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Realty & energy out of favour
Tue, 16 Sep 01:30 pm

Indian share markets slipped deeper in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty and energy stocks being the biggest losers. FMCG and IT are among the few stocks trading in the green.

BSE-Sensex is down 154 points and NSE-Nifty is trading 61 points down. BSE Mid Cap is trading 2% down and BSE Small Cap index is trading down by 2.3%. The rupee is trading at 61.07 to the US dollar.

Most of the domestic pharma stocks are trading in the green with Piramal Enterprises and Panacea Biotech being the biggest gainers whereas Indoco Remedies and J B Chemicals are trading in the red. As per a leading financial daily Cadila Healthcare has signed a non-exclusive licensing agreement with Gilead Life Sciences Inc for the manufacture of generic drugs used for the treatment of chronic Hepatitis C. The generic drugs namely sofosbuvir and ledapasvir are distributed in 90 developing countries, including India. Under the licensing agreement, Cadila Healthcare will receive a complete technology transfer for the manufacturing process from Gilead. Cadila Healthcare will set its own prices for the generic product and pay a royalty to Gilead on the sales. Cadila Healthcare stock is currently trading up 1.9%.

Most power stocks are trading on a weak note today led by CESC LTD. and National Hydroelectric Power Corp. (NHPC Ltd). However, Indiabulls Power is among the few stocks trading firm. As per a leading business daily, NTPC is expected to enter an agreement with Andhra Pradesh (AP) government for setting up of a major solar power generation park of about 1000 MW. Two other companies, Solar Energy Corporation and NTPC Vidyut Vyapar Nigam are also set to sign separate agreements with the AP government for setting up of 1000 MW solar power parks. For this solar project NTPC has been allotted 5,500 acres of land from the state government. NTPC is expected to invest Rs 70 bn for the solar project. The stock of NTPC is trading by down by 1% today.

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