Monday Blues - Daily Market Wrap Up

Highlights of the Day

• IPO of RBL Bank has been fully subscribed on the second day of the issue. The price band of the offer is RS.224-225 per share. The offer would close tomorrow. 
•  NTPC announced Q1 FY17 results with profit rising by 4% and income from operations growing 11% YOY.
• Hindustan Copper announced Q1 FY17 with a net loss of Rs. (28.80) million for the quarter ended June 30, 2016 as compared to net profit of Rs. 200 million for the quarter ended June 30, 2015.
• Pharmaceutical Major Lupin Limited (Lupin) has received approval for Acotiamide 100 mg Tablets from the Central Drugs Standard Control Organisation (CDSCO).
• Nifty closed 0.44% down at 8629.15 for the day with 15 advances and 36 declines. S&P BSE 30 closed down 0.33% or 91.46 points at 27985.54 for the da

Company Update

Lupin Limited

Lupin Limited (Lupin) has received approval for Acotiamide 100 mg Tablets from the Central Drugs Standard Control Organisation (CDSCO). Acotiamide is a first-in-class novel drug to be introduced into the Indian Pharmaceutical Market (IPM) which could benefit millions of patients suffering from Dyspepsia or Indigestion, amongst the most common stomach complaints encountered in clinical practice. The current market for plain Gastrointestinal (GI) prokinetics and combinations is estimated to be around INR 2640 crores growing at 14%. The overall GI market is estimated at INR 11,438 crores which is growing at 13%.

Market Mood             

    

Both the major indices moved southwards with Infosys hitting 52 week low. Caution and profit booking was the flavor of the day. Banking industry welcomed the appointment of Dr. Urjit Patel as the new RBI Governor whereas stock markets seemed to loose hope of a rate cut with bank nifty closing 0.43% down.