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Indian share markets remain weak
Wed, 5 Feb 01:30 pm

Indian share markets pared early losses in the post-noon trading session, but are trading marginally below the dotted line. Barring FMCG, oil and gas and consumer durables, all the sectoral indices are trading in the green with auto, realty and power stocks being the biggest gainers.

BSE-Sensex is down marginally and NSE-Nifty is trading 4 points up. BSE Mid Cap is trading 0.3% up and BSE Small Cap index is trading up by 0.9%. The rupee is trading at 62.4 to the US dollar.

Majority of the power stocks are trading in the green with Adani Power and Torrent Power being the major gainers whereas Reliance Infa and JaiPrakash Power are among the few stocks trading in the red. As per a leading financial daily, Tata Power is contemplating keeping its annual investment of Rs 15 bn in renewable energy projects in-tact. The company's networth has been eroding due to its flagship coal-based project in Mundra that became unviable after Indonesia changed its coal export laws. Reportedly, the 4,000 MW supercritical project at Mundra has already booked impairment losses of Rs 25 bn. Tata Power has plans of adding 150-200 megawatts of wind and 30 mega watts of solar capacity each year. The company has a total capacity of 8,500 MW out of which 500 MW is from renewable sources. Tata Power has wind-based projects in Maharashtra, Tamil Nadu and Karnataka and will be looking at Madhya Pradesh and Andhra Pradesh as well. The company also has stake in a 240 MW geo-thermal energy project in Indonesia.

Majority of the Indian pharma stocks are trading firm with Elder Pharma and Ranbaxy Labs leading the pack of gainers. However, Ipca Labs and Orchid Chemicals are among the few stocks trading in the red. As per a leading business daily, Mylan has launched the world's first biosimilar version of breast cancer drug Trastuzumab, in India. The product marketed under the brand name HerTrazTM is a biosimilar of Roche's Herceptin. Hertraz was approved by the Drug Controller General of India. The product is available in two strengths 440 mg and 100 mg. Biocon will also be launching its biosimilar version of Trastuzumab this month. Trastuzumab is among the five biologic products that Mylan is developing in partnership with Biocon for the global market. The company has co-exclusive commercialization rights with Biocon for the product in India. Trastuzumab sales in India were estimated at around $21 m for CY12.

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