According to the Commerce & Industry Ministry, the country's export turnover recorded a decline of 1.8% to $300.6 bn in FY13. Lower exports were due to fall in growth of engineering and textile sectors arising from slowdown in the global economy. Exports for FY13 were much lower than the export target of $360 bn set by the government for the year. The slump in exports has pushed up the trade deficit to $190.9 bn in FY13 from $183.4 bn in the previous year. With an aim to boost exports, the government has announced a number of steps. The government has extended the zero-duty Export Promotion Capital Goods (EPCG) Scheme beyond March 2013. This incentive programme would be available to all the sectors. Apart from this, the government has announced incentives for Special Economic Zones (SEZ's) to encourage exports.
Most of the Indian pharma stocks are trading in green with Wockhardt Ltd and Ranbaxy Laboratories being the leading gainers. Lupin Ltd (LUPL), announced that U.S Court of Appeals for the Federal Circuit has given verdict in the company's favour regarding the ongoing litigation on the Bayer's drug Yaz. Yaz is an oral contraceptive and Lupin is awaiting approval from USFDA (United States Food and Drug Administration). Lupin's generic Drospirenone and Ethinyl Estradiol Tablets (3 mg + 0.02 mg) is equivalent to Bayer AG's Yaz tablets. Reportedly, the total annual sales for branded and generic sales for the product stood at US$ 361 m. Lupin has already established portfolio in the oral contraceptive space. The approval and launch of Yaz generics in US market will be positive for the company. The stock of Lupin was trading up by 0.05%