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Markets close flat for the week
Fri, 21 Mar Closing

The Indian equity markets ended on a flat note in today's trading session. While the morning session saw the indices record gains, these were pared in the subsequent hours. The final trading hour saw the indices close barely above the dotted line. While the BSE Sensex today closed higher by 14 points, the NSE-Nifty closed higher by 10 points. The BSE Mid Cap and BSE Small Cap did better and notched gains of 1% each. Gains were largely seen in metals, realty and power stocks.

As regards global markets, most Asian indices closed firm today while European indices have also opened in the green. The rupee was trading at Rs 60.98 to the dollar at the time of writing.

As per a leading business daily, Lupin has received final US FDA approval and has launched its Niacin Extended-Release Tablets USP in the strengths of 500 mg, 750 mg and 1,000 mg strengths. These tablets are the generic versions of AbbVie Inc.'s Niaspan Tablets of the same strengths. This drug is indicated for lowering cholesterol. As per IMS MAT Dec 2013, Niaspan Tablets had annual US sales of approximately US$ 1 bn. This is a positive for the company and will enhance its sales from the highly competitive US generics market. It must be noted that in 3QFY14, Lupin sales from the US grew by a healthy 31% YoY in rupee terms and accounted for 45% of overall sales. In this, the branded business contributed 11%, while the share of the generics business stood at 89%.

As per a leading business daily, Tata Power is looking to develop rooftop solar power project in Odisha with L&T and other three companies. The tender will be floated by Green Energy Development Company (Gedcol), the nodal agency of the state government to develop on grid solar power in the state. The estimated cost of this project has been pegged at around Rs 500 m most notably for installing equipment to generate 5 MW power. The Gedcol will be providing the money from loan assistance financed by International Finance Corporation (IFC). Bidders who are interested would be responsible for operation and maintenance of the project.

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