Backed by consistent selling activity Indian equity markets have slipped down during the post noon trading session. The sectoral indicies are trading mixed with realty, oil and gas stocks being the biggest gainers, while the stocks from FMCG and IT sectors are top losers.
Domestic pharma stocks are trading mixed, with Elder Pharma and Wockhardt Ltd being among the leading gainers while Orchid Chemicals and JB chemicals are leading losers. Glenmark pharma has announced that the company has received USFDA (United states food and drug administration) approval for Zolmitriptan tablets of 2.5 mg and 5 mg strengths. Glenmark will commence the distribution of this drug immediately. This approval is z generic version of AstraZeneca's brand Zomig and Zomig ZMT. The annual sales of both the drugs have been pegged at US$ 176 m as on December 2012. Other than Glenmark, Apotex and Mylan are the other two companies that hold approval for the generics of Zomig. The launch seems to be a low competition launch. However as the patents of the drug expire, more generics can enter any time. Glenmark is trading up by 2.46%.
Majority of the mining stocks are trading in the green with Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Hindustan Zinc being the biggest gainers. As per a leading financial daily, Coal India Ltd (CIL) has put its plans of importing coal on the back-burner. CIL in June 2012 had planned to import 18-20 m tonnes of coal to meet the requirements of the power generation sector. As per agreement, CIL had contracted to supply fuel for at least 80% of the 60,000 MW power generation capacity to be added between April 2009 and March 2015. Due to domestic supply shortage, CIL had planned to meet 65% of the requirement through own production and the balance 15% through imports. However, a slower than expected demand coupled with a 7.4% rise in supplies in FY13 enabled CIL to fulfill its supply commitments without resorting to imports. Even in the current fiscal, the mining major does not have plans to import coal due to lack of consumer interest. Reportedly, CIL is likely to import coal through a State-owned trading agency that is expected to inflate the cost of the imported coal. CIL stock is trading marginally up.