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Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 lost 0.37% and the Hang Seng rose 0.4%. The Shanghai Composite lost 0.15%. European markets also ended the day on a mixed note. The CAC 40 was down 0.13%. while Germany's DAX was up 0.03% and London's FTSE 100 was up 0.87%.
Back home, Indian equity markets closed the day on a negative note. Stocks from sectors such as consumer durables and telecom were leading the losses, while realty stocks also ended the day in the red. The BSE Mid Cap ended lower by 0.1%, while the BSE Small Cap closed higher by about 0.2%. The BSE-Sensex ended lower by 66 points (0.2%), while the NSE-Nifty ended lower by about 20 points (0.2%).
As per a leading financial daily, Lupin is planning to launch up to 30 drugs in the US market in the current fiscal (FY17). The drug major is awaiting US Food and Drug Administration (USFDA) approval for around 160 products.
The company stated that majority of the filings out of the company's sites in India are from Pithampur (Indore) and around 30% from Goa.
On an overall basis, over 160 product filings are pending for approval with the USFDA between Lupin and Gavis together. Lupin has a portfolio of 124 products in the US market. The company, which faced around 12 inspections from the USFDA last year, including a repeat inspection of its Goa plant, has been trying to achieve a 'holistic transformation' at its facilities.
On a separate note, the company is looking at a capex of over Rs 10 billion for FY17.
Lupin Limited is an India-based transnational pharmaceutical company. It is engaged in the producing, developing and marketing of branded and generic formulations, and active pharmaceutical ingredients (APIs). The above developments will help the company maintain its strong footing in the US market and drive growth in the long-term.
Stock of Lupin closed the day down by 2.1%.
Moving on to news from the engineering space. As per an economic daily, Larsen & Toubro's (L&T) construction arm - L&T Constructions has won orders worth Rs 21.6 billion across its various businesses.
The company's transportation Infrastructure business has won a major design & build order worth Rs 8 billion from Dedicated Freight Corridor Corporation of India (DFCCIL). The order has been secured by the consortium of L&T and Instalaciones Inabensa, SA, Spain. It involves electrification works for 417 km section of the Eastern DFC (Dedicated Freight Corridor) from Mughalsarai to New Bhaupur in the state of Uttar Pradesh.
Under Water & Effluent Treatment business, the company won EPC (Engineering, Procurement, and Construction) orders worth Rs 7 billion. An order has been bagged from Gujarat Water Infrastructure for designing and construction of approximately 146 km of mild steel pipelines and 26 km of ductile iron pipelines. Moreover, the business has also secured an order from Rajasthan Urban Drinking Water Sewerage & Infrastructure Corporation Limited (RUDSICO) for the design, construction and commissioning of Sewage Treatment Plants (STPs) and Sewage Pumping Stations (SPS).
Further, the company's Power Transmission & Distribution business has received order worth Rs 4 billion. An order has been received from Power Grid Corporation of India for the construction of a 400 kV double circuit transmission line package. Another order has been bagged from Karnataka Solar Power Development Corporation for the construction of 2.20/66 kV substations along with associated transmission line network.
Under Metallurgical and Material Handling business, the company has received additional orders worth Rs 2 billion from various ongoing jobs of this business.
Larsen & Toubro Limited is an India-based technology, engineering, construction, manufacturing and financial services company. In its results for the fourth quarter ended March 2016, the company reported 18.5% YoY growth in sales, while net profits grew 18.6% YoY. To know our view on the company, you can read our result analysis (subscription required).
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