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Pharma stocks stay afloat
Thu, 11 Dec 01:30 pm

Indian share markets continued to trade in the red in the post-noon trading session. Barring pharma, all the stocks are trading in the red. Realty and IT stocks are the biggest losers today.

BSE-Sensex is down 172 points and NSE-Nifty is trading 45 points down. BSE Mid Cap is trading 0.3% down and BSE Small Cap index is trading down by 0.5%. The rupee is trading at 62.23 to the US dollar.

Majority of the power stocks are trading in the red with Reliance Infra and PTC India among major losers. As per a leading daily, Tata Power has acquired a 540 MW thermal power plant near Nagpur in Maharashtra from Ideal Energy Project Ltd. The company's generation capacity is set to increase to 8,885 MW post this acquisition. Tata Power had been looking at a partnership with ICICI Securities to buy out troubled assets. The company has a total operational capacity of 8,613 MW out of which 7,647 MW is thermal power. It is to be noted that Adani Power recently acquired 600 MW Korba West plant from Avantha Group scaling up its capacity to 11,040 MW which is the highest in private power generation space. Tata Power stock is trading down 1.2%.

Domestic pharma stocks are trading mixed with Wockhardt and Cadila Healthcare being the major gainers whereas J B Chemicals and Orchid Chemicals are the biggest losers. As per a leading financial daily, Lupin's US subsidiary has launched generic version Pfizer's Celebrex capsules in 50 mg, 100 mg, 200 mg and 400 mg strengths. Lupin had earlier signed a licensing agreement with Pfizer for Celebrex. As per IMS MAT data for September 2014, Celebrex capsules have annual sales of US$ 2.45 bn in the US. Lupin stock is currently trading up 0.9%.

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