Drug firm Cadila Healthcare Ltd said its subsidiary received an approval from the US Food and Drug Administration (USFDA) to sell high blood pressure treatment tablets, Losartan Potassium and Losartan Potassium and Hydrochlorothiazide, in the that country.
The company will sell Losartan Potassium tablets in the strengths of 25mg, 50mg and 100mg, while it will sell Losartan Potassium and Hydrochlorothiazide tablets in the strengths of 50/12.5mg and 100/25mg, Cadila Healthcare said in a filing to the Bombay Stock Exchange.
The company has already launched both products in the US market. The drugs, which fall in the anti-hypertensive segment, have estimated market sales of $1.3 billion and $944 million, respectively in 2010, said Cadila Healthcare, quoting healthcare information solutions company NDC Health.
On Thursday, Cadila Healthcare shares ended 1.3% down at Rs684 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.1% to 20,315 points.
The market opened on a positive note this morning, bucking the global trend, but it soon turned negative in range-bound trade. Huge selling pressure saw resulted in the indices closing with sharp cuts of over 1%.
The market opened in the green, despite the global markets hovering in no man’s land. It witnessed subdued morning session ahead of the release of the weekly inflation data, trying its best to push its head above the neutral line. However, strong selling pressure pushed the indices lower, with the market closing over 1% lower.
The Sensex tanked 227.76 points (1.11%) to close at 20,315. The index touched a high of 20,581 and a low of 20,272 during trade today. The Nifty tumbled 66.15 points (1.07%), settling at 6,120. The benchmark scaled a high of 6,199 and a low of 6,107, intraday.
The losers outnumbered the gainers in today’s session. The Sensex ended with 23 stocks in the red and seven advancing stocks. The Nifty list had 42 losers against eight gainers. Among the broader indices, the BSE Mid-cap index lost 0.68% and the BSE Small-cap index declined 0.89%.
The top gainers on the Sensex were Tata Power (up 2.48%), Hero Honda (up 1.18%) and Cipla (up 1.16%). The losers were led by Tata Steel (down 4.20%), DLF (down 3%), Reliance Infrastructure (R-Infra) (down 2.95%), HDFC (down 2.50%) and BHEL (down 2.36%).
BSE Healthcare (HC) was the lone gainer in the sectoral arena, up 0.34%. The top sectoral losers were BSE Realty (down 2.80%), BSE Metal (down 1.70%), BSE IT (down 1.30%), BSE Capital Goods (CD) (down 1.26%) and BSE Consumer Goods (CD) (down 1.10%).
Food inflation fell marginally to 16.24% for the week ended 25th September, on slight easing of supply side pressures, even as prices of cereals, fruits, select vegetables and milk remained high.
After rising for the fifth straight week, food inflation declined by 20 percentage points during the week. The inflation figures were at 16.44% for the week ended 18th September.
The Asian markets closed mostly lower as corporate earnings were lower-than-expected and on the decline in the US job market. South Korean electronics major Samsung Electronics reported third-quarter operating income of 4.8 trillion won ($4.3 billion), short of the 5.03 trillion won that analysts expected.
Hang Seng was up 0.02% and KLSE Composite gained 0.12%. On the other hand, Jakarta Composite was down 0.48%, Nikkei 225 fell 0.07%, Straits Times declined 0.73%, Seoul Composite shed 0.16% and Taiwan Weighed ended flat, down 0.11 points.
Wall Street settled mixed on Wednesday on earnings concerns. Technology stocks led the decline on the Nasdaq led by Citrix Systems and Equinix Incorporated. Besides, Morgan Stanley downgraded some tech companies to ‘underweight’ on worries about a slowdown in Asia. In economic news, the ADP Employer Services report said private payrolls fell by 39,000 in September, underscoring concerns about the weak labour market. The Dow rose 22.93 points (0.21%) to 10,967. The S&P 500 was down 0.78 points (0.07%) to 1,159. The Nasdaq fell 19.17 points (0.80%) 2,380.
Foreign institutional investors were net buyers of equities worth Rs1,842 crore on Wednesday. Domestic institutional investors were net sellers of stocks worth Rs976 crore on the same day.
State-owned gas utility GAIL India Ltd said it placed orders worth Rs677 crore for laying a gas pipeline from Dabhol in Maharashtra to Bidadi in Bangalore.
The construction work will start by November 2010 and the pipeline will be ready by March 2012. The commissioning activities would take a couple of months more and the gas supplies are expected to start by June 2012, said the company in a statement.
The 1,400 km Dabhol-Bangalore pipeline project was approved by GAIL Board in June 2009 at a cost of Rs5,000 crore. The pipeline will have a capacity to carry 16 million standard cubic meters per day of natural gas.
The pipeline from Dabhol to Bidadi and two additional spur lines have been divided into 10 spreads. Of the 10 spreads, seven spreads have been awarded to Punj Lloyd Ltd, two spreads have been awarded to KSS-KSSIIPL consortium and one spread has been awarded to Advance Stimul Consortium.
On Thursday, GAIL shares fell 0.9% to Rs484 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.1% to 20,315 points.