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Indian markets trade in the green
Tue, 6 Oct 11:30 am

After opening the day on a firm note, the Indian Markets have continued to trade on a positive note. Sectoral indices are trading on a mixed note with stocks from the pharma and consumer durables sectors leading the gains. Banking and IT stocks are witnessing selling pressure.

The BSE-Sensex is trading up 89 points (up 0.3%) and the NSE-Nifty is trading up 19 points (up 0.2%). The S&P BSE Midcap index is trading up by 0.4% while the S&P BSE Smallcap index is trading up 0.8%. The rupee is trading at 65.25 to the US dollar.

Stocks in the steel space are trading in the green with gains led by Jindal Saw Ltd and Tayo Rolls. As per an article in Economic Times, Tata Steel has reported that it will review its agreement with the Alberta-based New Millennium Iron Corporation (NML) for an iron ore project in Canada. As a part of this review, Tata Steel is going to consider its current or potentially future participation in NML's recently announced alternative development approach to its taconite properties. Both the parties are intending to conclude a definitive agreement by the first quarter of 2016, subject to their respective Board approvals. Tata Steel owns about 26.2% of NML's shares through its wholly-owned subsidiary Tata Steel Global Minerals Holdings Pte Ltd. Stock of Tata Steel is presently trading up by 0.5% on the BSE.

Pharma stocks are also trading firm with Dishman Pharma and Orchid Chemicals leading the gains. As per a leading financial daily, Sun Pharmaceuticals has announced that its US subsidiary, Ranbaxy Pharmaceuticals has settled a patent litigation with Actavis over anti-acne drug Absorica. By this settlement, Ranbaxy, its partner and Actavis have entered into a non-exclusive agreement which will allow Actavis to sell the generic version of Absorica in December 2020. This will be nine months before the expiration of the patents, which is in September 2021. One must note that Ranbaxy had introduced Absorica 25 mg and 35 mg capsules in 2014 in the US. While other versions of this drug are available in US, Ranbaxy's version has additional advantages. Scrip of Sun Pharmaceuticals is trading up by 1.8%.

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