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Reports India

Indian stock market and companies daily report (March 24, 2014, Monday)

March 24, 2014, Monday, 05:27 GMT | 01:27 EST | 09:57 IST | 12:27 SGT
Contributed by Angel Broking

The Indian Markets are expected to open in the green today tracking positive opening in most of the Asian markets.

US markets reversed early gains and finished Friday lower owing to concerns about the possibility of further developments in the Ukraine crisis over the weekend. Recent data suggests that the economy is poised to break out of the winter doldrums, but investors may wait for additional evidence before buying in and whether the current state of the economy supports any further upside for the markets. The positive economic data released on Thursday helped to overshadow concerns that the Fed may begin raising interest rate sooner than previously anticipated. Meanwhile, European stocks were little changed on Friday, holding on to modest weekly gains as Russian lawmakers finalized the annexation of Ukraine's Crimea region.

Positive cues from global markets helped Indian markets end marginally higher. Realty and metal stocks posted strong gains, while oil/gas and healthcare stocks ended on a subdued note.

Markets Today

The trend deciding level for the day is 21,785 / 6,501 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,839 - 21,925 / 6,516 - 6,538 levels. However, if NIFTY trades below 21,785 / 6,501 levels for the first half-an-hour of trade then it may correct 21,699 - 21,644 / 6,478 - 6,463 levels.

Lupin - launched Niacin Extended Release Tablets in US

Lupin Limited (Lupin) announced that its US subsidiary, Lupin Pharmaceuticals Inc. has launched its Niacin Extended-Release Tablets USP, 500 mg, 750 mg, 1000 mg strengths having received final approval from the United States Food and Drug Administration (FDA). Lupin's Niacin Extended-Release Tablets USP, 500 mg, 750 mg, 1000 mg strengths are the AB-rated generic equivalent of AbbVie Inc.'s Niaspan® Tablets 500 mg, 750 mg, 1000 mg and used with diet to reduce elevated TC, LDL-C, Apo B and TG levels, and to increase HDL-C in patients with primary hyperlipidemia and mixed dyslipidemia. Niaspan® Tablets had annual US sales of approximately US$ 1bn (IMS MAT Dec, 2013). Currently, Teva has the 180-day exclusivity for the product and there are other players awaiting the launch of the product. Thus the company has potential to earn good revenues from the product during the period. We estimate the product to generate around sales of US$50mn and net profit of US$10mn during FY2015. We remain neutral on the stock.

Persistent launches products-focused business unit

Persistent Systems has launched a dedicated business unit called Rs.AcceleriteRs. that will align its business strategy towards products and intellectual property based on the social, mobility, analytics and cloud (SMAC) platform. Accelerite will be headquartered in Silicon Valley, led by Nara Rajagopalan, Persistent and will bring product-centric alignment to business models, strategies, sales, and operations. Owing to sharp run up in the stock price, we maintain our Neutral rating on the stock.

Economic and Political News

- COAI seeks reconfiguration of blocks in 1,800 MHz spectrum to create contiguous blocks of spectrum.

- Forex reserves rise US$1.8bn to US$297.3bn as of March, 2014

- Retail inflati on for farm and rural workers eases in February

- Gas price hike to set off farm or food subsidy dilemma

- Government gets Rs.4,000cr from ETF, exceeds disinvestment target

Corporate News

- HDFC plans to raise up to Rs.1,000cr via bonds

- Government invokes guarantee for coal block allotted to DVC, TVNL

- Promoter Anil Agarwal hikes stake by 4% in 4 months in Vedanta

- RInfra pledges its shares in RPower

- Vol ume and realizations to support NMDC's growth