Indian stock market and companies daily report (July 03, 2015, Friday)

Indian markets are expected to open in red tracking the SGX Nifty.

US markets ended Thursday's session in negative territory. The weakness that has emerged on markets likely reflects uncertainty about the outcome of the Greek referendum on Sunday.

The European markets ended Thursday's session with mixed results. The markets were up in early trade, but reversed in late trade. Investors are exercising cautious ahead of the Greek vote on Sunday.

The Indian markets drifted lower on Thursday after global rating agency Fitch cut India's real GDP growth forecasts to 7.8 percent for the current fiscal from 8 percent.


Markets Today

The trend deciding level for the day is 27,989 / 8,452 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,072 - 28,199 / 8,472 - 8,499 levels. However, if NIFTY trades below 27,989 / 8,452 levels for the first half-an-hour of trade then it may correct towards 27,863 - 27,780 / 8,426 - 8,406 levels.


Alembic Pharma, Lupin & Sun Pharma get approval for Desvenlafaxine Succinate

The companies have got USFDA nod for antidepressant drug Desvenlafaxine Succinate. Desvenlafaxine is a prescription drug that is indicated for the treatment of major depressive disorder. Desvenlafaxine is in a class of medications called selective serotonin and norepinephrine reuptake inhibitors (SNRIs). Pristiq® generated sales of $742 million, based on May 2015 IMS Health Sales Data. The product will be available in 50mg and 100mg tablets. Alembic filed their Paragraph IV ANDA on the first-to-file date and expects to share 180-day exclusivity with other ANDA first filers. Given the no of filers, we believe the drug will not will contribute significantly (not more than US $ 20mn) to these companies during the exclusivity period. We retain our neutral on Alembic Pharma, Lupin & a Buy for Sun Pharmaceuticals with a price target of '1014.


Economic and Political News

- RBI, govt in talks for recapitalisation of banks: Governor

- ICRA says cautious on fertiliser sector growth in FY16

- Govt to spend '50,000 cr under new irrigation scheme


Corporate News

- ABB India to raise '600 cr through NCDs

- Coal India Q1 output up 1 2% at 121.33 mn tonne

- Arvind ties up with US brand Aeropostale

Contributed by Angel Broking