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Nifty inches towards 7800; October WPI inflation at -3.81%

WPI inflation came in at negative 3.81 percent for October against negative 4.54 percent in previous month. October core inflation stood at negative 2 percent against negative 1.93 percent in September.

12:00

TheNewsInternational Team

12:15 pm Shasun’s USFDA nod:

Shasun Pharmaceuticals said it has received US health regulator’s nod to market pain relief drug Carisoprodol in the US market.

In a BSE filing, Shasun Pharmaceuticals said, “It has received approval from the United States Food and Drug Administration (US FDA) for Carisoprodol tablets.” The approval is for the 250 mg and 350 mg strengths. Shasun Pharma said Carisoprodol tablets of 250 mg and 350 mg have sales of approximately USD 38 million.

“While the 350 mg has a few generic players, Shasun expects to be the first marketed generic player in the USD 16 million Carisoprodol tablets of 250 mg opportunity,” it added. Shasun Pharmaceuticals said the product will be manufactured at its Puducherry plant and distributed through a partner. It’s expected to be launched shortly.

Also read – Structurally OW India; QE may resume in US: Chris Wood

12:00 pm Market Check

The market gained strength in afternoon trade with the Nifty eyeing 7800 led by banking, metals, infra and FMCG stocks. However, technology stocks remained under pressure.

The Sensex rose 71.98 points to 25682.51 and the Nifty was up 24.95 points at 7787.20. The broader markets also rebounded as the BSE Midcap and Smallcap indices gained 0.2 percent.

WPI inflation came in at negative 3.81 percent for October against negative 4.54 percent in previous month. October core inflation stood at negative 2 percent against negative 1.93 percent in September.

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