Indian share markets continued to trade flat with negative bias in the afternoon session amid mixed international markets. At the closing bell, the BSE Sensex stood lower by 67 points, while the NSE Nifty finished down by 22 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 1.4% and 0.9% respectively. Losses were largely seen in pharma, banking and PSU stocks.
Asian shares traded mostly higher with the exception of China and Hong Kong as continued capital outflows from the country weighed on sentiment. Japan’s Nikkei 225 gained 0.53% after the Bank of Japan kept monetary policy steady and offered a brighter view of the economy. While, the Shanghai Composite & the Hang Seng fell 0.49% and 0.47% respectively. European markets are mixed. The CAC 40 is higher by 0.20%, while the FTSE 100 & the DAX are down 0.21% and 0.06% respectively.
The rupee was trading at 67.90 against the US$ in the afternoon session. Oil prices were trading at US$ 53.23 at the time of writing.
According to a leading financial daily, Glenmark Pharmaceuticals is planning to spend US$ 100 million each over the three years period towards capital expenditure. The company plans to expand existing units and increase their footprints in the global market.
The company is reportedly spending 9-10% on research and development and now looking at spending 11% of sales in the coming years. The firm is also looking at CAGR of 15-20% topline growth over the next 5 years period.
The US and India are the major markets for the company, accounting for 60% of sales currently. Over the next four-five years, the company plans to file 20-25 abbreviated new drug applications (ANDAs) with the US Food and Drug Administration annually and launch around 20 products.
Glenmark has set a revenue target of US$200-250 million from the US sales of its generic version of the anti-cholestol drug Zetia, which was launched last week. The management adds that initial traction has been in line with the target.
Leave A Comment