Shares in Sun Pharmaceutical Industries fell by more than 5 per cent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.
Benchmark equity indices Sensex and Nifty settled with marginal gains on Thursday in a highly volatile trade amid the scheduled monthly derivatives expiry and muted trend in the US markets. The 30-share BSE Sensex closed 86.53 points or 0.13 per cent higher at 66,988.44, registering its third day of gains. During the day, it hit a high of 67,069.89 and a low of 66,610.35.
Investors must carefully watch the developments on the MNC pipeline.
While Daiichi Sankyo acquired a majority share in the country's biggest drug-maker Ranbaxy, Eisai and Astellas have chosen to set up wholly-owned subsidiaries to promote their patented medicines in the country. In a communication to the Nikkei Stock Exchange on November 18, Astellas said its subsidiary Astellas Pharma India in Mumbai was set up as a marketing arm to sell its immunology and urology medicines.
The 50-share NSE Nifty stayed in the positive zone and retook the 9,900-mark to hit a high of 9,905.05 as buying paced up towards the fag end. It settled higher by 72.45 points, or 0.74 per cent, at 9,899.60.
The government has formed the Export Promotion Council for Pharmaceuticals (Pharmaexcil) to boost pharma exports.
Firms like Abbot, Piramal and Bayer India have made their presence felt at KJ Somaiya Institute of Management Studies, Mumbai. Increasingly, pharma companies are finding it easier to recruit people from B-schools for jobs in marketing, human resources and finance.
Among the Sensex firms, Bajaj Finance fell by nearly 3 per cent, the most among the 30 frontline companies. Bajaj Finserv, Axis Bank, HDFC Bank, Reliance Industries, NTPC, ICICI Bank and IndusInd Bank were the other major laggards. In contrast, Tata Motors, Sun Pharma, Maruti and Mahindra & Mahindra were the gainers.
Sun Pharmaceutical's acquisition of Ranbaxy has received final approvals.
The weakness in the stock was because of inspections by the American drug regulator at its Halol plant in Gujarat which resulted in eight observations, as well as a downward revision of speciality drug payoffs.
Although the third quarter of financial year (2023-2024) FY24 (Q3FY24) was marginally below expectations, Info Edge (India) is witnessing strong investment trends and hitting new highs. The big driver is optimism about a pickup in the jobs market, which benefits Naukri.com and could mean upgrades in Q4FY24 expectations. The JobSpeak Index, which Naukri.com releases on a monthly basis, is showing a "transformative shift".
Dilip S Shanghvi reminisces about Anji Reddy.
The opposition's Indian National Developmental Inclusive Alliance (INDIA) will hold a 'maha rally' at Delhi's Ramlila Maidan on March 31 to safeguard the country's interests and democracy, Aam Aadmi Party leader Gopal Rai said on Sunday.
Trade deficit during the month narrowed to USD 14.54 billion from USD 15.3 billion in January 2020. It was USD 15.44 billion in December 2020.
Rediff reader Rashmi Pillai, a pharma professional from Mumbai suggests how to stay positive and make the most of the lockdown.
The external affairs minister, speaking at a media summit organised by the TV9 Network, described the rise of India and China as "significant" in the global geopolitical scenario.
Among the Sensex firms, IndusInd Bank, Tata Steel, Tata Motors, Sun Pharma, Infosys, Mahindra & Mahindra, Infosys, NTPC, Bharti Airtel, HCL Technologies and Axis Bank were the biggest gainers. Tech Mahindra and Bajaj Finance were the laggards.
The Sensex ended at at 27,676, lower by 210 points and the Nifty broke the psychological level of 8,400 to end at 83877 down 70 points.
Corporate affairs ministry mulls changes in Competition Act, may provide different threshold for various sectors.
Sun Pharma profit down 30% over compliance costs, lower sales.
Russia's central bank early on Tuesday raised interest rates to 17 per cent to counter the 50 per cent rouble fall in six months.
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The report comes at a time when the government is trying to clear pending FDI proposals, which include various planned investments in this sector.
Deals indicate growing interest of private equity firms in India's pharma and healthcare segments.
Despite news of the private equity in the domestic healthcare and pharma industry touching almost Rs 40 crore (Rs 40 million) in the first nine months of the year, PE firms are not exactly bullish about investing in the pharma industry alone. In fact, a closer look at the investments reveals that a larger part of the money is being flown into healthcare delivery systems like hospital chains and not in pharma companies.
One of the suitors says that Ranbaxy's Indian portfolio alone is worth $2 billion, or approximately Rs 11,900 crore.
A group of ministers (GoM) headed by Agriculture Minister Sharad Pawar is scheduled to meet on April 30 to finalise its recommendations for a policy that would attempt to balance the interests of the common man and the industry. The GoM is also expected to give recommendations on the regulation of trade margins on all medicines, public procurement of drugs, price negotiation of patented drugs and medical devices, in addition to the legislation of new Acts.
Drug maker Sun Pharmaceutical Industries on Monday said it has commercially launched generic Ethyol, used in the treatment of cancer. Ethyol is the generic version of Medimmune's Ethyol amifostine injection, used for treating cancer, Sun Pharma informed the Bombay Stock Exchange, adding that the drug has an annual sales of $80 million in the US.
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
Two individuals filed the petition in the high court of Andhra Pradesh
The proposed acquisition is expected to close by the end of 2014, subject to approvals from Indian Courts and the anti-trust body in India and the US
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
Among the Sensex firms, JSW Steel, Titan, Tata Steel, Sun Pharma, Reliance Industries, Bharti Airtel, Tata Motors and HDFC Bank were the biggest gainers. NTPC, Tech Mahindra, Maruti, State Bank of India and Larsen & Toubro were among the laggards.
The government on Monday said that multinational companies (MNCs) are campaigning against domestic pharmaceuticals industry as their interests were getting impacted due to increasing global presence of Indian firms in the generic segment.
Indian Pharma majors are looking at different strategies to boost their global business.
Sun Pharma stated the company wanted shareholders' approval to "issue, offer and allot equity shares or non-convertible securities, other than warrants, up to an amount of Rs 12,000 crore ($2 billion), to qualified institutional buyers pursuant to a QIP."
Bharat Rashtra Samiti leader K Kavitha is expected to be produced before a special Prevention of Money Laundering Act (PMLA) court by the Enforcement Directorate in New Delhi on Saturday for obtaining her remand for custodial interrogation in the money laundering case linked to alleged irregularities in the scrapped Delhi excise policy 2021-22, officials said.
