Indian Indices Trade Lower

Fri, 8 Jul 11:30 am

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   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

After opening the day on a negative note, Indian markets continue to trade below the dotted line. Sectoral indices are trading mixed with auto and healthcare stocks leading the gains.

The BSE Sensex is trading lower by 96 points and the NSE Nifty is trading lower by 26 points. The BSE Mid Cap index is trading flat while the BSE Small Cap index is trading lower by 0.3% respectively. The rupee is trading at 67.46 to the US$.

As per an article in The Economic Times, India has the potential of achieving 1.65 billion units of electricity next year. Power Minister Piyush Goyal said that owing to the infrastructure and generating capacity of India, the country can achieve as high as 50% growth in electricity production.

Currently, 1.1 trillion units of electricity are produced annually. As per the reports, there is a mismatch between availability of power and capacity of states to purchase and distribute to last mile connectivity.

In a bid to make electricity available to all, Goyal said government is planning to launch a scheme where consumers can pay for the new connection in monthly installments. This will help users to avail the service on demand.

Moreover, government will focus on technological upgradation of power infrastructure through various schemes for rural and urban India. Further, government also aims to focus on solar rooftop for which a target to reach 40,000 MW by 2022 has been fixed.

Stocks in pharma sector are trading on a mixed note with Elder Pharma and Cadila Healthcare leading the gains. According to a leading financial daily, Lupin has received an Establishment Inspection Report (EIR) from the US drug regulator. The company has received a notification that the inspection carried out by the US Food and Drug Administration (FDA) in July 2015 at its Goa facility is now closed.

The USFDA had made nine Form 483 observations related to inadequacies and adherence to standard operating procedures. The nine observations are now resolved, the report said. This is a big positive for the company, considering it contributes to around 50% of US sales.

One shall note that, companies receiving Form 483 observations must respond to the FDA in writing with a corrective action. Reportedly, Lupin responded to observations and provided it with regular updates on corrective action.

Our Pharma sector analyst , Bhavita Nagrani, is of the opinion that Lupin is one large pharma company that is confident to overcome regulatory challenges and focus on growth. She has recently shared a detailed view on the company and valuations in the latest recommendation report of The India Letter. Click Here to know more. Subscribers can also access Lupin's latest result analysis (subscription required) on our website.

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