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Trend-Today (26 Feb 2018)
Trend-Today (26 Feb 2018)
Husains
MARKET WRAP
Equities have ended the day on a strong note, with the Sensex gaining over 300 points, while
the Nifty ended just below 10,500.
The Sensex is up 322.65 points or 0.95% at 34142.15 and the Nifty is up 108.30 points or 1.04%
at 10491.00. The market breadth is positive as 1894 shares advanced, against a decline of 829
shares, while 208 shares are unchanged.
Sun Pharma, Tata Steel, Yes Bank and UPL gained the most on both indices, while Asian Paints,
Infosys, and GAIL were the top losers.
The US FDA inspection of Sun Pharma's crucial Halol site in Gujarat that was widely expected to
end on Friday, could possible extend by a day or two, said sources.
The facility is under US FDA warning letter since December 2015.The drug maker declined to
comment. Dilip Shanghvi, who is attending the India Pharmaceutical Forum, said the company as
a policy will not talk on ongoing regulatory inspections.
Halol is critical for Sun Pharma as most of the complex pipeline that includes injectables, topical
solutions and inhalation products are filed from this facility. Sun Pharma is banking on complex
products to beat the pricing pressure it faces in the US market.
The current inspection was triggered after US FDA re-inspected the Halol facility from November
17, 2016 through December 1, 2016 and issued nine Form 483 observations.
The observations were related to data reporting standards, testing procedures, and lab controls.
Halol is an important plant for the company and contributed 12-15 percent to its US sales before
the factory received a warning letter from the US FDA for violation of manufacturing norms in
December 2015.
The warning letter blocked new product approval from that facility impacting the company’s US
business.
Information technology (IT) stocks pared some losses after witnessing some pressure on the
back of cautiousness on the US’ visa policy.
The Nifty IT index had fallen over half a percent before witnessing a recovery. TCS as well as
Infosys had also made it to the Sensex top losers’ chart, before cutting these losses.
The Trump administration announced a new policy that makes very tough the procedure of
issuing H-1B visas to those to be employed at one or more third-party worksites, a move that will
hugely impact Indian IT companies and their employees.
Under the new policy, the company would have to go an extra length to prove that its H-1B
employee at a third-party worksite has specific and non-qualifying speculative assignments in
speciality occupation.
The H-1B programme offers temporary US visas that allow companies to hire highly skilled
foreign professionals working in areas with shortages of qualified American workers.
TAGS #Buzzing Stocks.