Indian share markets pared early gains but continued to trade strong in the post-noon trading session. Majority of the sectoral indices are trading in the green with consumer durable and banking stocks being the biggest gainers. FMCG and pharma are among the few stocks trading in the red.
Majority of the domestic pharma stocks are trading in the green with Orchid Chemicals and Indoco Remedies being the major gainers whereas Piramal Enterprises and Dr. Reddy's Lab are trading in the red. As per a leading financial daily, Glenmark Pharmaceuticals has received final approval from the United States Food and Drug Administration (USFDA)for its abbreviated new drug application (ANDA) for Flucinonide Cream USP 0.1%, which is the generic version of Vanos Cream by Medicis. Flucinonide Cream is used to relieve inflammatory manifestations of corticosteroid responsive dermatoses. As per IMS health sales data, Flucinonide cream generated annual sales of USD 103 m in FY14. Glenmark stock is currently trading up by 1.5%.
Food & tobacco stocks are trading mixed. Gains are being led by GSK Consumer, whereas Godfrey Phillips and ITC are the biggest losers. As per a leading business daily, diversified major ITC has indicated investments of Rs 35 bn in the newly created Indian state of Telangana. The company is planning to set up a paper manufacturing unit in the state. The state government which is positive on the move is ready to provide adequate land to the company for establishment of the plant. It may be noted that ITC's major cash cow business of tobacco & cigarette has been bearing the brunt of tax levies. This has led the company to diversify into other businesses to reduce its dependence on tobacco & cigarettes division. As such, the company is also planning to acquire its first 5-star luxury hotel in Goa, one of India's top tourist destination.