Positive Start to the Day

Mon, 21 Mar 09:30 am

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Barring Japan, major Asian stock markets have opened the day on a positive note. The stock markets in China and Taiwan are trading higher by 1.8% and 0.9% respectively. Major indices in Europe and US ended their previous session in green. The rupee is trading at 66.6 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 112 points (up 0.5%) and NSE Nifty is trading higher by 34 points (up 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.5% respectively. Major sectoral indices have opened the day in green with stocks from banking and fast moving consumer goods (FMCG) sector witnessing maximum buying interest.

As per an article in a leading financial daily, Torrent Pharmaceutical plans to raise funds through various instruments including qualified institutional placements (QIP). However, the company did not specify the quantum of funds it intends to raise.

Further, the company has stated that its board on 23rd March will consider the proposal for raising funds by way of issue of equity shares, including convertible bonds or debentures through qualified institutional placements or any other modes.

Earlier, the company had stated that its third manufacturing plant in Gujarat had obtained the Establishment Inspection Report (EIR) from the US health regulator USFDA. With the approval, this plant is now the third plant of Torrent Pharma to receive the USFDA approval, out of its 5 manufacturing plants.

In the coming fiscal, Torrent has targeted to launch 7-8 products out of which 1-2 could be in niche segments. This is likely to be an important growth driver for the domestic business, going forward. The stock is trading up by 0.3%.

As per Business Standard, Dabur India published an article stating the virtues and positives of using its ayurvedic cough syrup named Dabur Honitus. This product is positioned as an alternative to other cough syrups, many of which have been banned by the government recently. The ban is to put a clampdown on fixed dose combination drugs (subscription required). Reportedly, the ban will dent the overall revenues of pharma players by 2-3%.

By publishing the article, Dabur has moved quickly to take advantage of the ban. Reportedly, other ayurvedic drug majors too could cash in by pushing their products in the market. Next week, the Ayurvedic Drug Manufacturers Association (ADMA), the apex body of the sector will meet in Mumbai. The manufacturers are expected to discuss their prospects to exploit this opportunity. It will be interesting to see how the ayurvedic players cash in on this huge opportunity going forward.

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