Shares of Sun Pharmaceutical Industries rose 2 percent intraday as it has signed a licensing agreement with Spanish company Almirall for development and commercialization of tildrakizumab for psoriasis in Europe. Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis. Under terms of the license agreement, Almirall will pay to company an initial upfront payment of USD 50 million. "The company will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential," as per BSE release. 11:25 am Moody's on Green bonds: Companies globally are likely to raise about USD 75 billion through issuance of green bonds in 2016, up from USD 42.4 billion mopped up last year, Moody's Investors Service has said. It added that global green bond issuance in April-June quarter of 2016 reached a new quarterly high of USD 20.3 billion -- well above the USD 16.9 billion recorded in Q1. With this, the total green bond issuance in the first six months of the year stood at USD 37.2 billion, up 89 percent from USD 19.7 billion for the first half of 2015. "The global green bond market is now poised to reach USD 75 billion in total volume for 2016 and so set a new record for the fifth consecutive year, given the strong issuance already observable in the first two weeks of third quarter," Moody's Senior VP Henry Shilling said. A green bond is like any other bond where a debt instrument is issued by an entity for raising funds from investors. Also read - Liquidity can take mkt to new highs; pharma a dark horse: Ambit 11:00 am Market Check: Equity benchmarks remained higher in trade with the Sensex rising more than 100 points and the Nifty trading near 8650 level, though there is volatility ahead of F&O expiry. The 30-share BSE Sensex was up 111.58 points at 28135.91 and the 50-share NSE Nifty gained 32.45 points at 8648.25. The market breadth remained strong as about two shares advanced for every share falling on the Bombay Stock Exchange. The broader markets continued to trade strong as the BSE Midcap and Smallcap indices gained 0.7 percent and 1 percent, respectively. Bajaj Finance surged 5 percent, crossing the Rs 10,000 mark to trade at Rs 10,285. Its June quarter earnings were strong as profit grew by 54 percent on yearly basis. Even the company approved bonus issue and sub division of shares.
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