On the macro front, the government will after market hours today, 12 July 2018 announce industrial production data for May 2018. India's industrial output grew 4.9% year-on-year in April 2018, following an upwardly revised 4.6% advance in the previous month.
Overseas, Asian stocks are trading higher, despite lingering concerns around the US and Chinese trade war that show little sign of abating. US stocks fell yesterday, 11 July 2018 as crude plunged the most in two years amid renewed tensions over trade and geopolitics.
Back home,the key indices settled almost flat yesterday, 11 July 2018 after a volatile trading session. The barometer index, the S&P BSE Sensex, rose 26.31 points or 0.07% to settle at 36265.93. The Nifty 50 index rose 1.05 points or 0.01% to settle at 10,948.30.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 636.27 crore yesterday, 11 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 15.33 crore yesterday, 11 July 2018, as per provisional data.
Among corporate news,Sun Pharmaceutical Industries said that its wholly-owned subsidiary, DUSA Pharmaceuticals, filed trade secret misappropriation and tortious interference claims in an ongoing patent infringement lawsuit against Biofrontera Inc., Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG in the United States District Court for the District of Massachusetts. The announcement was made after market hours yesterday, 11 July 2018.
The lawsuit alleges patent infringement of DUSA's patents covering DUSA's product, Levulan and Kerastick (aminolevulinic acid HCl) for topical solution, 20% used with DUSA's BLU-U Blue Light Photodynamic Therapy Illuminator. DUSA additionally alleges that the Biofrontera defendants misappropriated confidential and trade secret information from DUSA and improperly obtained confidential DUSA information from former DUSA employees to sell and market defendants' own products. The lawsuit seeks an assessment of both damages and injunctive relief against the Biofrontera defendants.
The patents-in-suit concern an apparatus and method for "photodynamic therapy" (or PDT) and equipment for PDT. The photodynamic therapy, pioneered by DUSA, combines a drug with a light source to treat disease conditions. The product was launched by DUSA in September 2000 in the US.
Power Grid Corporation of India announced that its wholly-owned subsidiary, Powergrid Warora Transmission, secured through tariff based competitive bidding (TBCB), has successfully put the elements into commercial operation progressively from November 2016 and the entire project put into commercial operation by 10 July 2018. The announcement was made after market hours yesterday, 11 July 2018.
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