Indian Markets Inch Upwards

Thu, 31 Dec 11:30 am

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   09:30 am   

   01:30 pm   

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After opening marginally higher, the Indian Markets have added to their early gains and are presently trading above the dotted line. Sectoral indices are trading on a positive note with stocks from the IT and realty sectors leading the gains.

The BSE-Sensex is trading up 38 points (up 0.1%) and the NSE-Nifty is trading up 15 points (up 0.2%). The BSE Mid Cap index is trading up by 0.1% while the BSE Small Cap index is trading up 0.3%. The rupee is trading at 66.32 to the US$.

Pharmaceutical stocks are trading mixed with Panacea Biotech and J. B. Chemicals leading the gains. As per a leading financial daily, Cadila Healthcare has received a warning letter from the US Food and Drug Administration (USFDA) relating to its Moraiya formulation facility and Ahmedabad API facility. The scrip of the company witnessed selling pressure and tanked about 15% after this announcement was made.

Regarding this, the company stated that it would respond to USFDA to address the observations within the statutory time permitted in the letter. It added that the company takes quality and compliance matters very seriously. In addition, it would fully comply with cGMP (current good manufacturing practices) quality standards across all of its facilities. Lastly, the company clarified that there are no products in the US market, which use API (active pharmaceutical ingredients) of Zyfine facility.

Cadila Healthcare is a research-oriented, technology-driven pharmaceutical company. It is focused on the research areas of biotechnology, formulations and Active Pharmaceutical Ingredients. The company is an Indian based pharmaceutical company having their presence around the world. Presently the stock of Cadila Healthcare is trading down by 15.3%.

Automobile stocks are trading on a positive note with TVS Motors and Eicher Motors leading the gains. As per an article in Economic Times, the government is likely to delay implementation of Bharat Stage (BS) V norms for vehicles by a year to 2020. The same is due to unavailability of suitable fuel. For this, the Road Transport and Highways Ministry is going to take a call this week on the timeline for adoption of stricter emission standards.

To note, on November 27, the road transport ministry had issued a draft notification recommending implementation of BS V norms for new vehicles by 2019 and for existing vehicles by 2020. Further, the timelines for incorporating BS VI solutions in new and existing vehicles stood at 2021 and 2022 respectively.

The ministry has agreed to this extension. However, automakers are worried about the plan to implement BS VI standards by 2022. They have asked the government to offer an interval of 3 to 4 years after introducing the BS V standards.

With the declaration of these new fuel emission norms, all commercial vehicle manufacturers are required to upgrade their platforms. Tata Motors, for example, launched its 'World Truck' platform after the norms were declared.

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