Indian share markets continued to trade strong in the post noon trading session. Most of the sectors were trading in green barring the FMCG sector. Stocks from realty and metal were among leading gainers in the pack.
Majority of the aluminium stocks are trading in the green, with Sterlite Industries and Hindalco being among the leading gainers. As per a financial daily, the Aditya Birla group company, Hindalco will shut down the Australia copper mine. The company has taken this step given the challenges in making money at existing copper prices. Reportedly, the current price per unit is too low resulting in higher unit operating cost at its Mt Gordon operations. This is hurting the overall profitability of the company. Further, copper is currently trading at US$ 7,700 a tonne. This rate is much below when LME copper was trading at rate of US$ 9,600 a tonne two years back. The cash costs incurred at Mt Gordon's in the Dec quarter was at AUS$ 3.82 a pound, which is much below than the unit price realized by the company. Further, the company does not expect any improvement in the prices in the near term. The stock of Hindalco was trading up by 2.4%.
Most of the pharma stocks are trading in the green with Orchid Pharma and Dishman Pharma being the top gainers. Ranbaxy Ltd has announced that it has entered into a deal with Alembic Pharmaceuticals to exclusively market Desvenlafaxine based extended release tablets in the US. Alembic is a sponsor and manufacturer of the NDA (New drug application). The product is approved by USFDA under 505(b)(2) filing. Reportedly, the drug is bioequivalent to the brand Pristiq by Pfizer. The branded market size of the drug is US$ 590 m and it is used to treat depressive disorder. Both the companies expect to market the drug soon. Ranbaxy was trading up 2%.