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Indian equity markets ended on a firm note, remaining in positive territory despite paring some gains. At the closing bell, the BSE Sensex closed higher by 108 points, the NSE Nifty finished higher by 47 points. The S&P BSE Midcap & the S&P BSE Small Cap finished up by 0.4% and 1% respectively. Gains were largely seen in power and infrastructure stocks.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.98%, while the Nikkei 225 led the Shanghai Composite lower. They fell 1.55% and 0.17% respectively. European markets are higher today with shares in Germany leading the region. The DAX is up 0.41% while France's CAC 40 is up 0.24% and London's FTSE 100 is up 0.18%.

The rupee was trading at 67.79 against the US$ in the afternoon session. Oil prices were trading at US$ 47.04 at the time of writing.

As per an article in a leading financial daily, Lupin's US subsidiary Gavis Pharmaceuticals LLC. has received final approval from the US health regulator to market potassium chloride capsules in the American market.

Reportedly, the drug is used for treating hypokalemia or potassium deficiency in the bloodstream.

The US Food and Drug Administration (USFDA) approved generic equivalent of Actavis Labs FL Inc.'s potassium chloride for the extended release capsules USP, 8 mEq (600 mg) and 10 mEq (750 mg).

According to IMS MAT March 2016 data, potassium chloride extended-release capsules had US sales of US$ 75.4 million.

Our Pharma sector analyst, Bhavita Nagrani, is of the opinion that Gavis would give access to the therapies where Lupin is not present. 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.

Notably, the pharmaceutical sector, which is an important contributor to India's exports has stood out in terms of export performance. Geographies such as Europe and emerging markets like Brazil, Mexico, Russia, South Africa and South-East Asia regions too are important buyers of Indian drugs.

Lupin finished the day down by 0.8% on the BSE.

Moving on to the news from auto sector. Mahindra & Mahindra (M&M) announced incorporation of a subsidiary company in Mexico viz. Mahindra Mexico S. de. R.L.

As per the reports, Mahindra Mexico S. de. R.L. was incorporated as a 99% subsidiary of Mahindra USA Inc, which in turn is a 100% subsidiary of Mahindra & Mahindra (M&M). Further, Mahindra USA Inc. has invested Mexican peso 9,900 in the newly formed Mexican firm. Moreover, Mahindra Mexico S. de. R.L. was incorporated to endorse Mahindra Brand in Mexico and expand its reach to promote higher horsepower (HP) tractors.

Considering the two consecutive terrible years for the tractor industry and M&M's tractor business, will the industry revive and gain traction in 2017? One of our premium editions of The 5 Minute WrapUp throws the light on the factors that could drive the growth going forward. (Subscription Required).

M&M finished the day the day up by 0.4%.

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