The BSE-Sensex is trading lower by 50 points and NSE-Nifty is trading down by 21 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.7% and 0.8% respectively. The rupee is trading at 53.22 to the US dollar.
Indian pharma stocks are trading mostly in the red led by Wockhardt Limited and Orchid Chemicals. According to a leading daily, Indian pharma major Sun Pharmaceuticals has received US Food and Drug Administration (USFDA) approval for first generic version of the cancer drug Doxil. The Sun Pharma subsidiary got the approval for its Abbreviated New Drug Application (ANDA) for generic version of Doxil (doxorubicin hydrochloride liposome injection). Doxorubicin HCl liposome injection is used to treat patients with ovarian cancer that has progressed or recurred after platinum-based chemotherapy. The drug will be available in 20 mg and 50 mg vials and is currently on the FDA's drug shortage list. We may note here that for such drugs on shortage list, FDA is using a priority review system to help alleviate these shortages. The stock is trading higher on this news and is currently up by more than 3.5%.
Food stocks are trading weak led by Tata Global Beverages and Godfrey Phillips. As per a leading daily, Nestle India is looking to buy 26% stake in a dairy company named Indocon Agro and Allied Activities Private Limited. However, it is subject to the fulfilling of obligations by both Nestle and Indocon. Indocon is involved in the business of milk collection in western India and Nestle feels that this acquisition would help in creating shared value with farmers engaged in milk business. Nestle sells milk and other milk based products including yogurt. The stock is currently trading up by 1%.