Another year of strong performance by these export-oriented sectors likely as US economy revives and rupee is expected to be under pressure.
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In a letter to health minister Harsh Vardhan, the Indian Pharmaceutical Alliance, an industry body representing leading pharma companies, including Sun Pharma, Lupin, Dr Reddy's Labs, Cadila Health and Glenmark, stressed the need for an out-of-court settlement with health activists fighting for the rights of clinical trial participants.
Earning woes drag markets lower; TCS, HUL lead fall.
Combined net profit estimated to grow 14.6% year-on-year, against a 5.7% decline in the Dec 2015 quarter
The Delhi High Court on Friday stayed the ban on some fixed dose combination (FDC) drugs of Glaxo SmithKline, Wockhardt and Laboratories Griffon but said action against their sale could be taken in the absence of valid sale and marketing licence.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
Once tipped to emerge as the biggest exporter, the pharmaceutical industry is yet to acquire the scale of those in software services, says Krishna Kant.
Additional levy to eat into Rs 6,000-crore income of top promoters
This is to take head on big American pharmaceutical giants, which in the recent past had launched a strong anti-India campaign against efforts of such companies to provide affordable health care not only to people in India, but also in the third world countries.
The recovery was led by pharma majors led by Dr Reddy's Labs.
This analysis is based on the quarterly earnings for 724 companies.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
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Expectations of strong results, consistent performance and investors preference for stocks in the defensive space help the sector outshine broader markets.
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
Market breadth is positive with 942 advances and 196 declines.
The local markets are expected to react to global triggers until the government announces the Union Budget.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Investors must be cautious and follow a prudent diversification strategy to mitigate against any risks in case of any unforeseen events.
Besides opposing the suspension of three medicines, the sector has also questioned the process adopted by the government.
Media tycoon Kalanithi Maran and his wife Kavery Kalanithi have retained the top two slots among the highly paid executives in the country.
Analysts now expect India Inc to report a decline in both top line and bottom line for the September quarter.
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
Developed markets have performed better than emerging market firms in the top 10 TSR-based rankings, says a BCG report.
The Indian Pharmaceutical Alliance has approached regulator for a dialogue to understand the concern raised by it
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Ten months after new Sebi norms set in, some senior directors still hold more board seats than allowed.
The S&P BSE Sensex has rallied about 28 per cent in 2014, after formation of a stable government at the Centre.
Analysts mostly prefer domestic plays beside select films with foreign exposure.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
Market breadth continued to remain strong, with 1899 gainers and 674 losers on the BSEs.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
While the two high-profile exits in pharmaceutical and telecom have raised concerns over regulatory hassles in the country, Japanese investors are still keen to tap into India's consumer growth story and many more merger and acquisition deals are in the offing in this space.
The rise in India Inc's market value was led by asset-light firms.
Margaret A Hamburg, the first commissioner of the US Food and Drug Administration (US FDA) to visit India officially, will meet heads of major domestic pharma companies such as Ranbaxy, Wockhardt, Cadila Healthcare and Lupin in New Delhi.
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Sectors such as Auto, Banks, Capital Goods, FMCG, Metal, Oil & Gas and Power are trading marginally lower.
Corporate India's earnings in the past two quarters were largely driven by the rupee's sharp fall versus the dollar in the second quarter of this financial year.
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