Sensex Opens Marginally Higher; IndusInd Bank & Asian Paints Top Gainers

Mon, 24 Jun 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.2% while the Hang Seng is down 0.1%. The Nikkei 225 is trading up by 0.2%.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 72 points while the NSE Nifty is trading higher by 26 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% & 0.2%, respectively.

Sectoral indices opened on a mixed note with stocks in the energy sector and automobile sector witnessing selling pressure while capital goods stocks, consumer durable stocks and telecom stocks are witnessing buying interest.

The rupee is currently trading at Rs 69.58 against the US$.

The domestic currency opened 3 paise down at 69.61 against the US dollar due to rising crude oil prices amid intensifying geopolitical tensions in the Gulf region.

The United States was due to tightening sanctions on Iran as the two countries traded barbs in a tense standoff sparked by Washington's withdrawal from a nuclear deal.

In the news from the economy, Reserve Bank of India's (RBI) Deputy Governor Viral Acharya is said to have quit six months before the scheduled end of his term to return to New York University Stern School of Business (NYU stern) in August as CV Starr Professor of Economics.

As per an article in The Economic Times, Acharya, who joined the central bank on January 23, 2017, was RBI's youngest deputy governor post economic liberalisation.

Here's an excerpt from the article:

• Acharya has been uncomfortable ever since the exit of Urjit Patel as Governor of RBI. His academic views of the financial system were in contrast with the rest of the system.
  
  In fact, Dr. Acharya has been differing with the Governor in the last two monetary policy meetings on both growth and inflation.
  
  In the latest monetary policy meeting, Governor Das and Dr Acharya differed strongly on the state of the fiscal deficit and how to account for that.

In the over 90-minute long speech, Acharya, who was in charge of the monetary policy department, warned of the wrath of the markets if the autonomy of a central bank was compromised. Acharya had explicitly said he had the backing of the then Governor Patel for making the speech.

Reports also stated that another RBI's Deputy Governor NS Vishwanathan, whose term is due to end in the first week of July is likely to stay back for another two-year term. The process for finding Vishwanathan's successor has been put on hold.

Moving on to the news from the pharma sector, Glenmark Pharmaceuticals' Brazilian subsidiary - Glenmark Farmaceutica has entered into an exclusive partnership agreement with Novartis Biosciences S.A, a subsidiary of Novartis AG, for three respiratory products.

These products are indicated towards treatment of the symptoms of chronic obstructive pulmonary disease (COPD) in Brazil. This agreement will be effective from July 01, 2019 onwards.

The products involved in the agreement are Seebri (Glycopyrronium bromide), Onbrize (Indacaterol) and Ultibro (combination of Indacaterol and Glycopyrronium), which are indicated for relief of symptoms in adults with COPD.

Meanwhile, Dr. Reddy's Laboratories has launched Phytonadione Injectable Emulsion USP 10 mg/ml Single-Dose Ampules, approved by the US Food and Drug Administration (USFDA).

The above drug is a therapeutic equivalent generic version of Vitamin K1 (Phytonadione) Injectable Emulsion USP.

The Vitamin K1 (Phytonadione) for Injectable Emulsion USP, 10 mg/ml brand and generic had combined US sales of approximately US$ 46.6 million for the most recent twelve months ending in April 2019 according to IQVIA Health.

Glenmark Pharma share price and Dr. Reddy's Lab share price are presently trading down by 1.8% and 0.9%, respectively.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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