Sensex Ends 216 Points Higher; Banking And Finance Stocks Witness Buying

Moving on to the news from the insurance sectorHDFC Life Insurance Company share price is in focus today. The retail quota of HDFC Life Insurance Company offer for sale (OFS) got subscribed 4% by morning hours today.

This came in after the OFS observed strong response from non-retail investors yesterday.

Data available with the NSE showed the issue received retail bids for 4.36 lakh shares against the retail quota of 99.5 lakh shares.

Standard Life, the joint venture partner in HDFC Life Insurance, is set to sell close to 5% stake in the company to meet public shareholding norm.

The share sale will fetch around Rs 35.7 billion to Standard Life.

The floor price for the offer is set at Rs 357.5.

Standard Life will sell up to 70 million shares, or 3.47% of the total equity of HDFC Life Insurance Company on March 12 through the offer for sale (OFS) route with an option of selling additional 1.46%, or 29.5 million shares, in the event of oversubscription.

In the news from the pharma space, Zydus Cadila said it has received final approval from the US health regulator to market Potassium Chloride extended-release capsules, used to treat or prevent low amounts of potassium in the blood.

The company said the newly-approved product will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.

As per the news, the company has received approval from the US Food and Drug Administration (USFDA) to market the drug in the strengths of 8 mEq (600 mg) and 10 mEq (750 mg).

Shares of the company's listed entity Cadila Healthcare were in focus today on the back of the above development.

The company has more than 254 approvals and has so far filed over 350 abbreviated new drug applications (ANDAs) since it commenced filings in 2003-04.

From the aviation spaceSpiceJet share price was in focus today. The stock of the company witnessed selling pressure on fears that grounding of Boeing 737 MAX aircraft will hurt the airline's revenue and profitability.

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