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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Markets Rally
Wed, 23 Dec Closing

Indian equity markets hit their highest level in three weeks as the indices flourished in green during the entire trading session following overnight gains on Wall Street after data showed the US economy grew at a healthy clip in the third quarter. While the BSE Sensex closed higher by 260 points, the NSE Nifty closed higher by 80 points. Mid caps and small caps too fared well and closed well above the dotted line. The S&P BSE Mid Cap index and the S&P BSE Small Cap index closed the day higher by 0.3% and 0.4% respectively. Gains were largely seen in healthcare and metal stocks.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.96%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.43% and 0.16% respectively. European markets are sharply higher today with shares in Germany leading the region. The DAX is up 1.59% while London's FTSE 100 is up 1.47% and France's CAC 40 is up 1.25%. The was trading at 66.20 against the US$ in the afternoon session.

Shares of Natco Pharma finished the closing day up by 2.3% after it was reported that the company and its US partner Allergan have settled their pending litigation with Celgene regarding generic Lenalidomide. Celgene has agreed to provide Natco with a license to Celgene's patents required to manufacture and sell an unlimited quantity of generic Lenalidomide in the United States beginning on January 31, 2026.

In addition, Natco will reportedly receive a volume-limited license to sell generic Lenalidomide in the United States commencing in March 2022. The volume limit is expected to be a mid-single-digit percentage of the total Lenalidomide capsules dispensed in the United States during the first full year of entry.

The volume limitation is expected to increase gradually every year until March of 2025, and is not expected to exceed one-third of the total Lenalidomide capsules dispensed in the US in the final year of the volume-limited license under this agreement. REVLIMID had recorded sales of nearly US$3.4 billion in the US market for the year ending September 2015.

The Indian pharma market growth story has been encouraging. Rising healthcare awareness, increasing incomes, higher rates of chronic disease, and the availability of various drugs have been the key reasons for the growth in the sector. However, the past few months have been difficult as the average market growth for the September quarter was between 5% to 20%. In our recent edition of The 5 Minute Wrap Premium, we highlight the key points to determine a company's strength in the domestic market (Subscription Required).

According to a leading financial daily, National Aluminium Company (NALCO) is planning to set up a modern eye hospital at Angul in Odisha in association with LV Prasad Eye Institute (LVPEI). In this regard, the company will invest around Rs 150 million.

The new hospital would primarily cater to the economically disadvantaged groups of nearby villages. Land for the hospital has already been identified by the Navaratna CPSE. NALCO is already running three mobile healthcare units and one OPD at Angul, which offer free medicines.

On another note, global margins of aluminium companies have been under severe pressure due to concerns over Chinese aluminum exports and global meltdown in commodity prices. Moreover, domestic aluminium companies are also struggling with higher fuel costs. Aluminium companies were forced to source coal from the open markets in the wake of cancellation of the captive coal blocks allotted to them by the Supreme Court last year. And price hikes taken to pass on the cost has further dented their competitiveness in the global markets. This has all been reflected in the weakening financial performance during the first half of FY16 (Subscription required).

The script of Nalco closed the trading day down by 2.9% on the BSE.

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Nov 23, 2017 (Close)

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