Indian share markets recouped losses but continued to trade below the dotted line in the post-noon trading session. Barring banking, oil & gas and FMCG, all the sectoral indices are trading in the green. Consumer durable and realty stocks are the biggest gainers.
Most of the domestic pharma stocks are trading in the green with Biocon and Strides Acrolab being the major gainers whereas Natco Pharma and Piramal Enterprises are trading in the red. As per a leading financial daily Dr Reddy's Laboratories (DRL) has launched the generic version of ZEMPLAR capsules in the US market following approval from United States Food & Drug Administration (USFDA). The generic version, Paricalcitol capsules have been launched in 1 mcg, 2mcg and 4 mcg strengths. As per IMS Health, the Zemplar brand and its generic versions recorded sales of around $109.6 m for FY14. DRL's stock is currently trading up marginally.
Steel stocks are trading mixed today. While Maharashtra Seamless is leading the pack of gainers, JSW Steel and Tayo Rolls are trading weak. As per a leading business daily, Tata Steel is planning to expedite augmentation of its Indian steel capacity by 60% to 16 mtpa (million tonnes per annum) in the next five years to capitalize on the pick-up in the economy. The company's new managing director is overseeing the long awaited 6 mtpa Kalinganagar's project in Odisha valued at Rs 400 bn. The first stage is expected to complete by end of this year with the addition of 3 mtpa, while the 2nd phase is likely to be completed by 2018. This expansion is largest in the Tata Steel history, as over last more than 100 years it built up a capacity of 10 mtpa, while expansion of 6 mtpa will come in less than a decade. The company will also seek shareholders nod to raise up to Rs 140 bn through private placement of debt and increase its borrowing limit to Rs 700 bn from Rs 500 bn currently. Tata Steel is trading up by 0.3% today.