Due to persistent weakness in index heavy-weights Indian share markets continued to trade deep in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty, banking and capital goods stocks being the biggest losers. However, FMCG, oil and gas and IT stocks are among the few stocks trading in the green.
Energy stocks are trading mixed with Oil & Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Ltd (BPCL) being the biggest gainers while Jindal Drill and Mangalore Refineries & Petrochemicals Ltd (MRPL) are the biggest losers. As per a leading financial daily, Reliance Industries Ltd (RIL) is no longer interested in the gas distribution business. Reliance Gas had won bids for city gas distribution for three cities namely Rajahmundry in Andhra Pradesh, Shahdol in Madhya Pradesh and Yanam in Pondicherry in 2009 during the second round of bidding. However, as per Petroleum and Natural Gas Regulatory Board (PNGRB), RIL has said that it is no longer interested in laying pipelines in these cities. Reportedly distribution in these three cities may be put up on auction again. In February, PNGRB had issued licences for piped natural gas in six cities. RIL stock is currently trading down by 0.3%.
Domestic pharma stocks are trading mixed with Indoco Remdies and Biocon being the leading gainers and Dishman Pharma and Aurobindo Pharma being the biggest losers. Glenmark recently confirmed its Para IV challenge for drug Vimpat brand (generically known as Lacosamide tablets) in US. The company has filed an ANDA (Abbreviated New Drug Application) with Para IV for both tablets and oral solution. The drug is indicated as adjunctive therapy for the treatment for epilepsy. UCB is the innovator of the drug. Reportedly, on back of the Para IV filing, the innovator has sued Glenmark in the district court of Delaware to prevent Glenmark from early launch of drug before the patent expiry in March 2022. Annual sales of Vimpat brand in the US stand at around US$ 353 m. If Glenmark is successful in its patent challenge then it will have a fair chance of availing the 180-days exclusivity. Glenmark is trading up by 0.5%.