Moneycontrol Bureau10:45 am Interview: NTPC board has approved investment in two solar projects with an estimated cost of Rs 3,104 crore, said AK Jha, Director-Technical at NTPC in an interview to CNBC-TV18. One of the two projects, situated in Rajasthan, has 260 MW capacity with 4 blocks of 65 MW each. The second project is located in Madhya Pradesh with 5 blocks of 50 MW each. Both projects are expected to be commissioned by March 2017, he said. Jha also added that the company plans to ramp-up its own solar capacity to 10 GW by FY22. 10:35 am Buzzing: Morgan Stanley has upgraded its rating on Biocon to overweight from underweight and raised target price to Rs 622 (from Rs 459 earlier), saying 2016 could be a turning point for the biopharmaceutical company. The stock surged more than 7 percent intraday.
The brokerage sees Biocon as a strong re-rating story given that markets have hardly priced in its biosimilar pipeline.
It believes that company's (and its partner Mylan) four potential product filings each in the US and EU would add credibility to its pipeline and bring market recognition. Emerging market monetisation is under way, but the US and EU opportunities will take at least two years, according to report.
Four lead compounds of Biocon are glargine, trastuzumab, pegfilgrastim, and adalimumab.
10:15 am Maruti sales network: Maruti Suzuki India has officially announced that it intends to double its existing sales network by 2020. Currently, the dealer network of India's largest carmaker comprises of 1,820 traditional dealerships spread across 1,470 cities. The company is planning to add another 200 dealerships in the current fiscal which will increase the total number to over 2,000. The carmaker expects that increasing sales network will help them in attaining their goal of selling 20 lakh units by 2020.Also read - Worst may be over; Nifty unlikely to go below 6800: Reliance Capital10:00 am Market Check
The market continued to see selling pressure with the Sensex falling 108.77 points to 25290.88 and the Nifty declining 36.70 points to 7722.10 ahead of first monetary policy of the RBI in financial year 2016-17. The broader markets too were down with the BSE Midcap and Smallcap indices slipping 0.2 percent each.
The market breadth was weak as about 916 shares declined against 732 advancing shares on Bombay Stock Exchange.Adani Ports topped selling list on Sensex, down nearly 3 percent followed by ITC, Tata Motors, Bharti Airtel and GAIL with more than 1 percent loss while HUL gained 1 percent.
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