The Indian equity markets continued to trade in the negative territory, though in a range bound manner during the noon trading session. Most of the sectoral indices are trading in red, barring Pharmaceuticals, FMCG and Automobiles sectors.
Pharma stocks are trading mixed with Glenmark Pharmaceuticals and Torrent Pharma leading among the gainers while Biocon Ltd and Fresenius Kabi are witnessing losses. Biocon Ltd announced that the company has received marketing authorization from Indian regulator, DCGI (Drugs Controller General of India) for its Novel biologic drug itolizumab for chronic plaque Psoriasis. This is Biocon's Anti CD-6 molecule which is undergoing trials for various other geographies as well. In India Biocon will start selling the drug later this year with the brand name Aluzumab, through its Immunotherapy division. Psoriasis is an autoimmune skin disease, which affects 2%-3% of India's population. The global market for psoriasis treatments is estimated to cross $8 billion by 2016. Aluzumab will be company's second biologic drug in India, after its launch of BioMab EGFR, an anti cancer monoclonal antibody being the first.
Majority of the power stocks are trading in red with IndiaBulls Power and Nevyeli Lignite being the biggest losers. As per a leading financial daily, Tata Power has synchronized the fourth 800 MW unit at the ultra mega power project (UMPP) in Mundra. The first three units with 800 MW capacity each were commissioned last year. The company is setting up a 4,000 MW UMPP at Mundra in Gujarat. Tata Power's wholly owned subsidiary, Coastal Gujarat Project Ltd is implementing the UMPP at Mundra based on imported coal. The company has approached the Central Electricity Regulatory Commission (CERC) to raise power tariffs in line with higher prices of international coal. Tata Power has power purchase agreements with seven customers from five states for the sales of the contracted capacity. With this synchronization, the total power generation capacity of the utility provider has reached 7,699 MW. Out of this thermal power currently accounts for 6,847 MW. Tata Power stock is currently down 0.6%.