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After opening firm, the Indian Indices failed to keep the momentum and slipped into the red during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the IT sector leading the gainers and capital goods stocks among the losers.
The BSE-Sensex is trading down by 20 points (0.1%) and the NSE-Nifty is trading down by 13 points (0.2%). The S&P BSE Midcap index is trading flat while the S&P BSE Smallcap index is trading up by 0.3%. Gold prices, per 10 grams, are trading at Rs 26,366 levels. Silver price, per kilogram, is trading at Rs 36,095 levels. Crude oil is trading at Rs 3,039 per barrel. The rupee is trading at 65.50 to the US$.
Pharma stocks are trading mixed with IPCA Labs and Wockhardt Ltd leading the losses. As per a leading financial daily, pharma major Lupin has received final approval from the United States Food and Drug Administration (US FDA) to market generic Aricept tablets used for the treatment of dementia. The company said that its US subsidiary, Lupin Pharmaceuticals, would commence promoting the product shortly in the US. It is imperial to note that, Aricept had US sales of around US$ 52.3 million (IMS MAT June 2015).
Further, on a separate note, Lupin said that it has also received final approval for its Blisovi 24 Fe Tablets from the US FDA. The said drug is a generic version of Warner Chilcott's Loestrin24 Fe Tablets. The drug is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. Loestrin24 Fe had US sales of US$56.8 million (IMS MAT June 2015).
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. Presently its stock is trading down by 1.4%.
Engineering stocks are trading on a mixed note with Lakshmi Machine and Elecon Engineering leading the gainers. As per an article in Economic Times, Blue Star Ltd has acquired 51% stake in Oman Electro Mechanical Contracting Company LLC (OEMC). The joint venture, Blue Star Oman Electro-Mechanical Company LLC (Blue Star Oman), will offer Mechanical, Electrical and Plumbing (MEP) contracting services in Oman.
At present, the MEP market in Oman is around US$ 350 million. With that, the company is aiming to acquire around more than 10% market share in the next couple of years. To achieve the same, the company will focus on residential, commercial, industrial and infrastructure projects. Furthermore, the company is also planning to expand into the after-sales service business in Oman.
Oman Electro Mechanical Contracting Company LLP is a 100% subsidiary of W J Towell & Co LLC.
Blue Star Ltd is India's largest central airconditioning company. It services the needs of a large number of corporate and commercial customers and has also established leadership in the field of commercial refrigeration equipment ranging from water coolers to cold storages. Stock of the company is currently trading down by 1.8%.
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