amount of Rs 1,044 crore.

Rupee term loan has been sanctioned by SBI in debt: equity ratio of 90 : 10, the company said, adding the interest rate is linked to 1 year MCLR + spread of 0.15 percent basis for door to door tenor of 12 years. The 1st drawal is expected by December 31, 2018.

Hence, NFL has achieved financial closure for its energy reduction schemes at Panipat, Nangal and Bathinda projects and other capex at various units with total project cost of Rs 1,160 crore.

At 11:39 hours IST, the stock was quoting at Rs 36.15, up Rs 0.50, or 1.40 percent on the BSE.

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