Steel stocks are trading in the red led by JSW Steel and JSW Ispat. According to a leading financial daily, Steel Authority of India (SAIL) is in the process of beginning work on a steel-cum-fertiliser complex at Sindri in Jharkhand. The project comprises of a 5.6 million tonne per annum (mtpa) steel plant, 1.5 mtpa urea plant and 1,000 MW power plant at the erstwhile Fertiliser Corporation of India (FCIL) complex. The company is likely to invest Rs 350 bn of which Rs 260 bn would be spent on the steel mill and about Rs 45 bn on the urea unit and the rest amount would be utilised for setting up the power project. SAIL has already formed a special purpose vehicle - SAIL Sindri Projects Ltd (SSPL) with 89% stake in it while the remaining 11% is held by the FCIL. The company has in its possession 5,800 acres of land out of which about 4,500 acres is encumbrance free. The project, which is likely to be completed within four years after construction begins, is likely to provide direct and indirect employment to about 20,000 people.
Pharma stocks are trading strong led by Divis Lab and Strides Arcolab. According to a leading financial daily, Zydus Cadila has received the US drug regulator's nod to market Irbesartan tablets, an anti-hypertension drug, in the US market in strengths of 75 mg, 150 mg and 300 mg. The company has previously received approvals to market two anti-hypertension drugs in the US market, Losartan Potassium tablets and Losartan Potassium plus Hydrochorothiazide tablets in October 2010. The group now has 72 approvals and has so far filed 150 ANDAs since the commencement of filing process in FY04.