The BSE Sensex is trading up 25 points and the NSE-Nifty is trading up 6 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 60.66 to the US dollar.
Telecom stocks are trading mixed today. While Idea Cellular is leading the gainers; Mahanagar Telephone Nigam Ltd (MTNL) Ltd is leading the losers. The competition In India's Telecom sector is certainly picking up. The newest entrant in the sector, Reliance Jio Infocomm (RJIO), has made plans for a big entry by possibly launching 2G, 3G and 4G services, by September 2014. It signed an agreement with American Tower Company (ATC) to use its telecom towers. ATC is an independent tower company and has about 11,000 towers across the country. This is its fourth such tie-up that the company has entered into. It had earlier signed infrastructure sharing agreements with Bharti Airtel, Bharti Infratel, Viom networks and Reliance Communications. After this deal, RJIO will have access to about 1, 80,000 towers in the country.
Indian pharmaceutical stocks are trading mixed today. Wockhardt Ltd and J.B. Chemicals are leading the gainers. Glenmark Pharma and Piramal Enterprises are leading the losers. In an announcement to BSE, Glenmark has informed that it has lost its appeal to invalidate Abbott Laboratories' TARKA (trandolapril/verapamil hydrochloride) patent. The Court of Appeals for the Federal Circuit, USA affirmed the district court's decision regarding Glenmark's marketing of a generic equivalent of TARKA. The company said it was disappointed with the decision and was considering its options. Earlier in October 2011, The Federal Court of New Jersey had ruled against Glenmark and stated that anti-cholesterol drug Tarka's patents with Sanofi and Abbott are valid till February 2015. As a result, Glenmark which had withdrawn the drug in January, 2011 could not re-launch it. The market for this drug was estimated to be around US$ 70m. Glenmark is trading down 2.8% today.