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Pharma stocks lead the losses
Tue, 29 Sep 11:30 am

After opening the day on a bearish note, the Indian Indices continued to trade negatively. Sectoral indices are trading on a discouraging note with mining and pharma stocks bearing maximum burnt.

The BSE-Sensex is trading down 23 points (down 0.1%) and the NSE-Nifty is trading down 15 points (down 0.2%). The BSE Mid Cap index and the BSE Small Cap index are also trading negatively, down by 0.3% and 0.4% respectively. The rupee is trading at 66.23 to the US$.

Most of the pharma stocks are trading negatively with Glenmark Pharma and Dr Reddy's Laboratories leading the losses. As per an article in Business Standard, Dr Reddy's Laboratories is said to be buying intellectual property rights of Fondaparinux, the anti-coagulant drug, from Australian company Alchemia. The buyout is for US$ 17.5 m in cash on closing of the transaction basis. The product is said to be a good revenue contributor for Dr Reddy's which now will not have to share profits with Alchemia. Furthermore, on a separate note, the company has also settled litigation to sell generic Kuvan, a US$ 107 m drug. Scrip of Dr Reddy's Laboratories is presently trading down by 3.2%.

Stocks in the engineering space are trading mixed with BEML Ltd and Crompton Greaves witnessing maximum selling pressure. As per a leading financial daily, Crompton Greaves has bagged an order from Spanish utility Gas Natural Fenosa (GNF) for supplying ZIV single and three phased smart meters. The order is finalized for a worth of Rs 1.25 bn. Further, ZIV smart meters of the company will cover large part of the demand for domestic meters from GNF, having won the order of supplying 7,50,000 singly phase smart meters last year. GNF is a leading multinational group in energy sector and a pioneer in integration of gas and electricity. Stock of Crompton Greaves is trading down by 2.7% on the BSE.

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