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No Respite for Indian Indices
Mon, 11 Jan 01:30 pm

Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the capital goods, metal and banking sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 170 (down 0.7%) and the NSE Nifty is trading down by 61 points (down 0.8%). The BSE Mid Cap index is trading down by 0.9% while the BSE Small Cap index is trading up down by 0.7%. Gold prices, per 10 grams, are trading at Rs 26,082 levels. Silver price, per kilogram, is trading at Rs 33,814 levels. Crude oil is trading at Rs 2,165 per barrel. The rupee is trading at 66.80 to the US$.

Majority of the stocks in pharmaceutical space are trading on a negative note with Elder Pharma and Orchid Chemicals leading the losses. As per a leading financial daily, Zydus Cadila has introduced a breast cancer drug in India under the brand Vivitra. The drug is a copy of Swiss giant Roche's product Herceptin. The drug had global sales of about Rs US$ 6.6 billion in 2014 for Roche.

To note, Roche, which sells the product in India as Herclon, has taken legal action against two Indian companies for making copies of the drug by contesting their claims of similar efficacy.

Zydus Cadila is the latest Indian company to start selling a version of trastuzumab in the country under the brand Vivitra. A government expert committee had approved Vivitra in October after recommending certain changes to the product information provided in the package. Each vial of Vivitra is priced at Rs 64,999 while other trastuzumab brands are sold in India at Rs 50,000.

On a separate note, Zydus Cadila has recently expanded its animal health business with the acquisition of some select brands and a Haridwar-based manufacturing facility of Zoetis, a global animal health company, for an undisclosed amount. Presently the stock of the company is trading up by 2%.

Automobile stocks are trading on a mixed note with Escorts and Maharashtra Scooters witnessing maximum selling pressure. As per an article in Economic Times, domestic passenger car sales rose 12.9% to 1,72,671 units during the month of December on a YoY basis. Sales in the motorcycle space declined 5.9% to 7,24,807 units last month as against 7,70,519 units a year ago. Total two-wheeler sales during the month declined 3.1% to 11,67,633 units as against 12,04,942 units in the same month last year. Sales of commercial vehicles were up by 11.5% to 56,840 units during the month. Lastly, vehicles sales across categories registered a marginal decline to 15,02,314 units from 15,04,944 units in December 2014.

The month of December proved out to be a delightful one for the automobile industry. Most of the sales during the month were boosted by new launches, year-end discounts and low fuel prices.

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