Nifty Bank hit fresh record high as Moody’s Investors Service has today upgraded the Government of India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

Just Dial shares gained 4.5 percent as Nomura has maintained its buy rating on the stock with increased target price at Rs 635 from Rs 590 per share.

Just Dial remains the most cost-effective SME advertising platform in India, with scope for coverage expansion in tier 2/3 cities, the research house said while expecting an EPS to grow at CAGR of 19 percent over FY17-20 and revenue CAGR of 10 percent over FY17-19

Improved traffic growth trends, stable realisations and operational efficiencies are key positives, it feels.

Nomura said the company has now renewed focus on its core search business, but competition from Google or vertical players is an issue.

10:10 am Cipla rallies: Shares of Cipla rose more than 2 percent in the early trade on the back of USFDA approval for Budesonide Inhalation Suspension.

The company has received final approval for its abbreviated new drug application (ANDA) for Budesonide Inhalation Suspension, 0.25mg/2mL, 0.5mg/2mL, and 1mg/2mL from the United States Food and Drug Administration (USFDA) to market a generic version of Astrazeneca’s Pulmicort Respules.

Budesonide Inhalation Suspension is indicated for the maintenance treatment of asthma and as prophylactic therapy in children 12 months to 8 years of age.

source: moneycontrol.com