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Realty and Banking Stocks Soar
Mon, 21 Dec Closing

Extending the strong rally in afternoon trade, the Indian benchmark indices closed today on a positive note amid strong international markets. While the BSE Sensex today closed higher by 217 points, the NSE Nifty closed higher by 72 points. Meanwhile, the S&P BSE Mid Cap index closed higher by 0.6%, the S&P BSE Small Cap index closed the day higher by 0.8%. Gains were largely seen in realty and banking stocks.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 1.77% and the Hang Seng rose 0.17%. The Nikkei 225 lost 0.37%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.58% while London's FTSE 100 is up 0.87% and France's CAC 40 is up 0.72%. The rupee was trading at 66.32 against the US$ in the afternoon session.

Shares of Glenmark Pharmaceuticals Ltd finished the trading day on an encouraging note (up 1.7%) after it was reported that Glenmark Pharmaceuticals and Glenmark Pharmaceuticals Inc., USA, have entered into a Settlement Agreement with Forest Laboratories, LLC, Forest Laboratories Holdings, and Royalty Pharma Collection Trust to settle and dismiss the outstanding patent litigation related to Glenmark's Abbreviated New Drug Application for Milnacipran Hydrochloride 12.5 milligram, 25 milligram, 50 milligram, and 100 milligram tablets, the generic version of Forest's Savella.

Under the terms of the Settlement Agreement, Glenmark will have the option to market and distribute its Milnacipran Hydrochloride tablets or an authorized generic version of Savella tablets. Reportedly, Savella achieved annual sales of approximately $134.7 million for the 12 month period ending October 2015.

Glenmark's current portfolio consists of 103 products authorized for distribution in the US marketplace and 63 ANDA's pending approval with the USFDA.

As per available data, the global biosimilar market (also known as follow-on biologics) is expected to reach US$35 billion in 2020, up from US$1.13 billion in 2013. This means this market is expected to grow at a compound annual growth rate of 60% from 2014-2020. Biologics use has been increasing rapidly. In our recent edition of The 5 Minute Wrap Up Premium, we highlight the companies that are making a stride in biopharmaceutical sector (Subscription Required).

According to leading financial daily, Mahindra & Mahindra (M&M), will launch a series of compact petrol engines in the near future, even as its mainstay diesel line-up faces an uncertain future. The company recently unveiled its new sports utility vehicle (SUV), christened the KUV1OO to be sold in petrol and diesel options.

The company, which is to bear the brunt of the Supreme Court ban on sale of diesel vehicles above 2,000 cc in Delhi and national capital region (NCR), will have a petrol option ready for most of its offering, including heavy SUVs such as Scorpio and XUV5OO.

Mahindra & Mahindra (M&M), along with Tech Mahindra, also recently announced its intention to acquire Italian car designer Pininfarina Spa (Subscription Required). Accordingly, both M&M and Tech Mahindra, through a special purpose vehicle (SPV), will buy a 76.06% stake in the Italian car designer for around 25.3 million euros.

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Sep 20, 2017 (Close)

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