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Sensex & Nifty Continue to Trade Higher; Metal Stocks Lead

Mon, 31 Jul 11:30 am

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After opening the trading day on a positive note, Indian share markets continue to trade firm in the morning session. Gains are largely seen in stocks from metal sector and capital goods sector. Meanwhile, FMCG stocks and healthcare stocks are trading in the red.

The BSE Sensex is trading higher by 139 points and the NSE Nifty is trading higher by 33 points. The BSE Mid Cap index is trading up by 0.1% while the BSE Small Cap index is trading up 0.2%. The rupee is trading at 64.15 to the US$.

As per an article in a leading financial daily, Cipla is looking to file more than 20 applications seeking approval for its generic medicines from the US health regulator this fiscal.

One must note that, In the last financial year, the company had filed 32 abbreviated new drug applications (ANDAs) in the US.

An ANDA contains data that provides for review and ultimate approval of a generic drug product by the US Food and Drug Administration (USFDA).

Reportedly, Cipla has identified Respiratory and Central Nervous System (CNS) in specialty segment as its core focus therapy areas with an aim to further accelerate growth in the US market.

Besides, Cipla will also work towards bolstering leadership position in India, South Africa, and key Emerging Markets, the reports noted.

In recent times, pharma companies were bogged down by mounting pressure from US Food and Drug Administration (USFDA) to adhere to quality standards at their manufacturing plants. In the past three years, the USFDA raised numerous regulatory concerns resulting in import bans and suspension of new drug approvals from facilities of Indian pharma companies.

USFDA sweetener for Indian Pharma

But what has come as a breather is a sharp pick-up in new drug approvals in 2017. During the period January-July 2017, 129 approvals for generic drugs were made. This is 45% higher from 89 approvals made in the corresponding period last year.

As per the Indian Pharmaceutical Alliance, the pace of drug approvals has gained momentum after they complained to FDA about delays last year.

The stock of Cipla is presently trading down by 1%.

Moving on to the news from stocks in oil & gas sector... As per an article in The Economic Times, ONGC has won government approval for acquisition of Gujarat State Petroleum Corp's entire 80% holding in a KG basin gas block for Rs 77.38 billion.

ONGC had in December last year agreed to buy entire 80% interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for US$ 995 million (Rs 64.43 billion).

The company will also pay part consideration of US$ 200 million (Rs 12.95 billion) to GSPC towards acquisition rights for discoveries other than DDW field in the block.

In another development, as per an article in The Livemint, Oil and Natural Gas Corp (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery. This will help in opening up a new sedimentary basin after over three decades.

As per the reports, ONGC, which has opened for commercial production at six out of India's seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day.

ONGC share price is presently trading up by 2.3% on the BSE.

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