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Indian equity markets cross 19,000
Thu, 29 Nov 11:30 am

Indian equity markets continued to trade strong over the last two hours of trade on back of heavy buying activity witnessed across industry heavyweights. Realty and Auto stocks witnessed maximum buying interest while IT stocks witnessed maximum selling pressure.

The Sensex today is up by 221 points, while the NSE-Nifty today is up by 62 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.77% and 0.64% respectively. The rupee is trading at 55.33 to the US dollar.

Pharma stocks are trading strong led by Natco Pharma and Cipla. According to a leading financial daily, Lupin has launched the generic version of Tricor, fenofibrate drug for cholesterol. Tricor is available in 48 mg and 145 mg and accounts for sales of US$ 1.26 bn in the US. Other Indian players also have fenofibrate products in the market in different doses. Lupin has the permission to sell the generic version in these dosages. Though Lupin has a branded fenofibrate product, named Antara, in the US market, the launch of the Tricor generic is important because the copycat drug can be launched in the same dosage/weight that the innovator company, Abbott, sells. The launch has come ahead of schedule and currently there is limited competition in the US market for this product. While the innovator continues to manufacture the product, Teva and Lupin are the only two other players making the generic version of the drug.

Software stocks are trading in the red led by Mphasis Limited and NIIT Limited. According to a leading financial daily, Tata Consultancy Services (TCS) has bagged a multi-year contract from UK government's Home Office Department to manage the technology requirements of its newly-formed Disclosure and Barring Service (DBS). The contract which has an initial tenure of 5-year is worth about US$ 232 m. This may well make it as one of the largest deals the company has bagged in the European region in the recent years. As a part of the contract, TCS would enable transformation of DBS by introducing applications and online services which will help in enhancing user experience. TCS will also build new integrated case management system to support seamless integration and information gathering between disclosure and barring services.

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