API Suppliers In Focus; Divi’s Labs, Laurus Labs Advance

Asian vaccine stocks followed their global peers lower, with Shanghai Fosun dropping by as much as 21% in Hong Kong, after Merck & Co. said its experimental antiviral pill cuts the risk of hospitalization and death from Covid-19 in half.

• India’s API suppliers to big pharma rise; Divi’s Labs gains as much as 10%, Laurus Labs 1.2%

Steel Strips Wheels Advances 5% As Board Approves Sub-division Of Shares

Shares of Steel Strips Wheels Ltd. rose 5% to Rs 1,881.35 apiece after the company’s shareholders approved the sub-division of equity shares from one share of face value of Rs 10 each to two shares of face value of Rs 5 each.

In an exchange filing post market hours Friday, Steel Strips Wheels said that it will intimate the record date for the sub-division of shares later.

India Yield Curve Steady, Stocks Up

Maturities across the India sovereign yield curve were little changed in Monday morning trading.

• The 5-year yield fell 0.6bps to 5.684%
• The 10-year yield was little changed at 6.248%
• The 14-year yield was little changed at 6.754%
• The 5-year-10-year yield spread was 56.4bps, vs previous close 55.4bps

• Steel Strips Wheels Rises After June Sales Turnover Jumps 76%
• Oil Pares Losses as U.S. Crude, Gasoline Supplies Said to Shrink
• Stock Market Update : Wipro Halts Nine-Day Rally Ahead Of Earnings
• Drugmakers Rise Led by Sun Pharma, Dr Reddy’s Labs; Allahabad Bank Slumps On Reporting Loss In Q4
• Cipla Rises On U.S. FDA Nod For Immunodeficiency Drug