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Reports India

Indian stock market and companies daily report (June 16, 2014, Monday)

June 16, 2014, Monday, 05:00 GMT | 00:00 EST | 08:30 IST | 11:00 SGT
Contributed by Angel Broking

Indian markets are expected to open flat with a negative bias tracking negative opening in SGX Nifty and most of the Asian markets.

While buying interest remained somewhat subdued, stocks moved modestly higher over the course of the trading day on Friday. The slim gains on the day partly offset the notable pullback seen in the two previous sessions. Meanwhile, the European stocks were little changed on Friday, once again stalling near 6-year highs as crude oil prices spiked to levels not seen since last year as news that militants have seized control of significant portions of Iraq and are on the march toward Baghdad raised concerns about crude oil supplies and a broader regional conflict. Talk of an interest rate hike from the Bank of England weighed heavily on UK stocks, and airlines came under heavy pressure due to oil's rise.

Back home, Indian shares tumbled on Friday as oil prices surged on concerns of supply disruption due to rising violence in Iraq. Investors were worried that high oil prices and a weak rupee could add to inflationary pressures

Markets Today

The trend deciding level for the day is 25,363 / 7,582 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,554 - 25,879 / 7,639 - 7,735 levels. However, if NIFTY trades below 25,363 / 7,582 levels for the first half-an-hour of trade then it may correct 25,037 - 24,846 / 7,485 - 7,429 levels.

Lupin launches Generic Cipro for Oral Suspension in the US

Lupin US subsidiary, Lupin Pharmaceuticals Inc. (LPI) has launched its Ciprofloxacin for Oral Suspension, 5 g/100 mL (250mg/5 mL) & 10 g/100 mL (500 mg/5 mL) in the US having received final approval from the USFDA earlier. Lupin's Ciprofloxacin Oral Suspension, 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) is the generic equivalent of Bayer HealthCare Pharmaceuticals, Inc.'s (Bayer) Cipro Oral Suspension 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) and indicated for the treatment of infections caused by susceptible isolates of the designated microorganisms in various conditions and patient populations. Lupin is the first applicant to file an ANDA for Cipro Oral Suspension 250 mg/ml & 500 mg/ml and as such is entitled to 180 days of marketing exclusivity. Cipro Oral Suspension had annual US sales of US $8.6mn (IMS MAT March, 2014). We maintain our accumulate on the stock, with price target of Rs.1,122.

Economic and Political News

- Modi govt might go slow on new trade pacts

- Will review Cos Act, SEZ and FTA laws: Commerce minister

- Iraq crisis not to affect oil supply, says govt

Corporate News

- RBI restrictions on Diageo's open offer for 26% more in USL

- Had to take tough calls to fix diluted meritocracy: Murthy

- Mallya gets more time on wilful defaulter tag

- Telenor to invest Rs.780 cr in Uninor to raise stake to 100%

- LIC to buy stake in Central Bank for Rs.540 cr