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Indian share markets remain steady
Mon, 12 Aug 11:30 am

After opening in green, Indian share markets have remained steady over the two hours of trade. Majority of the sectoral indices are trading in the green. Healthcare and metal indices are leading the gainers; while Power and Oil & Gas and Banker are the only indices trading in the red.

BSE-Sensex is up 112 points and NSE-Nifty is trading up 20 points. BSE Mid Cap is trading up 0.85% and BSE Small Cap index is trading up 1.09%. The rupee is trading at 60.8 to the US dollar at the time of writing.

Indian pharmaceutical stocks are trading mixed with Orchid Chemicals and Aurobindo Pharma leading the gains; while Dr. Reddys and Glenmark Pharma are leading the losers. Sun Pharma has announced that it will pay its remaining dues as part of its settlement agreement with Wyeth (which is now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH) soon.

In 2005, Wyeth and Altana had filed a patent infringement case against Sun Pharma after Sun Pharma had filed its abbreviated new drug application for pantoprazole. Sun Pharma launched its generic pantoprazole in the US in January 2008. In April 2010, it was determined by a jury that Altana's patent is valid. In June 2013, the court started a jury trial in order to determine the amount of past damages that Sun Pharma would be liable to pay to Altana for infringement of the latter's patent. At present, the parties have dismissed all their claims following the litigation settlement between Sun Pharma, Wyeth and Altana Pharma AG. Sun Pharma can also continue selling its generic pantoprazole in the U.S. Sun Pharma shall pay total US$ 550 m as a part of the settlement. The company had already provided Rs 5.8 bn in 2QFY13 for the same. For 1QFY14, the company has made a provision of Rs 25.4bn towards the full and final settlement. Following the provision, Sun pahrama has reported a net loss at Rs 12.8bn in 1QFY14. Sun phrama stock is trading up by 7.25% today.

Most of the IT stocks are trading positive today. Wipro is trading up 1.5% and Tech Mahindra is up 1.4% before its Q1 results announcement today. The management of Eclerx Services has announced a buyback of the company's equity shares from the open market. The buyback amount would be Rs 405 m and would not exceed 10% of the total paid-up capital and free reserves. The company would buy back its shares at a price not exceeding Rs 825 from the open market mechanism through the Stock Exchanges. Eclerx is trading up 1.3% and has risen about 12% in the last two weeks.

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