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Indian share markets trade strong
Fri, 7 Mar 01:30 pm

Indian share markets continued to trade at high levels in the post-noon trading session. Majority of the sectoral indices are trading in the green with realty, banking and capital goods stocks being the biggest gainers. However, IT, pharma and consumer durable are among the few stocks trading in the red.

BSE-Sensex is up 319 points and NSE-Nifty is trading 100 points up. BSE Mid Cap and BSE Small Cap indices are trading marginally down. The rupee is trading at 61.0 to the US dollar.

Most of the domestic pharma stocks are trading in the red with Dr. Reddy's Lab and Ipca Labs being the major losers whereas Orchid Chemicals and Fresnius Kabi are a few stocks trading in the green. As per a leading financial daily, Lupin has won approval from US Food & Drug Administration (USFDA) to market generic version of Bayer's Cipro in the US market. The final approval is for oral suspension of Ciprofloxacin in 250 mg/ml and 500 mg/ml that is used in the treatment of infections. Being the first company to file an abbreviated new drug application (ANDA) for Cipro oral suspension, the company is also entitled to 180-days of marketing exclusivity. Lupin's US subsidiary would commence marketing the products shortly. Additionally, the company has also received USFDA approval to market generic version of Aqua Pharmaceuticals' Monodox capsules also used in the treatment of infections. As per IMS sales data, 2013 US sales of Monodox capsules stood at $180.6 m whereas that for Cipro Oral suspension was $ 8.6 m. Lupin's stock is trading down 2.7%.

Majority of the large software stocks are trading in the red today with Wipro and Tech Mahindra leading among losers. As per a leading business daily, TCS is likely to manage some part of the IT services business of Thomson Reuters. Both the companies have reached an agreement under which Thomson Reuters would outsource a portion of its information technology services. Thomson Reuters is a global news and information dissemination company. The company is planning ways to trim down its costs and build efficiencies in operations as its bank clients in Europe and Asia are cutting on their spending. As a part of the move to disseminate its IT services work to the software giant, it is believed that Reuters will shift 400 of its back office employees in Bangalore to TCS's office. TCS is trading down 1.7% today.

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