Indian share markets pared early losses and are presently trading above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with power, consumer durable and banking stocks being the biggest losers. IT, metal, and auto are among the few stocks trading in the green.
Majority of the retailing stocks are trading in the red, with Provogue and Future Retail being among the major losers. As per a leading financial daily, Titan Industries has further extended its product basket by launching a range of perfumes for men and women. The six perfumes launched under the brand name Skinn will be made in France by top French fragrance houses Firmenich and Givaudan and the rights will exclusively be held by Titan. The company is already present in jewellery, watches and eyewear and by entering the perfume market, the company wants to increase presence in the lifestyle space. As per the company, its Skinn brand is targeted at the mid-end of the perfume market that is underpenetrated and has huge presence of the unorganized market. Titan has envisaged an investment of Rs 500 m over a three year time span for its perfume foray. The perfumes would be retailed from select World of Titan stores and multi-brand lifestyle and accessories stores. The recent curb on imports announced by RBI is likely to impact the company's jewellery business. However, the company has guided for a 25% YoY growth in top line for FY14. Titan stock is currently trading down by 1.3%.
Indian pharma stocks are trading mixed. While Fresenius Kabi Oncology and Dr Reddy's are among the leading gainers, Wockhardt Ltd and Sun Pharma are witnessing selling pressure. As per a financial daily, Lupin Ltd has received approval from United States Drug and Food Administration, (USFDA) for Zolpidem Tartrate extended release tablets in the 6.25 mg and 12.5 mg strengths. This drug is bioequivalent to Sanofi's Ambien CR. The said drug is indicated for the treatment of insomnia, which is characterised by difficulties with sleep onset or sleep maintenance. Reportedly, Sanofi's Ambien CR Extended-release tablets had annual US sales of nearly US$ 366 m in US. Some generic companies are already selling the drug in the US market. With this approval, the total number of approvals for Lupin stands at 86 drugs. Lupin is currently trading up by 0.35%.
Another development in the pharma space is on Ranbaxy. On 13th Sept the USFDA website indicated that Ranbaxy's Mohali plant had received import alert. This is now confirmed by the company. Besides the import alert, the USFDA has also advised that the Mohali facility will be subject to certain terms of the Consent Decree signed in January 2012 for its Dewas and Poanta Sahib facilities. The stock was trading up by 3.35% at the time of writing.