Indian stock markets continued to remain bullish in the last two trading hours on the back of sustained buying by heavyweights. All the sectoral indices are trading positive. Metal, oil & gas and consumer good stocks are the biggest gainers.
Majority of the Indian pharma stocks are trading positive with Fresenius Kabi (up 4.4%) and Strides Acrolab (up 4.4%) being the biggest gainers. As per a leading financial daily, biotechnology major Biocon has terminated its agreement with Pfizer Inc. for commercialization of the former's biosimilar versions of Insulin and Insulin analog products. The agreement has come to an end as both the companies had their individual priorities for their respective biosimilar businesses. After discontinuance of the alliance and thereby termination of license rights to Pfizer, all insulin distributed under the brand name Univia and Glarvia will be commercially manufactured, supplied and marketed exclusively by Biocon. It must be noted that Biocon's alliance with Pfizer was part of its strategy to enter the European biosimilars market post 2015. The alliance was also one of the reasons why Biocon chose to divest its stake in AxiCorp, which was earlier acquired as a base from which to capitalize on the biosimilars opportunity in Europe. The stock is down 5.2%.
Energy stocks are trading mixed with Gas Authority of India Ltd. (GAIL) and Essar Oil leading the gainers and Petronet LNG and Castrol trading the weakest. As per a leading financial daily, GAIL will commission Dabhol LNG (liquefied natural gas) terminal by the end of March or early April. GAIL had mechanically completed the plant in late 2010. It will become fully operational only by 2013-2014 once breakwater facilities are completed. The company is in talks for long term LNG tie ups for the terminal and will also be using spot LNG. GAIL owns 35.2% in Ratnagiri Gas and Power Limited (RGPL) which in turn owns a 1,967 Megawatt (MW) power plant and the LNG import terminal that has an annual capacity of 5 million tonnes(MT).