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Flat End to the Day
Thu, 7 Jul Closing

Barring Japan, major Asian markets finished the session on a positive note as of the most recent closing prices. Stock markets in Japan ended the day lower by 0.7%, while stock markets in Hong Kong ended the day higher by 1%. At the time of writing, most of the European markets are trading in the green. UK is trading higher by 1.4%.

Back home, Indian equity markets ended the day on a flattish note. Sectoral indices ended the day on a mixed note with stocks from capital goods and information technology sector witnessing selling pressure. While the stocks from fast moving consumer goods (FMCG) sector were witnessing buying interest.

The BSE-Sensex ended the day marginally higher by 34 points, while the NSE-Nifty too ended marginally higher by about 1 point. However, BSE Mid Cap ended the day lower by 0.4%. The BSE Small Cap closed marginally higher by 0.04%. The rupee was trading at 67.49 against the dollar at the time of writing.

As per an article in Livemint, drug majors Lupin and Dr Reddy's have recalled over 170,000 bottles of two different tablets from US. Reportedly, these tablets are used for treating blood pressure and acidity.

The recall is a voluntary one. Further, it is classified as a class III recall. Class III recalls are initiated in a situation in which the use of the product is not likely to cause adverse health consequences.

However, at the same time such recalls cannot be taken lightly. Corrective actions need to be taken expediently when they happen.

In another important news pertaining to Lupin, the company has received a notification that the inspection carried out by the US FDA in July 2015 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR).

This is a big positive for the company as the USFDA has closed the investigation on the Goa plant. In March 2016, the US FDA inspected Lupin's Goa facility and made nine observations related to inadequacies and adherence to standard operating procedures.

The stocks of Lupin and Dr Reddy's are trading higher by 6.2% and 3% respectively.

In another news update, sales growth of medium and heavy commercial vehicles has hit a roadblock in the month of June.

Tata Motors Ltd reported 11% YoY drop in the sales of commercial vehicles for the month of June. However, this was poor as compared to the healthy 23% YoY growth in volumes in the month of May.

Further, the rentals commanded by truck operators too dipped for the first time in 21 months on key routes. Reportedly, freight rates on busy routes such as Delhi-Mumbai-Delhi fell by 1.5% on 1 July 2016. This is in-spite of two rounds of hikes in diesel prices.

Weak rentals could possibly fade truck operator's enthusiasm to purchase new trucks. Post monsoon trends in sales coupled with freight rates will be the key things to watch out for going forward.

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Mar 23, 2018 (Close)