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Indian equity markets trade strong
Thu, 23 Aug 01:30 pm

Indian equity markets continues to trade strong over the last two hours of trade. IT and metal stocks witnessed maximum buying interest, while Auto and Oil and gas stocks witnessed maximum selling pressure.

The Sensex today is up by 84 points, while the NSE-Nifty today is up by 25 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.51% and 0.53%. The rupee is trading at 55.18 to the US dollar.

Pharma stocks are trading in the green led by Dishman Pharma and Orchid Chemicals. According to a leading financial daily, Glenmark Pharmaceuticals has received the right to sell its HIV-associated diarrhoea drug Crofelemer in 140 countries. An international arbitrator has ruled in favor of the company after the Indian company sought arbitration in the United States last December. This was after Napo terminated a three-party agreement under which Glenmark holds the exclusive right to distribute Crofelemer in 140 countries including India. Glenmark developed Crofelemer with U.S.-based partners Napo Pharmaceuticals and Salix Pharmaceuticals Limited. Salix was to sell the drug in regulated markets such as North America, Japan and Europe. The International Centre for Dispute Resolution found that Napo breached the agreement by disclosing confidential information about manufacturing Crofelemer to another drugmaker Aptuit Laurus.

Steel stocks are trading strong led by Tata Steel and JSW Steel. According to a leading financial daily, Tata Steel has launched the country's first branded silico manganese for the steel sector in order to tap Rs 30 bn fragmented market. Tata Silicomag is possibly the world's first brand in silico manganese and the company expects to garner 18-20% market share in the first year. The company launched the product in Durgapur and in the next few months will take this product to other parts of the country. Tata Steel has also firmed up plans to pump Rs 1.5 bn to enhance its production capacity of silico manganese by another 55,000 tonne from a Greenfield plant in Odisha. The commercial production will be in place from 2014.

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