The News International Team
01:00pm Cadila Healthcare in News
Zydus Cadila has received tentative approval from the US Food and Drug Administration (US FDA) to market (anti-diabetic drug) Glipizide extended release tablets in the strength of 2.5 mg, 5 mg and 10 mg.
The estimated sales in 2014 for Glipizide extended release tablets is USD 90.1 million, as per IMS.
The group now has 97 approvals and has so far filed 249 ANDAs since 2003-04.
12:45pm Rate hike signal possible from FOMC?
Sean Darby, Jefferies says the combination of flattening global yield curves, a strong dollar and falling commodity prices ought to be forcing investors into significant asset allocation shifts.
“Paradoxically, equity volumes remain tepid despite the disinflationary conditions. We expect the FOMC meeting this week to signal the end of QE in October. We would, however, highlight that global liquidity measures have been much more dependent on China’s money supply changes,” he adds.
12:25pm RBI Governor on foreign debt
The Reserve Bank of India (RBI) is limiting the country’s reliance on foreign debt and will continue to do so, governor Raghuram Rajan said.
“We are limiting our reliance on foreign debt. It’s important we keep it this way,” he said during a speech to university students.
Rajan’s comments came at a time when foreign institutional investors have nearly exhausted their USD 25 billion allocation in government debt, leading to expectations that India would raise limits soon.
Rajan also said the RBI had reduced the current account deficit “substantially”.
The current account deficit for April-June stood at USD 7.8 billion, sharply higher than USD 1.3 billion in January-March but narrowing from USD 21.8 billion a year ago, reports Reuters.
12:00pm Equity benchmarks remained marginally under pressure with the Sensex falling 44.25 points to 26772.31 and the Nifty declining 16.50 points to 8025.50 but the outperformance in broader markets continued.
The BSE Midcap and Smallcap indices gained 0.2 percent and 0.6 percent, respectively. Advancers beat decliners on the Bombay Stock Exchange by a ratio of 1470 to 1163.
ONGC topped the selling list, falling 2.5 percent and Oil India declined 1 percent. Oil marketing companies (OMCs) like BPCL, HPCL and IOC fell 1.5-3 percent. Diesel prices will not be touched till October 15, at least till Maharashtra and Haryana elections, reports CNBC-TV18 quoting unnamed government sources. OMCs didn’t revise petrol price as revision unwarranted, sources add.
Shares of Axis Bank, Reliance Industries, Tata Motors, Sesa Sterlite and Coal India lost 0.7-2 percent. Top lenders State Bank of India, ICICI Bank and HDFC Bank slipped 0.2-0.5 percent.
However, Bharti Airtel, Sun Pharma and Dr Reddy’s Labs bucked the trend, rising 1-1.7 percent followed by Infosys, HDFC, ITC, Wipro, Hero Motocorp and Hindalco with 0.3-0.7 percent.