Key equity benchmarks bounced back after hitting fresh intraday low in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 52.68 points or 0.14% at 38,788.91. The Nifty 50 index was up 4.05 points or 0.04% at 11,556.55.
The S&P BSE Mid-Cap index was down 0.84%. The S&P BSE Small-Cap index was down 0.55%. Both these indices underperformed the Sensex.
The market breadth was weak. On the BSE, 796 shares rose and 1223 shares fell. A total of 124 shares were unchanged.
Most pharmaceuticals stocks fell. Strides Shasun (down 2.21%), Cadila Healthcare (down 1.8%), Aurobindo Pharma (down 1.65%), Glenmark Pharmaceuticals (down 1.38%), Lupin (down 1.28%), Cipla (down 0.84%), Divi's Laboratories (down 0.3%), Wockhardt (down 0.21%), Dr Reddy's Laboratories (down 0.14%) and IPCA Laboratories (down 0.12%) declined. Piramal Enterprises (up 4.07%), GlaxoSmithKline Pharmaceuticals (up 2.87%) and Alkem Laboratories (up 0.09%) advanced.
Natco Pharma was down 0.59% to Rs 525. The company during market hours today, 15 July 2019, announced successful completion of regulatory inspection from the U.S. Food and Drug Administration (FDA) for its Active Pharmaceutical Ingredient (API) facility in Chennai, India, conducted during the period July 8th - 12th, 2019. The regulatory audit resulted in zero observations.
Sun Pharmaceutical Industries was up 2.04% to Rs 416. The company before market hours today, 15 July 2019, announced the U.S. launch of Ezallor Sprinkle (rosuvastatin) capsules for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing, a problem that is estimated to affect approximately 30- 35% of long-term care residents.
A foreign brokerage has reportedly upgraded stock to overweight and raised price target to Rs 505 from Rs 470 per share, implying 24% potential upside on expectations of revival in earnings FY21 onwards.
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Indoco Remedies was down 8.80% to Rs 155. The company announced during market hours today, 15 July 2019, that it has received a warning letter from the United States Food and Drug Administration (USFDA) for its Oral dosages Plant, situated at L -14, Verna Industrial Road, Goa (Plant I), as a result of the inspection carried out in January 2019. The facility had received 6 observations in Form 483s and was classified as 'OAI' (Official Action Indicated') in March, 2019. The company responded to these observations with a detailed remediation plan, the implementation of which is still on-going.
Metal shares declined. Vedanta (down 2.44%), Steel Authority of India (down 1.8%), Jindal Steel & Power (down 1.65%), JSW Steel (down 1.21%), NMDC (down 1.07%), National Aluminium Company (down 0.95%), Hindustan Zinc (down 0.9%), Hindalco Industries (down 0.55%) and Hindustan Copper (down 0.53%) declined.
Tata Steel was down 1.31% to Rs 466.40. The company on Sunday, 14 July 2019, announced provisional production and sales figures for Q1 June 2019. The company's India unit reported a 20.05% rise in steel production to 4.37 million tonnes in Q1 June 2019 from 3.64 million tonnes in Q1 June 2018. It further reported 15.87% rise in steel sales to 3.87 million tonnes from 3.34 million tonnes in Q1 June 2018. The company said that the liquidity issues in the NBFC and banking sector along with rural stress have negatively impacted sentiments and overall economic activities including domestic consumption.
Tata Steel BSL was down 1.20% to Rs 28.75. The company on Sunday, 14 July 2019, announced provisional production and sales figures for Q1 June 2019. The company reported a 6.67% rise in crude steel production to 1.12 million tonnes in Q1 June 2019 from 1.05 million tonnes in Q1 June 2018, driven by higher mill availability. It further reported 1.18% rise in saleable steel sales to 0.86 million tonnes from 0.85 million tonnes in Q1 June 2018, amidst sluggish demand in domestic and international steel markets.
Future Enterprises (FEL) was down 6.03% to Rs 31.95. The company informed the exchanges on Saturday, 13 July 2019, about the event of investigation matter before Senior Intelligence Officer, Directorate of Revenue Intelligence (ORI) related to enquiry for an alleged amount of Rs 14.58 crore of custom duty evasion by usage of facility of duty free imports from Bangladesh under South Asian Free Trade Area (SAFTA). In exercise of the discretionary powers, the authorities arrested Mr. Dinesh Maheshwari on July 12, 2019 late Friday night, in this matter.
FEL has received confirmation from its vendors, who are supplying goods from their facilities in Bangladesh that they have complied with the SAFTA Rules, 2006 and obtained SAFTA certificates from relevant regulatory authorities. They assured continued support for completion of proceedings with authorities. Further, FEL has recently also deposited part of the disputed amount with the authorities.
On the macro front, India's industrial production (base year 2011-12=100) rose at slower pace of 3.1% in May 2019, while showing moderation in growth from a six-month high of 4.3% in April 2019. However, the industrial production growth for April 2019 has been revised sharply upwards to 4.3% from 3.4% as reported provisionally.
The all-India general CPI inflation rose to 3.18% in June 2019 (new base 2012=100), compared with 3.05% in May 2019. The corresponding provisional inflation rate for rural area was 2.21% and urban area 4.33% in June 2019, as against 1.86% and 4.51% in May 2019. The core CPI inflation eased to 4.09% in June 2019 compared with 4.23% in May 2019. Both the data were released by the government after market hours on Friday, 12 July 2019.
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