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Markets Continue to Trade Higher
Wed, 20 Jul 01:30 pm

Indian indices are trading marginally higher during the post noon trading session despite a lack of positive triggers from global markets. Barring IT stocks, major sectoral indices are trading on a positive note with stocks from the oil & gas and realty witnessing maximum buying interest.

The BSE Sensex is trading higher by 83 points (up 0.3%) and the NSE Nifty is trading higher by 26 points (up 0.3%). The BSE Mid Cap index is trading higher by 0.7% while the BSE Small Cap index is trading higher by 0.7%. Gold prices, per 10 grams, are trading at Rs 30,975 levels. Silver price, per kilogram, is trading at Rs 46,708 levels. Crude oil is trading at Rs 3,075 per barrel. The rupee is trading at 67.20 to the US$.

As per an article in The Economic Times, Exide Industries has decided to shovel Rs 14 billion in India to introduce automotive batteries with new-age punch-grid technology. This advanced technology used for making high performance and long-life durable batteries would be for the first time in India, the reports stated.

Of the planned capital expenditure, Rs 7 billion will be invested in its Haldia unit in West Bengal.

Moreover, Exide has tied up with US-based East Penn Manufacturing Company for the technology as well as the machine. Following the expansion, Haldia will produce 3.2 million batteries against 2.2 million now.

At present, Exide makes 12.2 million batteries that find use in cars, railways, inverters and submarines.

Going forward, batteries with the new technology will be initially rolled out from Haldia plant and gradually other facilities. The balance Rs 7 billion capex will be invested across the rest of the four units.

In fourth quarter of FY 2015-16, Exide Industries reported a 7% YoY and 29% YoY growth in revenues and net profits (Subscription Required) respectively. The scrip of Exide Industries was trading up by 0.9% at the time of writing.

Moving on to the news from pharma sector. According to a leading financial daily, Glenmark Pharmaceuticals has been granted final approval by the US Food and Drug Administration (USFDA) for rosuvastatin calcium tablets.

Rosuvastatin is a generic equivalent of Crestor Tablets used in pulling down the cholesterol levels. Further, tablets in the strengths of 5 mg, 10 mg, 20 mg, and 40 mg have been authorized by the USFDA.

Notably, the market size of the product was approximately US$6.7 billion for the twelve months ended May 2016, says a report from IMS Health.

Presently, Glenmark's portfolio consists of 115 authorized products in the US. Overall Glenmark has 61 ANDA' s pending approval with the USFDA.

Recently, in one of the editions of The Equitymaster Research Digest, we have highlighted how timely approvals from the FDA boosted the growth (Subscription Required) of pharma companies.

To know our view on Glenmark Pharma, subscribers can read our result analysis (subscription required). Glenmark Pharmaceuticals Ltd was trading up by 1.8% while writing.

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