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Indian stock mkts sustain momentum
Tue, 10 Jan 01:30 pm

Indian stock markets continued to trade strong during last two hours of trade on the back of buying interest across index heavyweights. All the sectoral indices were in the green led by realty and capital goods stocks.

The BSE-Sensex is trading up by 260 points and NSE-Nifty is trading up by 78 points. BSE Mid cap and BSE Small cap indices are trading strong as well by 1.8% and 2.2% respectively. The rupee is trading at 52.51 to the US dollar.

Indian Pharma stocks are mostly trading in the green led by Zandu Realty and Panacea Biotech. As per a leading financial daily, Wockhardt has received final approval from USFDA (United States Food and Drug Administration) for marketing 50 mcg nasal spray of Fluticasone. Fluticasone is the generic name for brand Flonase. Flonase is marketed by GlaxoSmithkline in the US Market and is used for the treatment of allergic rhinitis. The company will be going for an immediate product launch. The total US market for this product currently stands at US$ 580 m. Besides Flonase, there are just three other generic version of the product in the US. The company will be manufacturing the spray in US using in house developed technology. The stock was trading in the green.

Most of the FMCG stocks are trading in the green with Gillette India, Henkel India and Emami Ltd. leading the pack of gainers. As per a leading financial daily, detergent brand Ghari manufactured by Kanpur-based Rohit Surfactants Pvt. Ltd.(RSPL) has nudged out Wheel brand of FMCG behemoth, Hindustan Unilever (HUL) for the month of November. Nielsen's monthly data shows that Ghari notched the top spot in the detergent market with a market share of 17.3% marginally higher than 16.9% market share of HUL. RSPL has attributed its growth to expanding presence from nine states to 19 states in the past three years. The company is planning to set up plants in Bihar, Raipur and Karnataka to revert back to 25% plus sales growth clocked in the last nine months.

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