After opening the day in green, share markets in India witnessed choppy trades and are presently trading marginally above the dotted line. Sectoral indices are trading mixed with stocks in the banking sector and stocks in the auto sector trading in red. While stocks in the capital goods sector are trading in green.
The BSE Sensex is up by 9 points (up 0.1%) and the NSE Nifty is trading up by 8 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 1%. The rupee is trading at 64.05 to the US$.
In news from pharma sector, Cadila Healthcare share price surged 2.3% in noon trade after it was reported that the company’s wholly-owned subsidiary — Zydus Pharmaceuticals (USA) has received final approval from the United States Food & Drug Administration (USFDA) to market Nifedipine Extended-Release Tablets USP in strengths of 30 mg, 60 mg, and 90 mg.
The drug is used to treat hypertension (high blood pressure) and chest pain. It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.
The group now has more than 180 approvals and has so far filed over 310 ANDAs since the commencement of the filing process in FY 2003-04.
Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.
With an aim to lower the overall healthcare costs in the country, the US Food and Drug Administration (FDA) approved a record 763 generic drugs for the financial year ending 30th September. As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year.
Meanwhile, the BSE Sensex will include Private sector lenders – IndusInd Bank and Yes Bank from December 18, while two pharmaceutical stocks – Cipla and Lupin will exit the index.
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