Indian share markets continued to trade above the dotted line in the post-noon trading session. Barring IT and auto, all the sectoral indices are trading in the green with metal, FMCG and pharma stocks being the biggest gainers.
Most of the large IT stocks are trading in the red with TCS and MPhasis being the biggest losers. As per a leading financial daily, Tech Mahindra is in talks to enter a strategic alliance in Saudi Arabia for offering customer-centric IT services in the banking and financial sectors. The company is also working towards securing projects in New Zealand. The company has operations in all major cities in Australia that will be used as a launch vehicle for providing engineering services to mining businesses in Africa and Indonesia. Tech Mahindra is already providing engineering services to a number of projects in Australia. Apart from that, the company has grown its engineering services to cater to the automobile demand in China and Japan and has expansion plans for Singapore. The company has forecasted 40% annual growth from Association of South East Nations mainly Singapore, Malaysia, Indonesia and Vietnam. Tech Mahindra stock is currently trading down 0.5%.
Majority of the MNC pharma stocks are trading in the red with Novartis and Sanofi being among major losers whereas Merck and Abott are trading in the positive. As per a leading financial daily, Swiss drug company Novartis has been pulled up by the Directorate General of Health Services (DGHS) for allegedly faking documents to seek registration of its vertinary product Tiamulin Hydrogen Fumarate. Drugs Controller General of India (DGCI) has already cancelled the company's import licenses as well as existing registration certificate for the product. DGCI has said that further legal action will be taken in the matter after seeking opinion from the Ministry of Health and Family Welfare. Tiamulin Hydrogen Fumarate is used for respiratory diseases in the poultry industry and is imported by Novartis from its manufacturing facility at Sandoz, Austria. DGHS is also contemplating inspection of the manufacturing site in Austria. Novartis has a total of 26 products registered in India.