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Sensex Trades Strong; IT Stocks Shine
Thu, 23 Feb 01:30 pm

After opening the day marginally higher, share markets in India have continued to remain strong and are trading above the dotted line. Sectoral indices are trading on a mixed note with stocks in the telecom sector and stocks in the IT sector trading in green, while stocks in the power sector are leading the losses.

The BSE Sensex is trading up by 128 points (up 0.4%), inching closer to the 29,000 mark and the NSE Nifty is trading at a 52 week high, up by 42 points (up 0.5%). Meanwhile, the BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 66.95 to the US$.

Aurobindo Pharma share price was in focus today as the company's US arm announced the recall of 47,040 bottles of Venlafaxine Hydrochloride extended release capsules from the American market.

The drug was manufactured by Aurobindo Pharma Ltd, Hyderabad. The company stated the recall is a voluntary recall. As per the United States Food and Drug Administration (USFDA) the recall is on account of "failed tablet/capsule specifications: some bottles contain punctured, and/or clumped /melted capsules".

The regulator added that the recall was a class II recall which is initiated a situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

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The drug in question is used for the treatment of major depressive disorder.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years. The sector has faced great volatility over the years.

Bhavita Nagrani, our pharma sector analyst has explained the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

  • Over the past few years, risk in the US markets has increased. The US Food and Drug Administration (USFDA) has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

Give it a read to form a better understanding of the current scenario in the Indian pharma sector.

At the time of writing Aurobindo share price was trading down by 0.3%.

Moving on to news from stocks in the power sector. NTPC Ltd, India's biggest power producer, announced that it has commissioned 115 MW (megawatt) capacity out of 260 MW of Bhadla Solar Power Project.

With this installation, the installed capacity of NTPC's solar power projects touches 475 MW. The total installed capacity of NTPC on standalone basis has become 41,177 MW and that of NTPC group has become 48,143 MW.

NTPC intends to become a 130 GW company by 2032 with a with diversified fuel mix and 600 billion units' company in terms of generation. The company wants share of renewable energy (including hydro) to be 28%.

On the company's renewable energy plans, NTPC said that it will add 500 MW solar capacity by the end of March 2017. NTPC plans to achieve this target through a 260 MW solar power plant in Rajasthan, and another 250 MW plant in Madhya Pradesh.

In addition to this, the company also plans to set up a 50 MW wind power plant in Gujarat this year.

This is in line with the government's plans to push power capacity addition from renewable energy sources.

Renewable Energy Generation Target Over Next Three Years

Renewable Energy Generation Target Over Next Three Years

In 2017-18, the government is eyeing 20,450 MW power capacity addition from renewables, including 15,000 (solar), 4,600 MW (wind), 750 MW (biomass) and 100 MW from small hydro power (of up to 25 MW). Moreover, the increased use of indigenous renewable resources is expected to reduce India's dependence on expensive imported fossil fuel.

At the time of writing, NTPC share price was trading down by 0.8%.

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Feb 23, 2018 (Close)