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Indian equity markets had a rather volatile trading session today. After beginning the day on a positive note, stocks moved into the red around noon. However, buying activity intensified heavily in the later hours pushing the indices well above the dotted line. While the BSE-Sensex closed higher by 172 points today, the NSE-Nifty closed higher by 52 points. The S&P BSE Midcap and the S&P BSE Smallcap, however, bucked this trend and weak with losses of 0.5% and 1.8% respectively. Gains were largely seen in auto, IT and banking stocks, while those from the capital goods space were at the receiving end.
Chinese shares took a late-day tumble today, with the Shanghai Composite Index closing below the 3,000 level (down 2.4%) for the first time since August, even as a steadier yuan helped shares elsewhere in the region recover. Meanwhile, the Nikkei 225 gained 2.88% and the Hang Seng rose 1.13%. European markets are also trading higher today with shares in France leading the region. The CAC 40 is up 1.97%, while Germany's DAX is up 1.47% and London's FTSE 100 is up 1.11%. The rupee was trading at 66.84 against the US$ at the time of writing.
According to a leading financial daily, Crompton Greaves has been awarded a contract from Denmark's national electricity transmission system operator Energinet.dk to provide power transformers and Gas Insulated Switchgear (GIS) for the Kriegers Flak wind farm project in the Baltic Sea.
The order consists of two onshore 500 MVA 410/235kV autotransformers (frame contract); four 220 MVA 32/225kV offshore platform substation transformers; and nine bays 220kV Gas Insulated Switchgear for the offshore platform substations. The company's equipment will maintain the overall short-term and long-term security of electricity supply from the wind farm.
The wind farm is planned to go into operation sometime between 2018 and 2020. It will help to more than double Denmark's wind power energy capacity to 42% and provide electricity to over 600,000 homes in the three countries. The company's proven technology is already being used in other offshore platforms such as Belwind, Anholt, Butendiek, Humber Gateway, Luchterduinen, Northwind, Amrumbank and Gemini.
The power segment of the company has been performing poorly since many years now. Crompton Greaves has been witnessing pressure in some of its business segments, while international acquisitions have not proven to be very lucrative either. The company recently reported 6% YoY fall in topline, while net profits fell by 25% YoY (Subscription Required) for the second quarter ended September 2015. This comes at a time when the global economic crisis and the Chinese slowdown has dealt a heavy blow to demand for Indian engineering products. India's engineering exports to its neighboring countries, including China, have seen a massive fall in August 2015.
According to a leading economic daily, Torrent Pharmaceuticals has launched its biosimilar Adalimumab in India, used for the treatment of auto immune disorders, under the brand name 'Adfrar'. The company's product will be available as pre-filled syringe of 40 mg.
Adalimumab is a preferred therapy for the treatment of auto immune disorders and has wide applications for treatment of rheumatoid arthritis, ankylosing spondylitis, ulcerative colitis and plaque psoriasis among others. Torrent Pharmaceuticals is a leader in cardiovascular and central nervous system segments and also has presence in gastro-intestinal, diabetology, and anti-infective and pain management segments.
The company has shown a robust performance as it recently reported 37.6% YoY growth in sales and 186.9% YoY increase in net profits (Subscription Required) despite being a late entrant in the US market. On the domestic front, the company has substantial revenues coming from the chronic segment, yet the sales productivity of the company has remained quite weak. As a result, the company is focusing on building a high margin product portfolio. This could be prime a reason for growth in the domestic business (Subscription Required).
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