Morning update for 28 December 2020

Indices at 10:00 am

      Nifty50 13,838 ▲ 89 (+0.6%) 

       Sensex 47,245 ▲ 272 (+0.5%)

Nifty Bank 30,746 ▲ 344 (+1.1%)

In the news

Coal India lines up new ventures

• The state-owned coal miner plans to enter two new businesses, namely aluminium mining and solar power. The stock was upbeat (+1.6%) today.
• The company has received approval to venture into the aluminium value chain (mining-refining-smelting) and the solar-power value chain (ingot-wafer-cell-module and generation). Reports suggest that this diversification would entail an investment of ₹1 lakh crore.

Lupin gets FDA nod for generic

• Lupin has received a tentative USFDA approval to market its generic treatment for toenail fungal infection. 
• The topical solution is the generic equivalent of Jublia (product of Bausch Health Americas, Inc), which had an estimated annual sales of $222.9 million in the US. The stock is up 0.5% today.

Gold jumps on aid relief

• As US President Trump signed the long-awaited relief aid bill, gold and silver jumped by around 0.8% and 3.0%, respectively. 
• Further, the US dollar index continued to remain weak giving gold an upward push. This year, gold has risen nearly 25% and silver has surged 49%.

Sectoral indices

Fact of the day

In 1974, FedEx was on the verge of bankruptcy. It was saved when the founder took the last $5,000 of the company's assets and turned it into $27,000 by gambling in Las Vegas.

Source: Huffington Post

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