Indian stock Markets, strengthened during the post noon trading session. Barring stocks in the oil and gas sector, buying activity was witnessed in stocks across the board. Stocks from the realty and auto spaces are amongst the top performers.
Most of the Pharma Stocks are trading in green with Glenmark and Strides Acrolab being among the top gainers. Lupin Ltd has announced that it has received USFDA approval for an oral contraceptive (OC) drug Lovonogestrel tablets USP 0.75mg. The product is a generic version of Teva's drug known by the brand name Plan B. The market size of this drug is USD 81m in US. It is pertinent to note, that company has achieved two OC drug approvals in a week's time taking its total approvals to eight now. Company has already launched six OCs as on date. Lupin has filed approx 30 ANDAs in the OC space so far. The OC market in the US is valued at over USD 5 bn and growing at around 8% per annum. The stock is trading up by 1%.
Majority of the Energy stocks are trading in green with Essar Oil and Hindustan Petroleum Corp Ltd being among the gainers. As per a leading financial daily, Reliance Industries (RIL) has put the sale of its textile unit including the iconic brand 'Only Vimal' on the backburner. The development comes due to lack of attractive offers in a challenging business environment for textiles. Reasons such as labour troubles and cyclicality of the textile business had forced RIL to put its textile business on the block. The textile unit contributes less than 1% to the company's consolidated sales with 90% of its revenues contributed by refining and petrochemicals business. However, lack of attractive offers has forced RIL to reconsider selling the business at least for the time being. The stock was trading down by 0.5%.