Glenmark Pharma's US subsidiary, Glenmark Generics has entered into an exclusive licensing agreement with Par Pharmaceuticals, to market Ezetimibe 10mg tablets, the generic version of Merch-Schering Plough's Zetia in the US. Zetia is a cholesterol modifying agent with annual US sales of around $1.4 billion. Glenmark believes it is the first to file an ANDA containing a paragraph IV certification for the product, which would potentially provide 180 days of marketing exclusivity. On the back of this announcement, Glenmark Pharma shares shot up 5.78% to Rs 295.80 on BSE.
9:57 am: SKP Securities is of the view that the IPO of Jaypee Infratech Ltd is fully priced at the upper price band and has advised investors to Avoid the issue. The real estate areas to be developed by the company falls in NCR region which is expected to see a major growth in residential demand. However, with the source of revenue being tolls from Yamuna Expressway and real estate development, which will start only after completion of YE project, there is concern about cash generation. The issue price of Rs 102-117 implies a P/E of 24X on FY10 EPS of Rs 4.85 (annualised on 9MFY10). Considering that the issue is fully priced at the upper price band we recommend to AVOID the issue, the brokerage said.
9:25 am: The biggest losers among the Nifty constituents were Siemens (-1.50%), ABB (-0.76%), ONGC (-0.69%), Hindalco, Ambuja Cements, GAIL, Larsen & Toubro, ITC, Wipro, Cairn India.
9:22 am: Top 10 Nifty gainers were Idea Cellular (1.57%), HCL Technologies (1.54%), Jaiprakash Associates (1.49%), Suzlon Energy, DLF, HDFC, Axis Bank, Ranbaxy Labs, Tata Motors, Jindal Steel.
9:10 am: Nifty gainined 10.4 points or 0.20% to trade at 5233.15. The NSE benchmark opened the day at 5223.90 against Monday's close of 5222.75. The 50-share index moved between a high of 5250.15 and low of 5221.65 in the early minutes.
9:01 am: The Indian stock markets opened in the positive, tracking a rebound in other Asian markets. The Sensex opened at 17,371.75 against the previous close of 17,386.08. The BSE sensitive index traded at 17,444.69, up 58.61 points or 0.34%. The 30-share index touched a high of 17,464.82.