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Metal & IT Stocks Down
Wed, 14 Sep 01:30 pm

Indian Indices are trading listless during the post-noon trading session amid weak international markets. Major sectoral indices are trading on a mixed note with stocks from the consumer durables and infrastructure sectors are witnessing maximum buying interest. While metal and IT stocks are leading the losses.

The BSE Sensex is trading lower by 38 points (down 0.1%) while the NSE Nifty is trading flat. The BSE Mid Cap index is trading higher by 0.7% and BSE Small Cap index is trading higher by 0.9%. Gold prices, per 10 grams, are trading at Rs 31,040 levels. Silver price, per kilogram is trading at Rs 45,662 levels. Crude oil is trading at Rs 3,034 per barrel. The rupee is trading at 66.91 to the US$.

IT stocks are trading on a mixed note with HCL Infosys & NIIT Ltd leading the gains. HCL Technologies Ltd rose as much as 1.5% today after it won an information technology contract to provide application management services for Western Australia's Synergy. Synergy is an electricity generator and retailer of gas and electricity. It owns and operates power stations in the South West Interconnected System electricity grid.

As per the deal, HCL will support digital and business applications landscape of Synergy enabling consolidation and rationalization in the changing energy environment. Moreover, it will also transition, consolidate and optimize 85 applications to deliver support for energy and utilities applications in a flexible service model.

Reportedly, HCL will also partner with Ignia, the technology consulting and managed services unit of U.S. based Insight Enterprises, to provide digital services.

The contract will enable HCL to provide services which can enhance operational efficiency, control costs and provide a digital platform, the company stated. India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

Moving on to the news from pharma sector. As per an article in Business Standard, Glenmark Pharmaceuticals announced that it has been granted final approval by the United States Food & Drug Administration (USFDA) for Diclofenac Sodium Gel, 3%.

Diclofenac Sodium Gel, 3% is a generic version of Solaraze Gel, 3% of Fougera Pharmaceuticals Inc. Further, the Solaraze Gel market had achieved annual sales of approximately US$297.9 million, according to IMS Health sales data for the year ending July 2016.

Notably, the company's current portfolio consists of 110 products authorized for distribution in the US marketplace. It 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.

In another development, it was reported that, Dr. Reddy's Laboratories has been listed as an Index component of the Dow Jones Sustainability Indices (DJSI) 2016 in the Pharmaceuticals, Biotechnology & Life Sciences Industry Group.

One shall note that, the DJSI tracks leading sustainability-driven companies based on the analysis of financially relevant environmental, social and governance factors. The listing was based on 22 criteria. Dr. Reddy's received high scores for Product Quality and Recall Management, Codes of Business Conduct, Environmental Reporting, Corporate Citizenship and Philanthropy.

Reportedly, over 10 companies from India participated and Dr. Reddy's was the only one to get listed. The scrip of Dr. Reddy was trading up by 0.4% on BSE at the time of writing.

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Mar 19, 2018 (Close)