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Asian markets are trading on a mixed note in morning trade. The Nikkei 225 is up 0.1% while the Hang Seng is up 0.2%. The Shanghai Composite is down 1%. Stock markets in Europe and US ended their previous session on a positive note.
Meanwhile, Indian share markets have opened the day on a flat note. The BSE Sensex is trading higher by 70 points while the NSE Nifty is trading higher by 22 points. The BSE Mid Cap index opened up by 0.7% while BSE Small Cap index opened up by 0.9%.
As per an article in a leading financial daily, Lupin's US subsidiary, Lupin Pharmaceuticals, Inc., has received final approval for its Armodafinil Tablets from the United States Food and Drug Administration (USFDA) to market a generic version of Cephalon, Inc.'s Nuvigil Tablets.
The tablets are approved in the strengths of 50 mg, 150 mg, 200 mg and 250 mg. The company shall commence promoting the product in the US shortly. Nuvigil Tablets had US sales of US$515.6 million, as per IMS health sales data September 2016.
Reportedly, Lupin's Armodafinil Tablets 50 mg, 150 mg, 200 mg and 250 mg are the AB rated generic equivalents of Cephalon, Inc.'s Nuvigil Tablets 50 mg, 150 mg, 200 mg and 250 mg. Armodafinil tablets are indicated to improve wakefulness in adult patients with excessive sleepiness associated with obstructive sleep apnea (OSA), narcolepsy or shift work disorder (SWD).
Many pharma companies have been facing regulatory crackdowns from the USFDA, thus getting timely approval has become a challenging task.
Considering the pharma's regulatory distresses, are Indian pharma companies now adapting to the scrutiny by the USFDA? Bhavita Nagrani, our pharma sector analyst, shares her insights in one of our premium editions of The 5 Minute Wrap Up(Subscription required).
Moving on to the news from stocks in steel sector. Steel Authority of India's (SAIL) share price opened the trading day up by 0.9% after it was reported that the company will be selling stakes in the Bhadrawati, Salem and Durgapur steel plants through a two-stage auction process to strategic buyers. The Government of India, Ministry of Steel has communicated the 'in principle' approval of the Cabinet Committee on Economic Affairs (CCEA) for strategic disinvestment of the Bhadrawati, Salem and Durgapur (Alloy Steels Plant) Units of the company. The disinvestment of these units shall be to strategic buyer(s) to be identified through two stage auction process, as recommended by the Core Group of Secretaries on Disinvestment.
Salem plant has been consistently making losses for the last 5 years despite investment of around Rs. 2,200 crore by SAIL under the modernisation and expansion project of SSP. The Salem plant can produce austenitic, ferritic, martensitic and low-nickel stainless steel in the form of coils and sheets with an installed capacity of 70,000 tonnes per annum in cold rolling mill as well as 3.64 lakh tonnes a year in hot rolling mill.
In another development, SAIL along with Bhilai Steel Plant (BSP), is looking to develop and explore small mines to meet its iron-ore requirement. SAIL had been allotted Deposit-F in the Rowghat that had been endowed with high grade of iron ore. The SAIL's reserve is spread over 2028.79 hectares in the Naxal-infested pocket straddling between Kanker and Narayanpur districts. The deposit has an estimated iron-ore reserve of 511 million tonnes.
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