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Indian share markets shed gains
Mon, 19 Nov 11:30 am

Indian share markets shed initial gains and traded in the red during the last two hours of trade. Sectoral indices traded mixed with consumer durable and realty stocks leading the gains while auto and IT stocks suffered losses.

The BSE-Sensex and NSE-Nifty are trading flat at the moment. BSE Mid Cap and BSE Small Cap indices are trading down by 0.5% and 0.3% respectively. The rupee is trading at 55.01 to the US dollar.

Pharma stocks are trading in the red led by Biocon Limited and Cadila Healthcare. As per a leading daily, Indian pharma company Dr Reddy's has launched Sildenafil tablets in the US. This is after the approval by the United States Food and Drug Administration (US FDA) of Dr Reddy's abbreviated new drug application (ANDA) for Sildenafil Tablets. Sildenafil is a bioequivalent generic version of Revatio which is used to treat erectile dysfunction and pulmonary arterial hypertension (PAH). We may note here that Revatio's US sales were US$ 338 m in the last 12 months. The stock is currently trading up by 0.1%.

Aluminium stocks are trading mixed. Hindalco is trading in the red while National Aluminium Company Limited (Nalco) is trading in the green. According to a leading financial daily, Nalco has stopped production of bauxite from the North-Central block of the Panchpatmali mine in Koraput district after its lease deed for the area expired. The company, which is awaiting renewal of the lease is expecting a temporary working permit to operate the mine by December. Meanwhile, the company has asserted that alumina production at its Damanjodi refinery, located at the foot of Panchpatmali hills, will not be affected due to halt of mining operation. This is because the company had enhanced the rate of production from the mine and has enough stock of bauxite to run the refinery at least for two weeks.

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