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Sensex Trades Marginally Lower; Sun Pharma Soars Over 3%
Fri, 30 Jun 01:30 pm

After opening the day on a negative note, the share markets in India continued to trade below the dotted line as investors braced for the final countdown to the GST launch. Sectoral indices are trading mixed, with stocks in the FMCG sector & healthcare sector leading the gains, while stocks in the realty sector are trading in red.

The BSE Sensex is trading lower by 42 points (down 0.1%) while the NSE Nifty is trading lower by 14 points (down 0.2%). The BSE Mid Cap index is trading up by 0.2% and BSE Small Cap index is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 28,505 levels. Silver price, per kilogram is trading at Rs 38,414 levels. Crude oil is trading at Rs 2,936 per barrel. The rupee is trading at 64.47 to the US$.

Pharma stocks are trading mixed with Sun Pharma and Dishman Pharma leading the gains. Cadila Healthcare share price gained 1.2% after it was reported that Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Phentermine hydrochloride orally disintegrating tablets.

The drug is used together with diet and exercise to treat obesity (overweight) in people with risk factors such as high blood pressure, high cholesterol or diabetes.

Phentermine, which is in strengths of 15 mg, 30 mg and 37.5 mg, will be produced at the group's formulation manufacturing facility at Moraiya in Ahmedabad.

The group now has more than 120 approvals and has so far filed over 300 ANDAS since the commencement of the filing process in FY 2003-04.

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In the meanwhile, sun pharma share price rose over 3.8% after Sun Pharma Taro received a USFDA nod for its anti-inflammatory drug Ibuprofen.

The said drug is used to reduce fever and treatment of pains and inflammation.

In another development, as per an article in the Economic Times, the government is going to clear all FDI proposals requiring approval.

The proposals will be approved within a maximum of 10 weeks after the receipt of an application as per the standard operation procedure which replaces Foreign Investment Promotion Board (FIPB), which is abolished by the government.

As per the news, proposals not requiring security clearance would be cleared in eight weeks and applications that require security nod would take a cumulative time of ten weeks.

Also, additional time of two weeks will be given to Department of Industrial Policy & Promotion (DIPP) for consideration of the proposals proposed for rejection or where additional conditions which are not provided in the FDI policy are proposed to be imposed by the competent authority.

The above move is aimed at improving investment climate in India.

While the above progress is commendable, India ranks poorly in attracting foreign investments, as can be seen from the chart below:

India lags in attracting foreign investments

So there still is a lot of work needed to make India an attractive investment destination - not only for foreign companies but even for local entrepreneurs.

India needs to foster an environment that is more supportive of private sector activity. And if the efforts like above are sustained over the next several years, they could lead to substantial economic growth.

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