China Fall Weighs Down Markets

Thu, 7 Jan 11:30 am

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After opening the day deep in the red, the Indian indices continued to trade negatively. Sectoral indices are trading on a discouraging note with stocks from the auto, realty, and capital goods sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 404 points (down 1.6%) and the NSE Nifty is trading down 123 points (down 1.6%). The BSE Mid Cap index is trading lower by 1.9% and the BSE Small Cap index is trading down by 2.2%. The rupee is trading at 66.89 to the US$.

Stocks in the automobile space are trading on a discouraging note with Maruti Suzuki and Tata Motors bearing the maximum brunt. As per a leading financial daily, Mahindra & Mahindra (M&M) has launched a premium pickup Imperio that sports SUV looks and superior performance with car like comforts. It comes at a starting price of Rs 6.25 lakhs (ex showroom), and will be available across Mahindra dealerships throughout India.

The Imperio will be available in four variants of two single cabin options and two double cabin options. The company regarding this launch said that it will lay a strong foundation for the new generation of pickups and will consolidate the company's presence in the SCV (small commercial vehicle) segment.

This launch can said to be the company's efforts to ramp up its growth in utility vehicles (UV) space. As Radhika Pandit, Managing Editor, ValuePro had pointed out in our result analysis report of the company, "Although the growth of UVs has been slow, the company expects the scenario to improve going forward backed by new product launches." To know more, read the entire report here (subscription required). The scrip of M&M is trading down by around 3.4%.

Pharma stocks are also trading in the red with Panacea Biotech and Glenmark Pharma leading the losses. As per an economic daily, Glenmark Pharmaceuticals has received tentative approval by the United States Food & Drug Administration (USFDA) for its Dronedarone tablets, 400 mg. The tablets are the generic version of Multaq Tablets, 400 mg of Sanofi-Aventis US LLC. The same are used to treat certain heart rhythm disorders.

Glenmark said that it expects to be eligible for 180 days of generic drug exclusivity upon final FDA approval. Furthermore, the company remains involved in a patent litigation in the US District Court for the District of Delaware, wherein Sanofi and Sanofi-Aventis US LLC have asserted its patents.

Tentative approval means that FDA has concluded that a drug product has met all required quality, safety and efficacy standards, but is not eligible for marketing in the US because of existing patent protections or exclusivities.

Glenmark's current portfolio consists of 104 products authorized for distribution in the US marketplace and 62 ANDA's pending approval with the USFDA. The stock of Glenmark Pharma is trading down by 3.5% on the BSE.

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