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Indian Markets Gain Momentum
Thu, 26 Nov 11:30 am

After opening the day on a positive note, the Indian Markets have added to their early gains. Sectoral indices are trading in the green. Stocks from the realty, metal, and energy sectors leading the gains.

The BSE-Sensex is trading up 147 points (up 0.6%) and the NSE-Nifty is trading up 43 points (up 0.6%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading up 0.6%. The rupee is trading at 66.47 to the US$.

Pharma stocks are trading mixed with Natco Pharma and Sun Pharma leading the gains. As per a leading financial daily, the US Food and Drug Administration (USFDA) has warned Dr Reddy's Laboratories of banning all products made at certain facilities of Dr Reddy's Laboratories unless they confirm to prescribed global manufacturing standards. Further, the drug regulator has also said that it may withhold approval of new applications if the company fails to complete all corrections.

The above announcements matured after USFDA made several critical observations pertaining to failures of Dr Reddy's to contain recurrent violations. The FDA made it clear that it was not satisfied with nine responses submitted by the Indian drugmaker between December 2014 and September 2015.

The deviations, as inspected by the USFDA, pertains to current good manufacturing practice (CGMP) for the manufacture of active pharmaceutical ingredients at the company's plants located at Srikakulam in Andhra Pradesh and Nalgonda in Telangana.

Dr Reddy's Laboratories, is a multinational pharmaceutical company based in Hyderabad, Telangana, India. It manufactures and markets a wide range of pharmaceuticals in India and overseas and over 190 medications, 60 active pharmaceutical ingredients (APIs) for drug manufacture, diagnostic kits, critical care, and biotechnology products. The company recently announced its 2QFY16 results. Net sales grew by 11.2% YoY during the quarter led by growth in the global generics segment. However, growth in its PSAI segment declines during the quarter. The bottom line increased by 25.7% YoY, on the back of healthy operating performance. If you are interested in the stock, here is our detailed analysis of the results.

India's largest utility vehicle maker Mahindra & Mahindra (M&M) has launched automatic variants of its premium SUV- the XUV 500. The same were launched in three variants and start at a price of Rs 15.36 lakh.

As reported, the variants were developed with an investment of Rs 580 million. The new automatic transmission is the Gen 2 transmission from Aisin and is product borne out of the synergy between M&M and Ssangyong Motor Company.

In an SUV market that grew just 2% from April to October on a YoY basis, XUV 500 has posted a growth of 10% for Mahindra & Mahindra. Averaging about 3,500 units a month, the sale of XUV today accounts for more than all the vehicles put together in Rs 14 lakh-25 lakh bracket. The company has cumulatively sold about 1,50,000 units and has been the fastest to one lakh units in the company's history.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India. The company for its second quarter (2QFY16) has reported a 3% YoY decline in its sales. Net profit growth stood flat (M&M and MVML combined. Here is our detailed analysis of the results.

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Mar 5, 2021 09:28 AM