The markets opened 47 points higher at 7,682.
The move brings an additional 15 per cent of the retail medicine market worth over Rs 4,000 crore (Rs 40 billion) under direct price control. All domestic companies, including drug majors like Ranbaxy, Cipla, Lupin and Dr Reddy's, have syrups and tonics in their product portfolio.
The drugs manufacturing industry is on a state of alert following two landmark developments over a cancer treatment medicine.
Cymbiotics, a US-based bio-pharmaceutical manufacturer, has entered into a joint in-licensing agreement with Elder Pharmaceuticals to manufacture and market three of its drugs for pain management, diabetes and dermatology in the Indian market.
Justice Rajiv Sahai Endlaw allowed 454 petitions moved by various pharma and healthcare majors, like Pfizer, Glenmark, Procter and Gamble and Cipla, challenging the government's March 10 notification banning the FDCs, saying the decision was taken by the Centre without following procedure prescribed in the Drugs and Cosmetics Act.
Currently, the govt directly caps prices of 348 formulations at the average price of all medicines in a particular segment with at least 1% market share
Over 30 domestic pharmaceutical companies, including Ranbaxy, Cipla, Nicholas Piramal, Zydus Cadila and Torrent, face a possible ban on the sale of the generic version of Merck's pain management drug in the Indian market.
Pharmaceutical major Matrix Laboratories, public sector oil producer Oil and Natural Gas Corporation and Ranbaxy Laboratories have emerged as the fastest, biggest and the most consistent wealth creators for year 2006
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
Indian exporters of ayurvedic drugs are finding it extremely difficult to tap this high-growth segment
The Sensex plunged into the red after opening with a gain of 13 points at 7,693.
Wipro rose the most, up 3.12 per cent, ahead of its board meeting to discuss buyback of shares.
As many as 15 companies across the world have lined up generic variants of Pfizer's Zoloft (Sertaline HCL), for which the exclusive six-month marketing period granted to the successful patent challenger, Teva of Israel, ends on Tuesday.
Currency played an important role in Q2, with US dollar, Japanese yen and euro appreciating vis-a-vis the Indian rupee, while the Brazilian real, South African rand and Russian ruble depreciating against rupee.
Some Indian generic drugmakers are, however, uncertain about the pace of approvals in the near future.
Asian Paints, Cipla, Bharat Forge, Dabur India, Nicholas Piramal and Satyam Computer Services are among the 20 Indian corporate entities that have found place in Forbes' list of 'Best Small Asian Companies'.
Thirty stocks from various sectors form the Sensex.
Among the companies likely to sign deals with Gilead are Cadila, Hetero, Strides Arcolab and Mylan, while Cipla is expected to earn active pharmaceutical ingredient rights.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy. Here are his replies to some of the 'buy, sell, hold, avoid or exit?' e-mails that we have received.
Former US President Bill Clinton's foundation has reached an agreement with eight pharmaceutical companies worldwide, including India's Cipla and Ranbaxy, to drastically lower the prices of AIDS tests and drugs.
The upcoming corporate results season and the approaching Union Budget kept investors on their toes
Markets across the globe gained after China Securities Regulator removed its four-day-old circuit-breaker system.
Healthcare, auto and financial stocks lagged.
The markets opened in the positive terrain but slipped and are trading flat as selling was seen in banking and pharma stocks
The NSE index, Nifty, on Thursday surged over the 5,000-points mark in early trade, on aggressive buying by foreign and domestic funds. It gained 75.05 points at 5015.55 in the first five minutes of trade and hovered around the 5000 mark.
The Sensex opened with a positive gap of 159 points. The index soon zoomed to a high of 11,697.
Most of the 30-Sensex constituents led by M&M, Adani Ports, BhartiAirtel, Bajaj Auto, Hero MotoCorp, ICICI Bank, Sun Pharma, Cipla, HDFC Ltd, ONGC and Hind Unilever were trading in negative terrain, falling by up to 5.77 per cent.
The Sensex finally closed with a gain of 52 points at 7,944 on the first day of the Samvat year 2062.\n
The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95.
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