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Indian stock markets continue to slide
Tue, 10 Dec 01:30 pm

Indian markets continue to witness selling pressures during the post noon trading session. Most of the sectoral indices are trading in red, with power sector stocks and consumer durables sector stocks being the top losers. Only stocks from IT, healthcare and FMCG are in green.

BSE-Sensex is down by 130 points and NSE-Nifty is trading down by 50 points. While BSE Mid Cap is trading down by 0.69%, BSE Small Cap index is trading down by 0.89%. The rupee is trading at 61.28 to the US dollar.

Most of the Indian pharma stocks are trading in red with Strides Acrolab and Orchid chemicals being among the leading losers. Lupin Ltd, today announced that the company has received approval for Abacavir sulphate, lamivudine and Zidovudine tablets for 300mg base. The said drug is generic equivalent to Trizivir indicated in combination with other antiretrovirals or alone for the treatment of HIV -1 infection. The branded market size of the drug is $ 111 m in US. Lupin holds 180-days exclusivity on this drug, however the company is still into litigation with the innovator. The patent in issue is set to expire in 2016, thus Lupin will be able to launch the drug after the patent expiry or if it gets favourable verdict. Lupin is trading up by 1.48%.

Food stocks are trading mixed with Ruchi Soya and ITC being the biggest gainers while Sterling Biotech and Golden Tobacco are among the major losers. As per a leading financial daily, ITC is building its paan shop network to compete with FMCH behemoth HUL in distribution reach. ITC will be leveraging its extensive distribution network of paan shops to launch its entire range of packaged foods and personal care products. While rival FMCG companies mostly sell confectionary, snack, shampoos and detergents through paan shops, ITC also plans to sell premium cookies and cream biscuits through these outlets. Therefore as part of the initiative, ITC is revamping up the paan outlets also known as paan plus outlets and training paanwallahs to sell soaps, biscuits and noodles. Reportedly, ITC has extended reach of packaged foods, personal care & stationary products to over 10 lakh paan-plus outlets which is almost half the number of stores through which non-cigarette FMCG products are sold. ITC is currently trading up by 1.5%.

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