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Sensex Trades Marginally Lower; Tata Motors & Yes Bank Slip Over 5%
Wed, 21 Aug 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a negative note amid weak global cues.

The BSE Sensex is trading down by 136 points (down 0.4%), while the NSE Nifty is trading down by 52 points (down 0.5%). The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.8%.

Sectoral indices are trading in red with stocks in the metal sector, telecom sector and realty sector witnessing maximum selling pressure. Meanwhile, automobile stocks are trading in green amid reports that the government may postpone the hike in registration fees for vehicles.

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The rupee is currently trading at Rs 71.55 against the US$.

In news from the engineering sector, CG Power and Industrial share price is witnessing selling pressure today. Stock of the company plunged as much as 20% to hit an all-time low of Rs 11.80.

The Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company after reports of financial wrongdoings came into the light.

Yesterday, shares of the company fell 20% after the company in a regulatory filing said that an internal probe uncovered some irregularities in the financial statements of the company.

The filing said, "while working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorized transactions by certain employees of the company".

To Readers Who Plan on Quitting Work Someday…

The probe was triggered after auditors of the power equipment maker resigned a few months ago.

An audit committee of the company flagged off unauthorized transactions by certain employees of the company leading to an understatement of not only the company's liabilities but also advances to related and unrelated parties of the group.

Reports state that the company is planning to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

CG Power is part of Avantha Group, founded by Gautam Thapar, and has two different segments as power systems and industrial systems.

Thapar demerged the consumer business which became Crompton Greaves Consumer Electricals, and the erstwhile Crompton Greaves became CG Power and Industrial Solutions.

His stake in Crompton Greaves Consumer was sold to private equity funds Advent International and Temasek Holdings for Rs 20 billion in 2015.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the healthcare sector, Alembic Pharma has received no observation from the US Food and Drug Administration (USFDA) for its Vadodara facility.

The facility was inspected between August 12 and August 20 for bioequivalence bioanalytical and bioequivalence clinical. The company was issued Form 483s at the end of the inspection.

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Alembic Pharma share price is presently trading up by 1.6%.

To know more about the company, you can read Alembic Pharma's latest result analysis and Alembic Pharma's 2018-19 annual report analysis on our website.

Meanwhile, Dr Reddy's Laboratories announced that the audit of its formulations manufacturing plant at Duvvada by the USFDA has been completed, and a Form 483 with 8 observations has been issued.

As per the US health regulator, "an FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts."

The company has also launched generic anti-epileptic Vigabatrin powder for oral solution in the US market. The product is a generic version of Lundbeck's Sabril powder for oral solution.

Sabril is indicated as adjunctive therapy for adults and pediatric patients of 10 years of age and older with refractory complex partial seizures who have inadequately responded to several alternative treatments and for whom the potential benefits outweigh the risk of vision loss.

According to IMS Health data, Sabril brand and generic had US sales of around US$ 74 million for the most recent twelve months ending in June 2019.

Dr Reddy's Laboratories share price is presently trading down by 2%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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Stock Market Updates

Sensex Ends 281 Points Higher; Oil & Gas and Banking Stocks Witness Buying (Today's Market)

Sep 13, 2019 Closing

Indian share markets end on a positive note with the Sensex up by 281 points, while the Nifty closed up by 93 points.

THERMAX Surges by 6%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Sep 13, 2019 03:33 PM

THERMAX share price has surged by 6% and its current market price is Rs 1,052. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are THERMAX (up 5.7%) and HEG (up 6.6%). The top losers are BHEL (down 0.1%) and V GUARD INDUSTRIES (down 0.3%).

CHENNAI PETROLEUM Surges by 6%; BSE OIL & GAS Index Up 2.1% (Today's Market)

Sep 13, 2019 03:01 PM

CHENNAI PETROLEUM share price has surged by 6% and its current market price is Rs 199. The BSE OIL & GAS is up by 2.1%. The top gainers in the BSE OIL & GAS Index is CHENNAI PETROLEUM (up 6.1%).

DLF Surges by 5%; BSE REALTY Index Up 2.6% (Today's Market)

Sep 13, 2019 02:47 PM

DLF share price has surged by 5% and its current market price is Rs 168. The BSE REALTY is up by 2.6%. The top gainers in the BSE REALTY Index is DLF (up 5.0%). The top losers are OMAXE LTD and INDIABULLS REAL EST (down 0.8%).

J.B.CHEMICALS at All Time High; BSE HEALTHCARE Index Down 0.7% (Today's Market)

Sep 13, 2019 01:35 PM

J.B.CHEMICALS share price has hit an all time high at Rs 411 (up 5.8%). The BSE HEALTHCARE Index is down by 0.7%. Among the top gainers in the BSE HEALTHCARE Index today are J.B.CHEMICALS (up 5.8%) and ABBOTT INDIA (up 0.9%). The top losers include SHILPA MEDICARE (down 0.1%) and SUN PHARMA ADV. RES. (down 0.2%).

MMTC LTD Surges by 10%; BSE 500 Index Down 0.1% (Today's Market)

Sep 13, 2019 12:59 PM

MMTC LTD share price has surged by 10% and its current market price is Rs 24. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are MMTC LTD (up 10.2%) and INDIA TOURISM DEV. (up 16.1%). The top losers are CARE RATING and DABUR (down 0.1%).

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