Indian share markets remain in red

Thu, 20 Jun 11:30 am

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Indian share markets have remained in red during the previous two hours of trade with realty and metals facing the maximum selling pressures.

The BSE Sensex is down by 377 points and NSE-Nifty is down by 124 points. BSE Mid Cap is down by 1.3% and BSE Small Cap is down by 1.2%. The rupee is trading at 59.68 to the US dollar.

Except Force Motors, all Automobiles shares have slipped in red with Escorts and M&M facing the maximum selling pressures. According to a leading financial news medium, Tata Motors has gone all out in expanding its product portfolio by launching eight new car models across five platforms at its Pimpri plant in Pune. While these are no new launches, but rather the upgrades of existing cars, the management is confident of uptick in sales. The beginning of the all new Tata Motors as exclaimed by the MD, Karl Slym, comes as an inflection point with the launch of eight new products and re-launch of the passenger car business unit. While the company is expected to launch new products in future, currently it intends to focus on upgrading the existing offerings. Given the industry challenges, the company strategizes to continue on the new path and has laid out product portfolio map through 2020. Besides, the company is also enthused about the new top-end Nano launch that will help to revive the falling Nano sales. These initiatives are expected to translate into a strong traction in sales for Tata Motors in the near future. Tata Motors' share is down by 1.8%.

Barring few, most of the Indian Pharma shares have slipped in red with Indoco Remedies and Sun Pharma leading the gains and Fresenius Kabi Onco and Panacea Biotech facing the maximum selling pressures. According to leading financial news daily, Dr Reddy's Laboratories, the Hyderabad-based pharma giant, has been dragged to court in US for allegedly infringing on its patented drug. The company has committed an act of infringement on its patented drug Zemplar (drug used for the prevention and treatment of secondary hyper-parathyroidism associated with chronic renal failure) on six counts concerning three patents. The US Drug maker appealed to the court to pass an order to restrain Dr Reddy's from commercially manufacturing, using, offering for sale, selling, marketing, distributing, or importing Dr Reddy's generic paricalcitol injectable products prior to the expiration of said patents. Apparently, the company had filed an ANDA (Abbreviated New Drug Application) with the US Food and Drug Administration, seeking approval to sell a generic copy of Zemplar injectable products in 2 microgram/ml and 5 microgram/ml formulations, prior to the expiration of the patents owned by and exclusively licensed to the complainants. This will add to the challenges of Dr Reddy's Laboratories. Dr Reddy's share is down by 0.6%.