Indian Indices Open Flat

Thu, 21 Jul 09:30 am

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Major Asian stock markets have opened the day on a positive note. Stock markets in Japan and HongKong are trading higher by 1% and 0.8% respectively. Major indices in Europe ended their session on an encouraging note with stock market in Germany ending the day higher by 1.6%. The rupee is trading at 67.17 per US$.

Indian stock markets have opened the day on a flat note. The BSE Sensex is trading marginally higher by 40 points (up 0.1%) and NSE Nifty is trading higher by 15 points (up 0.2%).  BSE Mid Cap and BSE Small Cap indices have moved upwards and are trading higher by 0.6% and 0.4% respectively. Major sectoral indices have opened the day in green with stocks from pharmaceutical and oil & gas sector witnessing buying interest.

As per an article in Livemint, the inordinate delay in Reliance Jio Infocomm Ltd's commercial launch is giving incumbents time in preparing for the coming onslaught.

This week, Bharti Airtel as well as Idea Cellular increased data benefits on some of their pre-paid data recharge packs. However, such benefits are being offered on data packs of 2 GB and above.

Reportedly, majority of data subscribers use plans ranging from 500MB to 1.5GB, with the flagship plan being the 1GB plan. Currently, the telecom operators are wooing the customers to increase data consumption by reducing the price of larger packs (exceeding 2GB). Considering that these companies are running under-utilised networks, these incentives don't entail additional costs.

It looks like these significant changes in pricing will happen only after Reliance Jio launches. Evidently, incumbents don't want to play all their cards upfront.

In another news update, Sun Pharma, Aurobindo Pharma and Glenmark Pharma have received approval from the United States Food and Drug Administration (USFDA) to manufacture and market generic versions of a blockbuster cholesterol drug, Crestor in the American market.

Reportedly, this drug has an annual sales of US$ 6.8 billion in the US itself. The medicine controls bad cholesterol, which can build up in the arteries and obstruct the flow of blood to the heart, brain and other parts of the body.

A Federal judge had ruled against AstraZenca the innovator of the drug recently. The company was seeking for a temporary ban on generic version of the medicine. The first generic version of Crestor was already launched in May by Allergan (Watson).

This being a multibillion dollar drug, could be a good opportunity for the companies. However the upside will be dependent on the overall competition in the market

These three companies have received the USFDA approval to manufacture and market generic versions of the drug in four variants - 5 mg (base), 10 mg (base), 20 mg (base), and 40 mg (base).

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