Indian share markets continued to trade higher in the post-noon trading session. Barring auto, consumer durable and pharma, all the sectoral indices are trading in the green with realty, IT and metal stocks being the biggest gainers.
Majority of the Indian pharma stocks are trading in the green with Panacea Biotech and Dishman Pharma being among major gainers.Sun Pharma and IPCA Labs are the few stocks trading in the red. As per a leading financial daily, Cadila Healthcare has received the final approval for an arthritis drug from US Food and Drug Administration (USFDA). The company has received the final approval to market Etodolac Extended-release Tablets in strengths of 400 mg, 500 mg and 600 mg. The drug is prescribed for the treatment of juvenile arthritis, rheumatoid arthritis and osteoarthritis. Cadila Healthcare has 88 approvals and has filed 216 Abbreviated New Drug Applications (ANDAs) so far after the commencement of the filing process in FY04.
Engineering stocks are trading mixed today. While Welspun Corporation and Punj Lloyd are trading on a positive note, Alstom Projects and Emco Ltd. are trading in the red. As per a leading business daily, empowered group of ministers (EGoM) has approved the nod for the follow-on-public (FPO) offer of Engineers India (EIL). The ministries nod for the offer took over a year after the approval from the Cabinet Committee of Economic Affairs. The government which holds 80.4% stake in EIL, intends to offer its 10% stake in the FPO. At EIL's current market price government would fetch not more than Rs 5 bn through the offer. The offer would now await the registrar of companies nod for further process. This stake sale is a part of the government divestment plan where it intends to raise about Rs 400 bn by divestment and another Rs 140 bn through residual stake sale in non-government entities during the current fiscal. Till now, the government has only raised about Rs 30 bn through stake sale in PSU. Divestment in Indian Oil Corporation, BHEL, Hindustan Zinc and Axis Bank are also in the offing.