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After a brief recovery, Indian share markets slipped below the dotted line again in the post noon trading session. Majority of the sectoral indices are trading negative with auto, capital goods and consumer durable stocks being the biggest losers. IT, metal and FMCG are the only stocks trading positive.
Sensex today is down 37 points while the NSE-Nifty is trading down by 17 points. The mid and small cap stocks are not faring too well either and the BSE Mid Cap is down 1.1% while BSE Small Cap index is down by 1.4%. The rupee is trading at 53.8 to the US dollar.
Majority of the fertilizer stocks are trading in red with Nagarjuna Fertilizers and Southern Petro being the biggest losers. Tata Chemicals, having a presence in chemicals, fertilizers and food additives, has announced merger of its wholly-owned subsidiary Homefield International Pvt Ltd (HIPL) with itself. HIPL was incorporated in 2005 in Mauritius and is the holding company for investments. The amalgamation has been approved by the board meeting and the appointed date of the amalgamation scheme is April 1, 2013. The amalgamation scheme would be subject to regulatory approvals in both India and Mauritius. The stock of Tata Chemicals is currently down 1.3%.
Majority of the Pharma stocks are trading in red with Dishman Pharma and Orchid Chemicals being among the top losers. Biocon Ltd has announced partnership deal with Mylan through a strategic collaboration. As per the deal, both the companies have entered into agreement for the global commercialization of three insulin analog products. Reportedly these drugs are difficult to manufacture and would address the diabetes market. As per the deal, Mylan will have the rights to develop and market Biocon's Glargine (the generic version of Sanofi's Lantus), Lispro (the generic version of Eli Lilly's Humalog) and Aspart (the generic version of Novo Nordisk's NovoLog). Mylan and Biocon will share development, capital and certain other costs related to the products. Mylan will have the exclusive commercialization rights in developed countries of USA, Canada, Australia, New Zealand, and various European countries. Mylan will share the profits from these geographies with Biocon. For the other markets Mylan will have co-exclusive commercialization rights with Biocon. Both the companies have also entered into similar type of agreement for complex Biosimilars. In past also, both the companies have entered into various partnerships. Biocon is trading up by 0.5%.