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News Mid-Session

 
Pharma stocks in demand
12-Jun-18   11:31 Hrs IST

Stocks hovered near day's high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 185.47 points or 0.52% at 35,668.94. The Nifty 50 index was up 50.75 points or 0.47% at 10,837.70. Pharma shares gained. Sentiment on the domestic bourses was boosted by upbeat Asian stocks after US President Donald Trump and North Korean leader Kim Jong Un reportedly signed an unspecified document in Singapore.

Domestic stocks edged higher in early trade. Key benchmark indices extended gains and hit fresh intraday high in morning trade.

The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.4%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,233 shares rose and 1,024 shares fell. A total of 109 shares were unchanged.

Pharma shares gained. Dr Reddy's Laboratories (up 4.44%), Lupin (up 3.2%), Cadila Healthcare (up 1.66%), Cipla (up 1.7%), Glenmark Pharmaceuticals (up 0.81%), Sun Pharmaceutical Industries (up 1.27%), Alkem Laboratories (up 1.01%), Aurobindo Pharma (up 2.35%) and Wockhardt (up 1.93%) rose. GlaxoSmithKline Pharmaceuticals (down 0.02%) fell.

Strides Shasun gained 1.33% after the company announced that its wholly-owned subsidiary Strides Pharma Global has received final approval for Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food & Drug Administration (USFDA). Oseltamivir Phosphate Capsules is a generic version of Tamiflu Capsules of Hoffmann-La Roche, Inc. As per IQVIA MAT April 2018 data, the US market for Oseltamivir Phosphate Capsules was approximately $725 million. The announcement was made after market hours yesterday, 11 June 2018.

The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US Market. The company has 75 cumulative ANDA filings with USFDA of which 48 ANDAs have been approved as of date and 27 are pending approval.

Kridhan Infra rose 3.56% after the company announced that its associate company Vijay Nirman Company has won a new order worth Rs 180 crore. Kridhan Infra (KIL) currently owns approximately 41% stake in Vijay Nirman Company (VNC) and hence, VNC operates as an associate company of KIL. It generated revenues in excess of Rs 800 crore in FY 2018. The announcement was made after market hours yesterday, 11 June 2018.

Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end. Trump and Kim Jong Un have reportedly signed an unspecified document in Singapore.

UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

Overseas, most Asian stocks were trading higher as a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un took place in Singapore and ahead of central bank meetings in the coming days.

US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.

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