The Sensex today is trading lower by about 60 points (down 0.3%), while the NSE-Nifty is trading lower by about 20 points (down 0.3%). Stocks from the midcap and smallcap spaces are however trading firm with the BSE Mid Cap and BSE Small Cap indices up by about 0.2% and 0.4% respectively. The rupee is trading at 53.7 to the US dollar.
Stocks of healthcare companies are trading firm with Biocon, Lupin, and Sanofi India leading the gains. Lupin recently received the approval from the US Food and Drugs Administration (USFDA) to market oral contraceptive tablets 'Kurvelo' in the US market. Kurvelo tablets are the generic equivalent of Teva's Nordette tablets having a market size of US$ 59mn, which are used for prevention of pregnancy in women. It is believed that the oral contraceptive market in the US is valued at over US$ 5 bn (Rs 268 bn approximately) and is believed to be growing at the rate of 8% annually. Further, Lupin has nearly 30 abbreviated new drug applications filings for the oral contraceptive market, which is the largest pipeline for the market in the US.
Media stocks are trading mixed with gains led by TV Today Network and Zee NewsSiti Cable and Deccan Chronicle are the top losers. Print media company DB Corp declared results for the second quarter of FY13 (2QFY13). The company reported a sales growth of 7.8% YoY during the quarter and of 7.4% YoY during the half year ended September 2012. Operating expenditure was up by 3.9% YoY during the quarter resulting in operating profits increasing by 23.8% YoY. For the half year period, operating profits fell by 3.4% YoY. The company was able to lower its interest burden by 7.3% YoY for the quarter. The same expenses were down by 17% for the half year. Despite a higher tax outgo which grew by 26.9% YoY, DB Corp reported a net profit growth of 20.6% YoY. Net profits expanded by 1.5%.