Stock markets in India are trading flat as the rupee fell to its record low for third straight session amid global tensions. Losses are largely seen in FMCG stocks and metal stocks.
The BSE Sensex is trading up by 45 points and the NSE Nifty is trading down by 4 points. Meanwhile, the BSE Mid Cap index is trading down by 1.2% while, the BSE Small Cap index is trading down by 0.6%.
Pharma stocks are trading on a mixed note with Indoco Remedies & Piramal Enterprises leading the losses. As per an article in a leading financial daily, the United States Food and Drug Administration (USFDA) has completed cGMP inspection at Lupin’s Tarapur API Manufacturing Facility.
The inspection closed with one observation, a procedural deficiency. The inspection at the site was conducted on 27-31 August 2018 by three FDA investigators.
The inspection focused on cGMP compliance and also on the safety of Lupin’s Valsartan, Losartan and Irbesartan APIs (commonly known as ‘Sartans’) in light of the safety alert issued by Regulatory Authorities on the NDMA (classified as a probable human carcinogen) impurity in Valsartan API supplied by some companies.
During the inspection, the USFDA concluded that the manufacturing processes of Lupin ‘Sartans’ are safe with no chance of the presence of the NDMA impurity in the APIs.
To know more about the company, you can access to Lupin’s Q1FY19 result analysis and Lupin’s 2017-18 Annual Report Analysis on our website.
At the time of writing, Lupin share price was trading down by 1.1%.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
Moving on to the news from the economy. Indicating further traction for asset resolution, India Ratings has said it is expecting that over Rs 4 trillion of bad loans will be resolved by the end of 2018.
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