Majority of the engineering stocks are trading firm led by Everest Kanto Cylinder and Jindal Drilling. As per a leading financial daily, Larsen & Toubro's (L&T's) subsidiary L&T Hydrocarbon Engineering has won an offshore contract worth Rs 8.9 bn from Oil & Natural Gas Corporation (ONGC). The contract is for the additional development of the Vasai East project to improve its recovery rate. The Vasai East project had commenced production in 2008. The project is expected to be completed by April 2016. L&T stock is presently trading up 0.7%.
Most of the domestic pharma stocks are trading in the green with Ranbaxy laboratories and Lupin being the biggest gainers. As per a leading financial daily, Lupin is on the look-out for acquisitions in markets of US, Europe (Russia, Turkey), Latin America, Japan and China to widen its overseas presence. The company is eyeing suitable acquisitions in the inhalation, complex injectables and derma space. In FY14, international operations formed 75% of the overall revenues for the company out of which the US markets alone accounted for a lion's share of 44%. The company expects the US generics business to remain a principal growth driver with 15-20 generic product launches lined up over the next 12-15 months. Lupin presently has 200 abbreviated new drug applications (ANDA) filings with US Food & Drug Administration (USFDA) out of which 100 are pending approvals and 30 are exclusive first to file. The company has also signed various agreements in the US market in FY14. The company expects its third largest business in Japan to grow by 15-20% in future.