L&T surged 2 percent after bagging Mumbai Trans Harbour Link project.
11:00 am USFDA Nod: Glenmark Pharmaceuticals has received final approval from the US health regulator for generic version of Loestrin tablets used to prevent pregnancy.
"Glenmark Pharmaceuticals USA has been granted final approval by the US Food and Drug Administration (USFDA) for Hailey 24 Fe (Norethindrone Acetate and Ethinyl Estradiol tablets, USP and Ferrous Fumarate tablets), 1 mg/20 mcg, the generic version of Loestrin 1 24 Fe tablets, of Allergan Pharmaceuticals," the company said in a filing.
According to IQVIATM sales data for the 12 months to September 2017, the Loestrin 24 Fe tablets market achieved annual sales of approximately USD 96.7 million, Glenmark said.
10:50 am Market Check: Benchmark indices were mildly lower amid consolidation, tracking subdued trade in Asian markets, and after investors digested Moody's India rating upgrade.
The 30-share BSE Sensex was down 30.71 points at 33,312.09 and the 50-share NSE Nifty declined 15.80 points to 10,267.80.
The broader markets outperformed benchmarks on positive breadth. About 1,359 shares advanced against 857 declining shares on the BSE.
10:44 am Order Win: Home-grown telecom gearmaker Himachal Futuristic Communications (HFCL) today said it has bagged a Rs 128-crore order from Bharat Sanchar Nigam Ltd.
"The company has received the purchase order worth Rs 128 crore approximately from Bharat Sanchar Nigam Ltd for supply of packet microwave radio systems on pan-India basis for BSNL mobile network," HFCL said in a BSE filing.
The company said the equipment purchase order is part of a turnkey project and the balance order for installation and AMC support services will be issued separately by BSNL.
10:32 am Rupee Update: The rupee depreciated by 7 paise to 65.08 against the dollar today after renewed demand for the US currency from importers.
The dollar made headway against the euro after Angela Merkel's attempts to form a new government for Europe's biggest economy collapsed, plunging Germany into a crisis. A subdued start at domestic stock markets cast its shadow, traders said.
On Friday, the rupee had bounced back in style to end at a one-week high of 65.01 after Moody's upgraded India's sovereign credit rating.
10:22 am USFDA Approval: Drug major Cipla has received final approval from the US health regulator for generic version of Dacogen, indicated for treatment of patients with myelodysplastic syndromes.
In a BSE filing today, Cipla said "it has received final approval for its abbreviated new drug application (ANDA) for Decitabine Injection 50 mg single-use sterile vial from the United States Food and Drug Administration (USFDA)".
The approved product is a generic equivalent of Otsuka America Pharmaceutical Inc's Dacogen. It is indicated for treatment of patients with myelodysplastic syndromes (MDS), the company added.
10:12 am Bond Yields: Indian bond yields fell sharply in morning after the central bank unexpectedly cancelled its sale of bonds via open market operation post market hours on Friday, reports Reuters.
The Reserve Bank of India said on Friday it was withdrawing the OMO sale that was scheduled for November 23 due to “recent market developments and based on a fresh review of the current and evolving liquidity conditions”.
The benchmark 10-year bond yield was down 12 basis points at 6.92 percent.
10:05 am Acquisition: Eris Lifesciences on Saturday said it has entered into a definitive agreement to buy India branded generics business of Strides Shasun for an aggregate cash consideration of Rs 500 crores.
The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30th, 2017.
Strides’ India branded generics business comprises of a portfolio of 130 plus brands in the domains of neurology, psychiatry, nutraceuticals and gastro.
As per the terms of the agreement, Eris will acquire the marketing and distribution rights for the said portfolio of products in India, along with the employees forming part of the business. Strides will retain the global rights to the products.
The acquisition is Eris’s fourth—and the largest--in the last 18 months, the company will be among the top ten companies in the central nervous system (CNS) segment.
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