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MidCaps buck the trend
Tue, 21 Aug 11:30 am

Indian equity markets continue to trade strong over the last two hours of trade. IT and Auto stocks witnessed maximum buying interest, while capital goods and metal stocks witnessed maximum selling pressure.

The Sensex today is up by 96 points, while the NSE-Nifty today is up by 22 points. BSE Mid Cap index is down by 0.03% while the BSE Small Cap index is up by 0.43%. The rupee is trading at 55.60 to the US dollar.

Energy stocks are trading in the green led by GAIL India and Essar Oil. According to a leading financial daily, Reliance Industries along with its joint venture partner BP India are in talks with gas-starved power projects of Andhra Pradesh to supply long-term liquefied natural gas (LNG). India Gas Solutions (IGS), the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas. BP will source gas from the global liquefaction projects it has stake in, including Australia's North West Shelf, Abu Dhabi's ADGAS, Indonesia's Bontang and Atlantic LNG of Trinidad and Tobago. IGS is known to have quoted a price of USD $9.5 per mBtu for LNG. This would be more than twice the price it sells gas from its KG-D6 block at USD $4.32 per mBtu.

Pharma stocks are trading strong led by Elder Pharma and Dishman Pharma. According to a leading financial daily, Wockhardt has received US Food and Drug Administration (USFDA) approval for marketing a generic version of Comtan tablets, used in treating Parkinson's disease. The company has received 180 days of exclusive marketing of 200mg tablets containing Entacapone. Entacapone tablet is the generic name for the brand Comtan, owned by Orion Corporation and marketed in the US by Novartis. Pursuant to a settlement of the litigation between Wockhardt and Orion Corporation, Wockhardt will launch an authorised generic version from September 30, 2012. The total market for Entacapone tablets in the US is about USD $98 m.

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