All the sectoral indices, led by realty, metal, consumer durables and power were trading in the negative zone on Thursday.
Hetero has priced the injectable drug at Rs 5,400 per 100 mg vial. With More drugmakers in line to launch the drug soon, the prices may see a further erosion.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
Sentiment also remained buoyant as a good monsoon season lifted hopes of a revival in farm output.
Asia's falling stocks have triggered an exodus of funds from the region.
The primary market is set for a bumper Rs 80,000-crore bonanza with 30 companies already filing IPO papers to raise Rs 55,000 crore, while around 10 more are lined up for this month itself, seeking to mop up another Rs 25,000 crore, say investment bankers. The market has been on a non-stop rally, hitting new records almost every week, on the back of an influx of investors -- a vast majority of them first-timers -- coupled with a flood of liquidity. Foreign funds alone had pumped in a record $35 billion into the market in FY21, while the trend has continued this fiscal as well. Domestic institutions led by LIC have also infused trillions of rupees, helping woo retail investors in troves -- the year saw over 20 million new investors coming to the market.
The increasing number of generic players tapping the US market for known molecules has resulted in pricing pressures and lean margins.
Market should rebound in the next few days
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The development assumes significance as on Monday the Supreme Court had rejected the plea of Novartis AG for patent protection of its anti-cancer drug Glivec.
In the last one month, Indian pharmaceutical company Lupin has won US Food and Drug Administration nod for three of its contraceptive pills, and has at least nine approvals pending with the regulator.
This move could cost $299 million a year for Indian pharma players.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The industry feels two factors have played a role in improving the offtake and reducing trade inventory - one is that the supply chain in pharmaceuticals has more or less stabilised, and secondly, with lockdown curbs easing and OPDs opening, some demand has grown at the consumer end as well.
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Global pharmaceutical firms have had a series of patent disputes with Indian makers of generic drugs and several recent Indian rulings have gone against the international giants.
Indian auto and pharma industries import several critical components and raw materials from China.
Revival in domestic business should also help overall revenue growth.
AstraZeneca on Wednesday announced that it had filed separate patent infringement actions in the United States District Court, Delaware, against seven generic drug manufacturers, which have submitted abbreviated new drug applications (ANDAs) with the US Food and Drug Administration (FDA) seeking marketing authorisation for Crestor.
Pharmaceutical majors like Ranbaxy, Dr Reddy's Lab, Wockhardt, Glenmark and Sun Pharma are now treading a careful patent litigation path in the US market to expand their generic business instead of the aggressive patent challenges they pursued until a few years ago.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
A recent report has suggested that future patent expires in the cardiac and anti-diabetes space would form a good opportunity for smaller firms, given their franchise in these segments.
The upcoming July derivatives expiry later in the week would also add some volatility to the market proceedings.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Even smaller companies like Torrent Pharma and Alembic file five to 10 ANDAs every year.
The Sensex closed at 12,009.59 up 37 points. The Nifty gained 7 points to close at 3,479.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Companies asked to give data for three batches instead of one; move may lead to significant rise in development cost of generics
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
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