FMCG & IT Stocks Trade Higher

Thu, 11 Aug 01:30 pm

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Indian Indices which rallied after a cautious start is trading flat during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the metal & realty sectors bearing the maximum brunt while FMCG & IT stocks are witnessing buying interest.

The BSE Sensex is trading flat while the NSE Nifty is trading lower by 11 points (down 0.1%). The BSE Mid Cap index & BSE Small Cap index are both trading up 0.8%. Gold prices, per 10 grams, are trading at Rs 31,380 levels. Silver price, per kilogram is trading at Rs 47,044 levels. Crude oil is trading at Rs 2,767 per barrel. The rupee is trading at 66.86 to the US$.

According to an article in The Economic Times, Lupin's US subsidiary Gavis Pharmaceuticals LLC has received final approval from US drug regulator to market Klor-Con, a generic equivalent of Upsher-Smith Labs. Generic version of Klor-Con tablets are used for treating potassium deficiency in blood.

The approval by the USFDA (Food & Drug Administration) (Subscription Required) for potassium chloride extended-release tablets USP are for the versions of 8 mEq (600 mg) and 10 mEq (750 mg).

According to IMS, MAT sales data June 2016, Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had US annual sales of US$101.3 million.

Our Pharma sector analyst, Bhavita Nagrani, is of the opinion that Gavis would give access to the therapies where Lupin is not present. She has recently shared a detailed view on the company and valuations in the latest recommendation report of The India Letter. Click Here to know more.

Moving on to the news from <>engineering sector. According to an article in a leading financial daily, General Electric (GE) has signed a Memorandum of Understanding with L&T Hydrocarbon Engineering Ltd (L&THEL) for manufacturing subsea manifolds for deep water projects in the Krishna-Godavari basin. L&THEL is a wholly owned subsidiary of <>Larsen & Toubro Ltd.

Reportedly, this is the first time local production of such equipment is being undertaken in the country. It denotes India's passage into nearby subsea gear fabricating having an annual capacity of 50,000 tonne.

As per the deal, L&THEL will make subsea manifolds used in transferring hydrocarbons into pipelines, at its modular fabrication facility in Tamil Nadu.

Moreover, the subsea manufactured at the L&T facility will account for about 20-25% of the potential US$1-3 billion deep-sea hydrocarbon equipment market, the reports noted.

Going forward, whether L&T's strategic partnership with serves the needs (Subscription Required) of India's oil and gas sector as well as the global industry will be a key thing to watch out for.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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