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Pharmaceutical shares in demand

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Key benchmark indices pared gains after hitting fresh intraday high in morning trade. At 10:17 IST, the barometer index, the S&P Sensex, was up 62.95 points or 0.20% at 31,909.84. The 50 index was up 21.45 points or 0.21% at 10,010.20. Pharmaceutical were in demand. Gains in index pivotal boosted key indices higher.

The and the Nifty, both, hit their highest intraday levels in more than two weeks in morning trade. The was trading above the psychologically important 10,000 mark in early trade after breaching that level in opening trade.

The rose 110.72 points, or 0.35% at the day's high of 31,957.61 in morning trade, its highest level since 25 September 2017. The index rose 52.69 points, or 0.17% at the day's low of 31,899.58 in morning trade. The rose 34.25 points, or 0.34% at the day's high of 10,023, its highest level since 22 September 2017. The index rose 15.80 points, or 0.16% at the day's low of 10,004.55 in morning trade.

Among secondary barometers, the Mid-Cap index was up 0.56%. The Small-Cap index was up 0.66%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On BSE, 1399 rose and 706 fell. A total of 77 were unchanged.

IT major gained 1.49% to Rs 937.40 after the company said that its buyback committee has set 1 November 2017 as the record date for its share buyback programme. The announcement was made after market hours yesterday, 9 October 2017. had approved a proposal to buyback upto 11.3 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore.

Reliance Infrastructure (RInfra) was up 1.81% to Rs 485.75. The company announced during trading hours today, 10 October 2017, that it has entered into a period of exclusivity until 15 January 2018 in relation to discussions for the proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai City to Adani Transmission (ATL). The proposed transaction is subject to confirmatory diligence, definitive documentation, and customary approvals. Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage. RInfra intends to utilize the proceeds of the proposed transaction entirely to reduce its debt, and further strengthen its financial position to tap mega growth opportunities in Defence and EPC for the infrastructure sector.

Most metal rose. JSW Steel (up 1.63%), Steel Authority of India (up 1.23%), National Aluminium Company (up 0.68%), Hindustan Copper (up 0.47%), Bhushan Steel (up 0.17%), Hindalco Industries (up 0.14%) and Tata Steel (up 0.13%), edged higher. Hindustan Zinc (down 0.28%), Vedanta (down 0.37%) and Jindal Steel & Power (down 0.38%), edged lower.

NMDC was up 0.45%. The company reported iron ore production of 15.65 million tonnes in September 2017. The company reported iron ore sales of 17.61 million tonnes in September 2017. The announcement was made after market hours yesterday, 9 October 2017.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2017 delivery was currently up 0.49% at $3.046 per pound on the COMEX.

Pharmaceutical were in demand. Alkem Laboratories (up 2.01%), Strides Shasun (up 1.89%), Cadila Healthcare (up 1.65%), Wockhardt (up 1.21%), Aurobindo Pharma (up 1.06%), Cipla (up 0.97%), Glenmark Pharmaceuticals (up 0.84%), IPCA Laboratories (up 0.80%), Dr Reddy's Laboratories (up 0.71%), Industries (up 0.52%), Divi's Laboratories (up 0.51%) and Piramal Enterprises (up 0.27%), edged higher.

Drug major Lupin was up 2.43%. The company announced that it has received final approval for its Nadolol Tablets USP, 20mg, 40 mg and 80 mg from the United States Food and Drug Administration (USFDA) to market a generic version of US WorldMeds LLC's Corgard Tablets, 20 mg, 40 mg and 80 mg. The announcement was made after market hours yesterday, 9 October 2017.

The drug is indicated for management of patients with angina pectoris and for the treatment of hypertension. Nadolol Tablets USP, 20mg, 40 mg and 80 mg Tablets had annual US sales of around $109.8 million as per IMS MAT June 2017.

Biocon was up 2.70%. The company announced before trading hours today, 10 October 2017, that the US Food and Drug Administration (USFDA) has issued a Complete Response Letter (CRL) for Mylan's Biologics License Application (BLA) for MYL-1401H, a proposed biosimilar pegfilgrastim. This product is a part of the biosimilars portfolio being developed jointly by Biocon and Mylan. The CRL relates to the pending update of the BLA with certain CMC data from facility requalification activities post recent plant modifications. The CRL did not raise any questions on biosimilarity, pharmacokinetic/pharmacodynamic data, clinical data or immunogenicity. The company said it do not expect this CRL to impact the commercial launch timing of biosimilar pegfilgrastim in the US. The company said it is committed to working with the agency to resolve the issues stated in the CRL expeditiously.

Overseas, most Asian stocks were trading higher as Japan and South Korea reopened for trading after holiday. Taiwan was shut for public holiday.

US equities were lower at the close on Monday, as losses in the healthcare, consumer services and consumer goods sectors dragged lower. The Dow Jones Industrial Average declined 0.06%, while the S&P 500 index declined 0.18%, and the Nasdaq Composite index lost 0.16%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 10:16 IST
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