Indian equity markets continued to trade in the positive territory, albeit in a range bound manner during the post noon trading session. Sectoral Indices are trading mixed with those from the oil and gas and FMCG spaces registering gains while realty and auto stocks traded weak.
Most of the Pharma stocks are trading in green with Dishman and Panacea Biotech being among the top gainers. Aurobindo Pharma announced, that it has received USFDA approval for Oxacillin injections packaged in 1g and 2g vials and 10g/vial Pharmacy bulk package. Currently there few generic companies selling Oxacillin based vials in US. This signifies company will have lower competition for this drug. As per the management the current market size for 1g and 2g vials is US$ 15.2 m and for 10g/Vial (Pharmacy Bulk Package)is US$13.5 m. The drug will be marketed by Aurobindo's subsidiary AuroMedics, this subsidiary largely responsible for generic injectable pharmaceutical Products in US. With this approval Aurobindo now has a total of 174 approvals from USFDA. The stock was trading up by 1.30%
Majority of the power stocks are trading in green with JSW Energy and Reliance Infra being the biggest gainers. As per a leading financial daily, Tata Power has said that that there no tangible business opportunities in the country and it is actively pursuing overseas opportunities in Africa, Middle East, Turkey and South East Asia. Tata Power currently has an installed generation capacity of 6,899 MW and is building a 4,000 MW ultra mega power project fired by imported coal at Mundra in Gujarat. Among projects in backlog are Maithon (Maharashtra), Mundra (Gujarat), Mandakani coal mine project in Orissa and coal mines in Jharkhand. These projects have been put on hold due to delay in clearances and fuel shortage. On the international front, the company has prioritized seven countries that includes South Africa and other Sub-Saharan African countries, Indonesia, Vietnam, Turkey and Middle East for implementation of projects in the power generation space. Tata Power expects to have a generation capacity of 26,000 MW by 2020. The stock is currently down 0.8%.