As per a leading financial daily, Sun Pharmaceutical Industries' subsidiary has received USFDA's approval to market generic version of Cardizem CD, Diltiazem HCI extended-release capsules. The company has said that these capsules are equivalent to Valeant International's, Cardizem CD, the sales of which in US is about US$ 300 m.
Separately, the company has suggested that the new pharmaceutical policy by India that aims to bring more essential drugs under the price control regime is a negative development and may create distortions, impacting financials and subsequently the product offering. The policy will regulate the prices of at least 400 drugs (versus 34 currently) and seeks to control at least 60% of the drugs in the market. The stock was trading in the green.
Aluminium stocks have been trading mixed with Hindalco trading in the green and NALCO in the red. As per a leading financial daily, NALCO has issued a tender to export 9,000 tonnes of aluminium ingots. As per the company management, the shipment will be in six batches of 1,500 tonnes each from November to April. The last date for submission of bids is Nov 9. The company has sold 7,500 tonnes of aluminium ingots in the last month. It has commanded a premium of US $97 per tonne over the average LME cash price on a cost, insurance and freight basis.
Besides, the company has recently signed an agreement for setting up a half-a-million tonne per annum aluminium smelter and a 1,250 mw coal-based power plant in Indonesia. This would need an investment of about US $4.5 bn.