Indian share markets pared losses but continued to trade in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with metal and banking stocks being the biggest losers. Energy and auto are among the few stocks trading in the green.
Most of the domestic pharma stocks are trading in the red with Dishman Pharma and Elder Pharma being the biggest losers. As per a leading financial daily, three pharma companies namely Aurobindo Pharma, Lupin and Jubilant Life Sciences have won approval from US Food and Drug Administration (USFDA) to launch generic version of Valsartan tablets used in the treatment of hypertension. As per IMS data, the annulized market size of the drug is around $ 2 bn in the US markets. Lupin has already launched the drug in the US market. Jubilant Life Sciences is planning to launch the drug immediately whereas Aurobindo Pharma has said the product is ready for launch. Aurobindo Pharma stock is trading up 1.7%.
FMCG stocks are trading mixed with Hindustan Unilever and Dabur being the major gainers whereas Marico and Gillette are among the major losers. As per a leading financial daily, Godrej Consumer Products Ltd (GCPL) has further expanded its footprint in the African market by acquiring hair extensions company Frika Hair Pty Ltd based in South Africa. Frika's product range comprises of hair extensions, wigs, synthetic weaves, braids in the premium end of the market. This is likely to provide synergistic benefits to GCPL's haircare portfolio. Rapidol, Kinky, Tura and the Darling Group are the other acquisitions made by the company in Africa. However, Frika's annual revenues of around Rs 400 m may not add significantly to GCPL's overall revenues but it can enable the company to cross-sell products and introduce innovations in the other markets in Africa and UK. The company recently launched the hair colour innovations developed by its African operations in the Indian market. GCPL stock is currently trading up by 0.6%.