Stock markets in India are trading over 1% lower taking cues from their global peers, which fell amid reports that the US was about to announce a new round of tariffs on Chinese imports. Losses are largely seen in bank stocks and FMCG stocks.
The BSE Sensex is trading down by 384 points and the NSE Nifty is trading down by 102 points. Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading down by 0.5% & 0.1% respectively. The rupee is trading at 72.56 to the US dollar.
Pharma stocks are trading on a mixed note with Aarti Drugs & Divis Laboratories being among the top gainers. As per an article in a leading financial daily, Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Estradiol Vaginal Inserts USP, 10 mcg.
Reportedly, the drug is a generic version of VAGIFEM 1, 10 mcg, of Novo Nordisk Inc.
According to IQVIA sales data for the 12-month period ending July 2018, the VAGIFEM, 10 mcg market achieved annual sales of approximately US$286.3 million.
Note that, Glenmark’s current portfolio consists of 139 products authorized for distribution in the US marketplace and 61 ANDA’s pending approval with the USFDA.
Speaking of pharma stocks, the rupee’s recent weakness has pushed up the BSE healthcare index, which was (26% down) at the bottom of the market for the past three years. However, the index has been the top performer in the past month and is up 11%.
In the past three months, the BSE healthcare index has gained as much as 23%. In comparison, BSE Sensex is up about 9% during the same period.
Among the individual stocks, Sun Pharmaceutical Industries, Dr. Reddy’s Laboratories, Aurobindo Pharma, and Glenmark Pharma outperformed the index by gaining in the range of 24% to 36%, while Divi’s Laboratories and Lupin were up 13% and 10%, respectively.
