Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC. NSE Nifty tanked 371 points to 16,614.20.
Polarisation and the increase in index weight of a few a stocks have weighed on performance. The worst performers include Nippon India Large Cap and HDFC Top 100 (2.6 per cent).
Companies such as Dr Reddy's Laboratories, Sun Pharmaceutical, Lupin and Ranbaxy striving to capitalise on opportunities created by pro-generic health care reforms in the US market are facing pricing pressure as the health care supply chain is undergoing consolidation.
Other developers that have sought additional time include Alstom Bharat Forge Power, Sesa Sterlite Ltd and Cognizant Technology Solutions. Vedanta Aluminium has asked for extension of the validity of the approval granted by the board for setting up an SEZ in Odisha beyond May 22.
It said clinical trials of the drug 2-deoxy-D-glucose (2-DG) showed that it helps in faster recovery of hospitalised patients and reduces supplemental oxygen dependence.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
The novel mRNA vaccine candidate, HGCO19, is supported with seed grant under the Ind-CEPI mission of the Department of Biotechnology. The mRNA vaccines do not use the conventional model to produce immune response. Instead, they carry molecular instructions to make the protein in the body through a synthetic RNA of the virus.
147 domestic and international recruiters -- including Ola, Amazon, Flipkart and Xiaomi -- hired all 460 graduates.
This move could cost $299 million a year for Indian pharma players.
The upside for Ranbaxy Laboratories is likely to continue even as it loses its 180 days of marketing exclusivity for the Lipitor generic in the American market.
The untimely death of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy has plunged the state into mourning.
Fabiflu sales have grown by 62 per cent in July. It was launched in June. This drug is being used by doctors for mild-to-moderate Covid patients even if they are in home isolation.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
European countries are trying to woo back the Indian customers they had lost following seizure of drug consignments by Customs authorities of several European Union members.
The growth was led by family-owned companies and business groups with presence in pharmaceuticals, information technology services, and consumer products.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
India and China together account for 32 of the 50 companies in Forbes' sixth annual 'Asia's Fabulous 50 listed companies'.
After getting periodic extensions, the 14-year-old tax-refund scheme is finally coming to an end in June.
Cipla is recalling the drug for failed impurities and degradation specifications.
The anti-depressant drug market in the US is primarily ruled by Effexor XR (Venlafaxine) of Wyeth (now owned by Pfizer).
Companies asked to give data for three batches instead of one; move may lead to significant rise in development cost of generics
Facing accusations of delay in placing orders for vaccines, the government on Thursday defended its vaccine procurement policy saying it has been pursuing Pfizer, J&J and Moderna since mid-2020 for the earliest possible imports, and has even waived local trials for well-established foreign vaccine makers.
The numbers are the highest ever in the history of domestic drug discovery initiatives triggered by companies such as Dr Reddy's and Ranbaxy over a decade ago.
Five vaccine candidates are in advanced stages of development in India, out of which four are in Phase II/III and one is in Phase-I/II trials.
The rupee's appreciation of 6.4 per cent against the dollar and 12 per cent against the euro is likely to hurt the first-quarter performance of the pharmaceutical sector, indicate a results' preview by broking houses.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
India's largest pharma companies by market capitalisation Sun Pharma, Dr Reddy's and Cipla have seen their share prices drop 5-20 per cent over the last two weeks on results that were below Street expectations.
While the Sun management is confident of turning around Taro, industry observers say that historically, Indian drug firms have had mixed results in their attempts to integrate their foreign acquisitions with the parent entity.
Major Indian drug companies such as Ranbaxy Laboratories, Lupin, Dr Reddy's Laboratories and Glenmark have gone off the beaten track in overseas markets.
Late selling in blue-chips like Reliance Industries, ITC, Infosys, TCS and Bharti Airtel dragged down the index from the record level to close flat.
After surging above the 7,800 mark, the Sensex finally closed at 7,756.
Indian drug companies, which have introduced copies of biotechnology drugs in the country, are bullish over the marketing prospects of 'biogenerics' after patents expire in developed markets. Experts say Indian companies may not repeat the success they achieved in selling generic medicines in biogenerics. The cost of clinical trials and the absence of substitutability will ensure that only those with deep pockets to launch such products globally will succeed, they feel.
The Sensex gained 91 points to close at an all-time high of 7,860.
She met with Defence Minister A K Antony, Finance Minister Pranab Mukherjee, her political secretary Ahmed Patel and others on Wednesday evening to take stock of the situation.
'It is absolutely important for us to continue to message to people that they must wear masks, keep physical distancing, as much as is practically possible, at work or at home.'
'A good 30 per cent of people will still get infected after getting the Covishield vaccine.'
