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Reforms fail to keep markets upbeat
Tue, 25 Sep Closing

Despite the restructuring plan for the power sector yesterday, investors in Indian equity markets chose to stay on the sidelines throughout the session today. After hovering close to the dotted line for most of the session, the indices closed marginally higher today. While the Sensex today closed higher by around 21 points, gains on the NSE-Nifty came in at around 4 points. The BSE Mid Cap and BSE Small Cap indices ended higher by around 0.5% each. Select FMCG and consumer durable stocks managed to find investor interest.

Asian indices closed a mixed bag today with Europe too trading in the negative currently. The rupee was placed at Rs 53.42 to the dollar at the time of writing.

Despite the government's latest reforms for the power sector, PSU power stocks National Thermal Power Corporation (NTPC) and Power Grid Corporation failed to find investor interest today. NTPC is the largest power generating major in the country. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil & gas exploration, power trading & distribution. The company has recently raised US$ 500 m via 10-year US dollar denominated bond offering in the US bond market. The coupon for NTPC's bond has been fixed at 4.8%. With coal supplies and bank funding expected to get streamlined, NTPC may well be on its way to set up generation capacities in line with its long term plans.

The country's largest drug-maker, Ranbaxy Laboratories, has missed out on the 'first-day launch' of its generic version of Novartis' best-seller hypertension drug Diovan in the US. This is because the company is yet to get the US Food and Drug Administration's (FDA's) approval for the generic version of the drug, Valsartan. The company was scheduled to launch its drug on September 21, 2012, the day from when Diovan's patent expired. The company has the exclusive rights to market the generic for 180 days, after emerging as the first company to successfully challenge Novartis' patent for Diovan. However, Sandoz, the generic arm of Novartis, unveiled Diovan HCT, its low-cost version with a licence from Novartis. Similarly, Mylan Inc too started selling the same low-cost combination drug recently. The stock of Ranbaxy closed 1% higher today.

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