Indian Markets Open Flat

Thu, 31 Dec 09:30 am

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Major Asian stock markets have opened the day on a mixed note. Stock markets in Hong Kong are trading up by 0.2% while Singapore markets are trading lower by 0.1%. Further, stock indices in Europe and US ended their previous session on a dismal note. The rupee is trading at 66.42 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 14 points (up 0.1%) and NSE Nifty is trading higher by 2 points (up 0.02%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.4% respectively. Major sectoral indices have opened in the green with stocks from telecommunication and realty sector witnessing maximum buying interest.

Stocks in the power space have opened the day on a mixed note with Adani Power and Torrent Power leading the gains. As per an article in Economic Times, sale of renewable energy certificates (RECs) witnessed a two-fold rise during the month of December. Sales of RECs stood at 9.6 lakh during the month as against 3.19 lakh recorded in the earlier month (November).

Most of this surge was on the back of better compliance of Renewable Purchase Obligation (RPO) by the companies. RPO is an obligation mandated by central/state regulatory commission. It is applicable to power distribution companies, open access consumer and captive consumers which are under obligation to buy RECs from renewable energy producers to meet this norm.

It is also imperative to note, Indian Energy Exchange (IEX) recorded sale of 8,65,675 RECs while Power Exchange India Limited (PXIL) witnessed sale of 94,366 RECs. IEX and PXIL are the power exchanges, approved by the Central Electricity Regulatory Commission, that hold auction of RECs on the last Wednesday of every month.

One shall note that, Piyush Goyal- minister of power, coal and renewable energy had earlier this year stated that India has a US$250 billion investment opportunity in the renewable energy space. India plans to have 100,000 megawatts (MW) of solar energy capacity by 2022. Renewable energy currently accounts for 13% of the total installed capacity of power generation.

As per a leading financial daily, Dr Reddy's Laboratories has announced the re-launch of its Esomeprazole Magnesium delayed-release capsules in the US market. The capsules are a generic version of AstraZeneca AB Corporation's acid reflux drug Nexium.

The company's generic version was banned after the innovator of the drug had filled a temporary restraining order (TRO) as Dr Reddy's drug used Purple colour in its drug. Reportedly, Astrazenaca challenged Dr Reddy's on the grounds that its purple coloured pill is protected by three federal trademarks. And thus the use of the same colour by Dr.Reddy's will likely lead to confusion among patients.

Consequently, in November, a US court had directed Dr Reddy's Laboratories to stop sales of the generic version of the capsules in the US due to the usage of colour purple in the capsules. The re-launched version by Dr Reddy's is of different shade and not purple.

The aforesaid re-launch would help Dr Reddy's to revamp its market share. Dr Reddy's is among the leading pharma companies, and has strong presence in the US market. However the recent USFDA issues have put pressures on the stock price of many Indian Pharma biggies including Dr Reddys.

Stock of Dr Reddy's Laboratories has opened the day on a positive note.

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