Backed on strong buying in index heavy-weights Indian share markets continued to trade higher in the post-noon trading session. Majority of the sectoral indices are trading mixed with consumer durables, realty and auto stocks being the biggest losers. However, IT, capital goods and pharma stocks are trading in the green.
Majority of the mining stocks are trading in the red with Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Manganese Ore of India Ltd (MOIL) being the major losers. However, National Mineral Development Corporation (NMDC) and Hindustan Zinc are trading positive. As per a leading financial daily, MOIL has won prospecting licenses in 11 blocks situated over an area of 597.4 hectares in the Nagpur and Bhandara districts of Maharashtra. The company is already operating six mines in Maharashtra and four mines in Madhya Pradesh. The award of new licenses will increase its total leasehold area by 33.2% to 2396 hectares. MOIL has already earmarked an amount of Rs 2.5 bn for conducting geophysical studies, exploratory drilling etc. in the new blocks allotted. By 2020-21, the company has plans of achieving a production target of 2.2 m tonnes from the existing mines.
Pharma stocks are trading mixed with Elder Pharma and Strides Acrolabs among leading gainers while JB Chemicals and Orchid Chemicals are witnessing maximum selling pressures. Sun Pharmaceutical recently announced that the USFDA (United States Food and Drug Administration) has given final approval to its subsidiary Caraco for an Abbreviated New Drug Applications (ANDA) for generic version of Prandin tablets. The drug is generically known as repaglinide. Sun Pharma was first to file the drug and thus is eligible for 180-days exclusivity. The said drug is therapeutically equivalent to Novo Nordisk's Prandin brand. The annual sales of this drug are $ 200 m and are used for patients suffering from Type II diabetes. Sun Pharma stock was trading down by 0.2%.