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Indian equity markets shed early gains
Tue, 22 May 11:30 am

Indian stock markets have shed initial gains but are still trading strong. Barring realty and healthcare, all sectoral indices are trading in the green.

The BSE-Sensex is trading higher by 95 points and NSE-Nifty is trading up by 26 points. BSE Mid cap and BSE Small cap indices are higher by 0.3% and 0.4% respectively. The rupee is trading at 54.97 to the US dollar.

Indian pharma stocks have opened the day on a mixed note with Ranbaxy Laboratories, Sun Pharma and Indoco Remedies leading the losses. However, Glenmark Pharma and J B Chemicals are trading firm. As per a leading financial daily, Indian drug maker Dr Reddy's Laboratories has launched its generic version of lansoprazole delayed-release capsules in the US market. The over-the-counter capsules, which are used for treating acidity and heartburns, were launched in the US market on 18th May, 2012 after its abbreviated new drug application (NDA) approval by the US Food & Drug Administration (USFDA). Dr Reddy's will market the product under store brand labels in the US market. The capsule is available in the strength of 15 mg in packs of 14, 28 and 42. As per the company, the product is the bio equivalent version of Novartis Consumer Health's Prevacid 24 HR capsule. As per data cited by the company, the lansoprazole capsule had sales of about US$ 115 m for the financial year ended March 2012.

Auto stocks have opened the day on firm note with Tata Motors, TVS Motors and Hero MotoCorp trading in the green. India's second largest two-wheeler maker Bajaj Auto is planning to increase its capacity by about 26% across its three plants. Currently, the company has the capacity to manufacture 5 million units per annum. Post expansion, the installed capacity will increase to 6.3 million units per annum. Out of this, 5.7 million would include two-wheeler and 0.6 million three-wheelers or four-wheelers. The company has already made investments for the same. The main reason for the capacity expansion is to keep pace with competitors such as Hero MotoCorp, Honda Motorcycle and Scooter India (HMSI).

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