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Markets bet on defensive pharma
Tue, 8 Jul 01:30 pm

Indian share markets widened losses in the post-noon trading session. Barring pharma and FMCG, all the sectoral indices are trading in the red with metal and realty stocks being the biggest losers.

BSE-Sensex is down 97 points and NSE-Nifty is trading 43 points down. BSE Mid Cap is trading 0.7% down and BSE Small Cap index is trading down by 1.1%. The rupee is trading at 59.75 to the US dollar.

Most of the MNC pharma stocks are trading in the red with Merck and Novartis being the major losers whereas Abott India and Fulford India are trading in the green. As per a leading financial daily, Drug Controller General of India (DGCI) has asked multinational drug companies that want to conduct clinical trials for new drugs in India, to ensure an early launch of therapies in the country. The innovator drug companies will have to gain approval for new drugs in India after acquiring marketing clearance in their respective countries. Reportedly of the total 140 new drugs discovered and launched globally between 2006 and 2010, a mere 28% are available in the domestic markets. The gap is the sharpest in cancer treatment whereas in cardiovascular and neurology segments, the gap remains significant.

Majority of the power stocks are trading negative with GVK Power & Infra and JSW Energy being among major losers. The power minister has said that around 50% of India's coal-fired power plants have stocks that will last for a week. Majority of these power plants are in Maharashtra. Coal-fired power plants are likely to require 551.6 m tonnes of coal in FY15 but the supply will be limited to 466.9 m tonnes. The shortfall is likely to be met by coal imports. Falling hydro-electricity on weaker than average monsoon is likely to fuel further dependence on coal imports.

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Oct 23, 2017 11:29 AM

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