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Tue, 20 Sep 01:30 pm

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Indian Indices have continued trading marginally lower during the post-noon trading session amid mixed global markets. Sectoral indices are trading on a mixed note with stocks from metal, oil & gas leading the gains while auto & realty stocks trading in the red.

The BSE Sensex is trading lower by 118 points (down 0.4%) while the NSE Nifty is trading lower by 35 points (down 0.4%). The BSE Mid Cap index is trading flat and BSE Small Cap index is trading lower by 0.1%. Gold prices, per 10 grams, are trading at Rs 30,965 levels. Silver price, per kilogram is trading at Rs 46,175 levels. Crude oil is trading at Rs 2,934 per barrel. The rupee is trading at 66.98 to the US$.

Pharma stocks are trading on a mixed note with Dishman Pharma & Elder Pharma heading the gains. As per an article in Business Standard, Dr Reddy's Laboratories has launched in the US generic Paricalcitol injection used for treatment associated with chronic kidney disease. It has launched the Injection in various strengths such as 2 mcg, 5 mcg, 10 mcg. The injection is a therapeutic equivalent generic version of Zemplar.

Reportedly, the injection is first Abbreviated New Drug Application product launched in the US after approval from the US Food and Drug Administration.

According to IMS MAT Health, the Zemplar brand and generic had US sales of approximately US$22.5 million MAT for the most recent twelve months ending in July 2016.

Despite the several headwinds, the Indian pharma pack could manage growth in exports. Notably, the pharmaceutical sector, which is an important contributor to India's exports, stood out in terms of export performance.

In another development, Cadila Healthcare Ltd, a part of Zydus Cadila group, has partnered with Japanese firm Takeda Pharmaceutical Co. Ltd to develop and commercialize a vaccine against chikungunya.

Currently, there is no vaccine to avert or treat chikungunya virus infection. Moreover, chikungunya has been identified in over 60 countries in Asia, Africa, Europe and the Americas. Cadila, which is into vaccine research, along with Takeda's expertise will be taking an all important step to prevent the disease burden which is highly prevalent in developing countries, the reports noted.

Moving on to the news from engineering sector. As per an article in a leading financial daily, The construction arm of L&T has won orders worth Rs 17.3 billion across various business segments (Subscription Required).

These include an order worth Rs 6.9 billion bagged by its Heavy Civil Infrastructure Business in the defense sector. While its communications business won a Rs 4.2 billion order from Bharat Sanchar Nigam Ltd. for supply and maintenance of Wi-Fi hotspots and offload systems in southern and western India.

Further, water and effluent treatment business won a Rs 2.5 billion order from the Pune Municipal Corporation. Under power transmission and distribution business, it bagged orders worth Rs 3.7 billion from the Odisha Power Transmission Corporation Ltd. for electrification works. The vertical also won an order from Power Grid Corporation of India Ltd. for the construction of the 400 kilo volt double circuit.

Diversification continues to help L&T (Subscription Required) negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors. Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike. Whether, further addition to these new projects provide a cushion to its profitability will be an interesting thing to watch out for going forward.

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