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Indian markets remain lackluster
Mon, 27 Oct 11:30 am

After opening positive, the Indian Indices have continued to trade above the dotted line in the morning trading session. However, majority of sectoral indices are trading in red with realty and oil and gas sector stocks being the leading losers in the pack. Capital goods stocks and banking stocks were among the leading gainers.

The BSE-Sensex is trading up 22 points. The NSE-Nifty is trading up 6 points. The BSE Mid Cap index is trading down 0.23% while the BSE Small Cap index is trading up 0.23%. The rupee is trading at 61.23 to the US dollar.

Indian pharma stocks are trading mixed with, Piramal Enterprise and Orchid chemicals being the leading gainers in the pack, while Natco pharma and Panacea biotech leading among the losers. As per the financial daily, Ranbaxy Laboratories might lose the six month exclusivity on its generic launch of Nexium in US. Nexium is a blockbuster drug worth market size of US$ 4 Bn and used for the treatment of heartburn. Ranbaxy is holds first to file status and is entitled for 180-days exclusivity in US. However, Ranbaxy might lose its 180-days exclusivity if it fails to get approval by Nov 2014. Reportedly, The ban on selling drugs manufactured at the Punjab and Himachal units of Ranbaxy has resulted in the regulatory delay. In past also, Ranbaxy has faced challenges in getting approvals for various products including for its FTFs (First to file). Due to this, the company had also shared its exclusivity with other generic companies. Among its four manufacturing facilities only one is currently US approved located in Ohm US and others are under USFDA scanner. The company, which is in the process of being acquired by Sun Pharma, is preparing to make the generic version of Nexium from its plant in the US.

Majority of the software stocks are trading weak with HCL Technologies and Wipro leading the losers. India's second largest software firm Infosys, under CEO Vishal Sikka, is undergoing a major management overhaul. Senior management attrition was the key concern regarding the company. However, the problems are seemingly being addressed. Several senior and mid management positions have already been filled. The CEO has also convinced many of his former colleagues at SAP to join him at Infosys. In 2QFY15, the company had recruited over 3,000 professionals from several global corporations to provide leadership for the new teams that are being formed within the firm. This massive re-organisation is part of the plan to help transform Infosys into a next generation IT services company.

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