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Indian Markets Trade in the Green
Fri, 23 Oct 01:30 pm

After opening firm, the Indian Markets continued to trade positively. Sectoral indices are trading on a positive note with stocks from the banking, pharma and oil and gas sectors leading the gains. However, capital goods stocks are witnessing selling pressure.

The BSE-Sensex is trading up 210 points (up 0.8%) and the NSE-Nifty is trading up 53 points (up 0.6%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the green, both up by 0.4%. The rupee is trading at 64.87 to the US$.

Automobile stocks are trading mixed with Maharashtra Scooters and Force Motors leading the gains. As per a leading financial daily, the country's largest two-wheeler maker Hero MotoCorp is all set to enter three new countries - Argentina, Mexico and Nigeria by the end of this financial year. This is in line with the company's strategy that will help in widening its footprint across global markets.

In addition, the company is looking to sell 2.5 lakh units in the international markets this fiscal, up 25% from 2 lakh units in the previous fiscal. Besides with that, the company is also aiming to ramp up the production capacity at its Colombian facility to 4,000 units a month, from the current capacity of around 2,500-3,000 units a month.

Along with these plans, the company has recently begun its operations at a new facility at Villa Rica in Colombia, which was built with an investment of US$ 70 million.

Presently, the company sells its products in 24 countries including Sri Lanka, Nepal, Bangladesh, Egypt and Turkey in Asia, Peru, Ecuador and Colombia in South America, among others. By 2020, the company aims to be in over 50 countries with 20 plus assembly facilities globally. The stock of the company is trading down by about 0.3%.

Stocks in the pharmaceuticals space are trading on a positive note with Cadila Healthcare and Strides Acrolab witnessing maximum buying interest. According to an article in Economic Times, Sun Pharma has settled a patent litigation with US-based Acorda Therapeutics Inc over Ampyra extended-release tablets, which is used to treat multiple sclerosis patients.

As per the settlement, it that the Indian drug major can launch its generic version of the medicine in the US by 2027. The company along with its subsidiary reported the settlement agreement. Acorda Therapeutics filed the litigation in response to Sun Pharma's submission of an Abbreviated New Drug Application (ANDA) to the US Food and Drug Administration, seeking marketing approval for a generic version of Ampyra. The scrip of Sun Pharma is trading up by 0.5% on the BSE.

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