Sensex Rises Over 245 Points; Divi's Lab Surges 7% as USFDA Lifts Import Alert

Mon, 10 Jul 01:30 pm

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After opening the day on a positive note, the share markets in India continued to witness buying interest tracking global markets. Barring FMCG stocks, all sectoral indices are trading in green, with stocks in the information technology sector & PSU sector leading the gains.

The BSE Sensex is trading higher by 245 points (up 0.8%) while the NSE Nifty is trading higher by 57 points (up 0.6%). The BSE Mid Cap index and BSE Small Cap index both are trading up by 0.4%. Gold prices, per 10 grams, are trading at Rs 27,629 levels. Silver price, per kilogram is trading at Rs 35,563 levels. Crude oil is trading at Rs 2,864 per barrel. The rupee is trading at 64.73 to the US$.

Due to technical reasons in the cash market, trading was stopped in cash and F&O (futures and options) segment of the NSE.

However, at 12:30 pm, trade finally resumed after being shut for almost the entire morning session though multiple dealers were still facing issues in the cash market.

Pharma stocks are trading on a mixed note with Divi's Laboratories and Dishman Pharma leading the gains. As per an article in a leading financial daily, Zydus Cadila has received approval from the US health regulator to market Doxazosin tablets.

The tablets are used for treatment of high blood pressure and urinary retention associated with enlargement of the prostate gland.

The company has received the final approval from the United States Food and Drug Administration (USFDA) to market Doxazosin tablets USP, 1 mg, 2 mg, 4 mg, and 8 mg.

Meanwhile, the company has also received the tentative approval from the USFDA to market Lurasidone Hydrochloride Tablets in the strengths of 20 mg, 40 mg, 60 mg, 80 mg, and 120 mg. The drug is used in the treatment of schizophrenia.

Reportedly, both Doxazosin tablets and Lurasidone Hydrochloride tablets will be produced at the group's formulations manufacturing facility at the Pharma SEZ in Ahmedabad.

USFDA alerts on Indian pharma companies have increased over the past few years. Regulators used to visit the plants every two years. Now they come every eight months. Increasing inspections has led to a total of 41 import alerts in the past eight years.

This clearly signifies increased USFDA scrutiny on Indian pharma firms. If that wasn't enough, increasing pricing pressure in the generics segment has dented realizations.

Expediting Drug Approval Process to be a Positive for Industry

In this dull scenario, there appears to be some respite as the USFDA has expedited the drug approval process. Drug approvals for Indian companies have gone up 50% in the period from January to June 2017 compared to the same period last year.

In another development, a leading financial daily reported that, GlaxoSmithKline (GSK) Pharmaceuticals is going to pour Rs 10 billion in its new pharma unit in Karnataka. The company is also looking at enhancing its global pipeline in segments such as vaccines and respiratory drugs in India.

The company is also upgrading its current Nashik facility. GSK India, in compliance with the GSK respiratory free strategy and the WHO requirement, has invested Rs 1.15 billion to construct a dedicated facility for the manufacturing of Eltroxin, which will be fully functional in 2018.

GSK Pharma share price is trading down by 0.2%.

Moving on to the news from stocks in telecom sector. Bharti Airtel share price was trading up over 4.1% on the reports that the telecom major is planning to launch VoLTE services in India today.

The company will be holding a press conference in New Delhi, and is expected to share its plans for the launch and rollout of Voice Over Long-Term Evolution services in the country.

Simply put, VoLTE transmits voice over a 4G LTE connection, allowing much more data to be transmitted compared to 2G or 3G connections.

If true, Bharti Airtel will become the second Indian carrier to launch VoLTE service in the country, competing directly with Reliance Jio. Currently, Jio is the only operator offering VoLTE service, but unlike Airtel, Jio has a VoLTE exclusive network, and does not support 2G or 3G connectivity.

The adoption of VoLTE on smartphones in India gained steam after Reliance Jio's entry into the Indian telecom space, and the technology has been marketed by all OEMs in their recent smartphone launches.

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