Taking cues from the weakness across global markets, the benchmark indices on Indian bourses nose-dived deeper into the negative territory during the previous two hours of trade. The market wide carnage left all sectors writhing in red. The stocks from realty, metal and banking sectors have been the maximum losers so far.
The BSE-Sensex is trading deep in red, down by around 541 points while NSE-Nifty is down 161 points. The BSE-Midcap and BSE-Smallcap are also trading lower, down by around 3.7% each. The rupee is trading at 46.86 to the dollar.
According to a leading business daily, Indian IT majors are vying for domestic opportunities for IT services in the Indian power distribution sector. Under Restructured - Accelerated Power Development and Reform Programme (R-APDRP), Indian government is aiming to reform the ailing power distribution sector. It aims at reducing the aggregate technical and commercial losses in power distribution sector to 15% from the existing 30%. For this purpose it has planned Rs 100 bn IT automation project spanning over next 3 years.
Power Finance Corporation (PFC), the nodal agency responsible for R-APDRP is seeking bids from IT companies like TCS, HP, Mahindra Satyam, Patni Computers for building the IT backbone to detect points of power losses and aid corrective actions. It may be noted that total funds of Rs 516 bn are allocated to R-APDRP during eleventh plan. Indian IT majors have a lot to gain from the same.
Daiichii-controlled Ranbaxy will be launching the generic version of GlaxoSmithKline's (GSK) blockbuster anti-herpes drug in the US. Ranbaxy holds the first-to-file status for the drug which gives it six-month exclusivity for marketing the same in the US. During this period no other company except GSK and Ranbaxy will be allowed to market this drug.This appears to be positive news for Ranbaxy as it might generate as much as US $ 200 m in sales the world's largest drug market. It may be noted that Ranbaxy saw a sharp decline in its US revenues in FY09 on account of regulatory issues it faced from US Food and Drug Administration (USFDA). The USFDA had banned all the products from two of Ranbaxy's Indian manufacturing plant. However, Ranbaxy managed to make the anti-herpes drug from its facilities in the US itself.