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Metal stocks surged as the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP).
The policy will allow private companies to carry out stand-alone exploration for the first time and help auction prospective mineral blocks.
The blocks that will go on sale are among 100 mineral zones identified by the state-run Geological Survey of India following an aerogeophysical assessment.
India is keen to get private firms to start exploring for more minerals like diamonds and gold, where mining is negligible.
Vedanta Ltd jumped 3.7 per cent, Jindal Steel and Power Ltd rose 1.3 per cent, Tata Steel Ltd gained 1.2 per cent and Hindalco Industries Ltd climbed 2.2 per cent.
The S&P BSE Metal index was up 1.1 per cent by 0629 GMT.
Suven shares climb
Shares of Suven Life Sciences rose over 3 per cent today as the company has been granted one patent from Europe and two product patents from Eurasia for a drug used in the treatment of neuro-degenerative diseases.
The stock gained 2.98 per cent to Rs 210.30 on the BSE.
On the NSE, shares of the company went up 3.11 per cent to Rs 210.50.
In a BSE filing today, Suven Life said it has been granted “one product patent from Europe and two product patents from Eurasia corresponding to New Chemical Entities (NCEs) for treatment of disorders associated with neuro-degenerative diseases’’.
The patents are valid through 2029, 2030 and 2031, respectively, the company added.
With this, Suven has 21 granted patents from Europe and 19 from Eurasia.
Suven Life CEO Venkat Jasti said: “We are pleased by the grant of these patents to Suven for our pipeline of molecules in the CNS arena, which are being developed for cognitive disorders with high unmet medical need with a huge market potential globally.”
Bosch shares vroom
Auto component major Bosch’s scrip rose over 5 per cent today as the company’s board will consider launching a buyback offer for its equity shares on July 1.
The stock climbed 5.41 per cent to Rs 22,689.95 on the BSE.
On the NSE, it surged 5.44 per cent to Rs 22,695.
A meeting of the board of directors of the company will be held on July 1 to consider a proposal for buyback of equity shares, Bosch Ltd had said in a regulatory filing yesterday.
The Bengaluru-based firm is a leading supplier of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology.
The Bosch Group operates in India through nine companies.
It currently has 14 manufacturing sites, and seven development and application centres in the country. The company employs over 29,000 associates.
DLF shares rally
DLF shares rallied on reports of fund infusion.
Shares of real estate firm DLF Ltd rose as much as 9.75 per cent to their highest since April 2015.
Chairman Kushal Pal Singh and his family have decided to infuse Rs 10,000 crore ($1.47 billion) into DLF to make it debt-free, media reports, citing sources familiar with the development, said.
DLF could not be immediately reached for comment.
More than 17.4 million shares change hands, about 2 times the 30-day moving average.
The stock had risen 15 per cent this year as of Tuesday’s close ($1 = 67.8350 Indian rupees).
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