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Pharma shares decline

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Stocks cut losses in mid-morning trade. At 11:28 IST, the barometer index, the BSE Sensex, was down 112.06 points or 0.31% at 36,434.42. The index was down 53.25 points or 0.49% at 10,890.35. Pharma shares declined.

Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade.

The BSE Mid-Cap index was down 1.2%. The BSE Small-Cap index was down 1.4%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 615 shares rose and 1512 shares fell. A total of 105 shares were unchanged.

Pharma shares declined. (down 2.15%), (down 0.28%), Industries (down 1.88%), (down 0.56%), (down 1.01%), (down 1.14%) and (down 2.58%) edged lower. (up 1.11%) rose.

dropped 6%. announced that the audit of its formulations manufacturing plant - 3 at Bachupally, by the (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations. The company said it will address them comprehensively within the stipulated timeline. The announcement was made after market hours on Friday, 8 February 2019.

shed 2.1% after the company announced the completion of the Food and Drug Administration (USFDA) inspection at its The inspection was carried out between January 28 to February 8, 2019. The inspection at the facility closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily. The announcement was made after market hours on Friday, 8 February 2019.

lost 8.01% after consolidated net profit declined 12.82% to Rs 107.22 crore on 19.45% rise in net sales to Rs 935.80 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

The company said it has received a demand notice under section 153A of the Income tax Act, 1961, with respect to assessment years 2010-11 to 2016-17, amounting to Rs 757.44 crore and interest thereon (Rs 511.76 crore). The management, based on legal assessment, is confident that it has a favourable case and that the demand shall be deleted at the appellate stage. The auditors of the company have invited attention to the aforementioned issue in their review report for the period ended 31 December 2018.

Overseas, Asian stocks were mixed on Monday as concerns over global growth and US-trade talks kept investors cautious. Markets in and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.

In Europe, with Brexit just 47 days away, the has reportedly asked lawmakers on Sunday to give more time to rework her divorce deal with the said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the to seek changes from the EU.

US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-trade tensions.

US confirmed reports that he had no plans to meet with Chinese before a March 1 trade-deal deadline. However, the US is reportedly likely to keep tariffs at 10% rather than raise them to 25% as scheduled.

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

First Published: Mon, February 11 2019. 11:34 IST