On the global front, barring Japan and Korea, most of the Asian indices have closed the day on a weak note. The European indices have been witnessing weak performance. The rupee was trading at Rs 59.28 to the dollar at the time of writing.
Indian Pharma stocks closed the day on a mixed note with Wockhardt Ltd and Orchid Chemicals Ltd leading the losses. However, Dishman Pharma and Panacea Biotech were witnessing gains. As per a leading financial daily, US Food and Drug Administration (USFDA) has found as many as 12 procedural lapses in Wockhardt Ltd's US facility in Illinois. The US regulator has identified deficiencies in quality, hygiene and personnel training standards at the company's Morton Grove manufacturing unit at Illinois in the US. Similar concerns have been raised by USFDA at the company's Indian facilities in the past. It is important to note here that the Mount Grove unit is Wockhardt's sole manufacturing site in the US and production from here accounts for around 50% of the company's revenues. For FY14, sales in the US market contributed to 45% of the company's overall turnover. The stock price has fallen by around 4% on account of this negative development.
Power stocks have closed the day mainly in the green with JSW Energy and Torrent Power Ltd leading the gains. However, Power Grid Ltd and National Thermal Power Corporation (NTPC) Ltd were witnessing losses. Tata Power Ltd is in news for receiving approval from the Environmental Ministry for its Trombay unit-6 upgrade plan. The Trombay unit upgrade is likely to cost around Rs 11.8 bn. Recently, the company through its subsidiary Tata Power Renewable Energy (TPREL) successfully commissioned its project on May 31, 2014. While the project was ready during last week of March, it could not be connected to state grid due to non-availability of shutdown in existing lines and substations.