After opening the day marginally lower, share markets in India witnessed volatile trading activity and are presently trading in the red. Sectoral indices are trading on a mixed note, with stocks in the capital goods sector and stocks in the IT sector witnessing maximum buying interest. While stocks in the metal sector are leading the losses.
The BSE Sensex is trading down by 130 points (down 0.4%) and the NSE Nifty is trading down by 50 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down by 0.5%. The rupee is trading at 65.31 to the US$.
In news from stocks in the pharma sector. Divi’s Lab share price witnessed buying interest in early trade today after the company said that the US Food and Drug Administration (USFDA) has lifted import alert imposed on its unit at Visakhapatnam.
The company said that the US health regulator completed the inspection of the corrective action and measures initiated by the company and closed out the warning letter.
Last week, Divi’s Labs had announced that the US health regulator would lift an import alert imposed on the company’s Unit-II in Visakhapatnam and was moving to close out the warning letter issued to the unit.
The USFDA in March had issued import alert, and a warning letter later for the Visakhapatnam facility for non-compliance of good manufacturing practice (GMP) norms, the company had informed bourses earlier.
The company in July announced that USFDA had moved to lift import alert imposed on the unit.
The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years.
The list of pharma sector woes is long. So, is there light at the end of the tunnel? Girish Shetty, our research analyst thinks there is.
As per him, it doesn’t make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. There are interesting, niche pharma stocks that are worth your attention.
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