Indian share markets pared early gains but continued to trade higher in the post-noon trading session. Majority of the sectoral indices are trading in the green with metal, pharma and realty witnessing maximum buying interest. Only FMCG, IT and consumer durable stocks are trading in the red.
Majority of the automobile stocks are trading in the green with Bajaj Auto and Escorts being among major gainers whereas TVS Motors and Eicher Motors are the biggest losers. As per a leading financial daily, Tata Motors is aiming to achieve 15% growth in revenues from the defence business over the next two years. The company is trying to expand its defence business in ASEAN countries such as Thailand, Malaysia and Indonesia. The company recently signed a distributorship agreement for defence vehicles for Indonesia. Tata Motors has been in association with India's off-road defence and security forces since 1958. Tata Motors stock is presently trading up 0.8%.
Most of the Indian pharma stocks are trading firm with Aurobindo Pharma and Biocon leading the pack of gainers while Panacea Biotech and Ranbaxy Labs are a few stocks trading in the red. As per a leading business daily, the Indian arm of the Swiss pharma company Roche has sued Biocon and US generic company Mylan for launching the world's first biosimilar version of the breast cancer drug Herceptin (Trastuzumab). The company has also sued the Drug Controller General of India for giving approval for the launch of the drug. Roche had relinquished its patent on Herceptin in India last year. The Delhi High Court has issued a restraint order on Mylan and Biocon against relying or referring to Herceptin or any other data for selling or promoting their brands Canmab (Biocon) and Hertaz (Mylan) till the next hearing. According to Roche, both Biocon and Mylan have not followed the due process as per guidelines on getting approvals for biologics in India. Biocon stock is trading up 3.2%.