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Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.15%, while the Hang Seng is down 0.33%. The Shanghai Composite is trading down by 0.27%. European markets finished higher in the previous trading day with shares in France leading the region. The CAC 40 was up 0.43%, while London's FTSE 100 was up 0.34% and Germany's DAX was up 0.24%.
Indian share markets have opened the day on a weak note amid negative global cues. The BSE Sensex is trading lower by 291 points (down 1%) while the NSE Nifty is trading lower by 94 points (down 1.1%). The BSE Mid Cap index is trading down by 1.6% and BSE Small Cap index is trading lower by 1.9%. The rupee is trading at 67.70 to the US$.
Tata Motor's share price opened the trading week down by 5.5% as the company's quarterly numbers missed market estimates amid a tussle between Tata group holding company Tata Sons and its former chairman Cyrus Mistry, who was ousted last month.
As per an article in The Economic Times, Lupin Limited has launched Iron Isomaltoside injectable iron formulation under two brand names Isofer and Jilazo in India.
Reportedly, Lupin had acquired the exclusive rights to market and sell the injectable formulation from Denmark-based Pharmacosmos A/S. Further, Iron Isomaltoside 1000 is indicated for the treatment of iron deficiency anemia. It is also used across a wide range of disease states associated with iron deficiency.
Moreover, Lupin will promote both the injectable formulations through its own sales force in India. According to IMS health sales data as on August 2016, the Hematinic market in India is currently worth around Rs 19.3 billion. Out of this, the iron injectable market size is valued at Rs 3.1 billion with growth of 17%.
Notably, the product is currently marketed in 33 countries, including 21 European Union countries under the brand name Monofer. Whether the new launch of these injectables help Lupin widen its footprint in this space will be the key thing to watch out for going ahead
In another development, it was reported that all bulk drug consignments from China are under the scanner of the Drugs Controller General of India because of their poor quality and invalid documents.
Reportedly, out of 2,000 types of API imported in India, more than 60% are from China. Most of the cases of sub-standard drugs, drugs with dubious origin or suspected label are coming from China. The special watch on Chinese imports was initiated in the recent months after the drug regulator found several deviations.
Moving on to the news from stocks in FMCG sector. According to an article in a leading financial daily, Britannia Industries is planning to bring in new products in the bakery segment, to fill gaps in its portfolio. The company is looking at diversification and bakery area is where first diversification is going to be.
In this regard, the company is planning a series of launches and the earliest would be nine to ten months away.
The company is also looking to consolidate its position in the Hindi-heartland and Gujarat. The company is eyeing upping its portfolio in the weaker markets even as it ramps up distribution presence.
While rural sales account for 30% of Britannia's turnover, a good run in the Hindi heartland will help the company achieve its larger target of a 50-50 break-up between urban and rural sales in the next five years.
Meanwhile, Britannia's second-quarter profit rose 5.84% to Rs 2.34 billion from a year ago. Revenue increased 11.2% to Rs 24.30 billion in the three months ended 30 September. Britannia Industries Ltd saw sustained volume growth in the September quarter and also reported a pickup in the biscuits market that augurs well for the future.
The company's base business volume growth rose by 10% in the quarter, maintaining levels seen in the past two quarters. Its consolidated business, which includes the dairy and overseas segments, saw sales grow by 11%, while costs grew by 17.2%, while it's operating profit margin narrowed by 92 basis points.
Britannia's share price opened down by 3.9%.
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