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Sensex Trades in Green; Infosys up 3.5%
Mon, 4 Dec 01:30 pm | Prasheel Vartak, TM Team

After opening the day on a positive note, the Indian share markets have continued the momentum and are currently trading in green. Sectoral indices are trading mixed, with stocks in the IT sector and the telecom sector witnessing maximum buying interest, while stocks in the consumer durables sector are leading the losses.

The BSE Sensex is trading up 105 points (up 0.3%) and the NSE Nifty is trading up 30 points (up 0.3%). Meanwhile, the BSE Mid Cap index is trading up by 1.5%, while the BSE Small Cap index is trading up by 1.3%. The rupee is trading at 64.39 to the US$.

In news from stocks in the pharma sector. Dr Reddy's share price is among the most active stocks today as the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA).

The company received establishment inspection report (EIR) for its custom pharmaceutical services facility at Miyapur, Hyderabad, Telangana.

As per USFDA, after the completion of an inspection of a facility, an EIR is issued to a company detailing inspection findings.

Dr. Reddy's had, on September 21, informed the USFDA had completed audit of the Miyapur facility with zero observations.

Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17. With an aim to lower the overall healthcare costs in the country, the US Food and Drug Administration (FDA) approved a record 763 generic drugs for the financial year ending 30th September. As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year.

Generic Drug Approvals Hit the Roof

Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year. While, faster approvals expedite the commercialisation of product pipelines of domestic pharma companies spurring growth. At the same time however, it has raised the intensity of competition resulting in pricing pressures. The price erosion has been further compounded by a consolidation among US distributors and the decline in the number of products going off-patent over the past few years.

In other words, acceleration in generic drug approvals is like a double-edged sword. The growth boost can be quickly offset by the ensuing pricing pressures. Pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market.

Therefore, despite a lot of pessimism surrounding pharma stocks on regulatory uncertainty, we have four stocks in open positions in Stock Select and have remained bullish on two stocks in our long term service, ValuePro.

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Moving on to news from the global financial markets. The much-awaited US tax reform bill took another step towards reality as The US Senate passed the Republican Tax Bill in a close 51-49 vote.

The Senate's approval on Saturday moves Republicans and President Donald Trump a big step closer to their goal of slashing taxes in what would be the largest change to US tax laws since the 1980s.

The current bill will permanently trim the corporate tax rate to 20% from 35% and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks.

The Senate will now have to merge its legislation with that passed last month by the House of Representatives, before it can be signed into law by the president.

Although both versions share common topline elements, negotiations on individual provisions inserted to win votes, particularly in the Senate, may be protracted and difficult. The final product will end up being a central issue in the 2018 elections that will determine control of Congress. Both measures would cut the corporate tax rate to 20% from 35% - though the Senate version would set that lower rate in 2019, a year later than the House bill would. Also, the Senate bill, unlike the House version, would provide only temporary tax relief to individuals, ending tax cuts for them in 2026.

The US federal deficit is projected to grow by US$ 1.5 trillion as a result of this tax overhaul.

Market participants are widely tracking the US tax overhaul as it has a significant impact on both domestic and global financial markets.

We will be sure to keep an eye on the developments on this front.

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Stock Market Updates

Sensex Trades Marginally Lower, Dow Futures Up by 174 Points (Today's Market)

May 14, 2021 12:30 pm

BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

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May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

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May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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