As the week is drawing to a close, let us take a look at some of the notable developments in the market and how it could affect trading in the near future. We have the pharma, auto, metal and energy sector in focus today, as some of the top Indian firms in these areas have much to look forward to.
In the pharmaceutical sector, top Indian firms Cipla and Lupin can expect notable gains owing to the fresh setback to Perrigo Company. The Irish pharma major has just announced a voluntary nationwide recall of its albuterol sulfate inhalation aerosol in the United States, after a series of complaints from its consumers.
This opens a window of opportunity for Cipla, who has already received FDA approval in April for its generic version of Proventil HFA Inhalation Aerosol. Following the nod, Cipla’s shares had climbed over 14 per cent. And now, Lupin Limited has also got the approval for the generic drug ProAir used for the treatment of asthmatic symptoms. It is set to begin manufacturing at Indore in Madhya Pradesh.
Another pharma major Dr.Reddy’s Laboratories gets a big relief after it settled a lawsuit related to the cancer drug Revlimid. Its shares surged 5.45 per cent, a record high, and stood at Rs 5,089 a piece.
In the metallurgy sector, Hindalco Industries Limited entered into an agreement with Hindustan Copper Limited, a PSU, for long-term purchase and sale of copper. Under the PPP, around 60 per cent of HCL’s copper concentrate will be used by Hindalco for manufacturing refined copper. Following the MoU, Hindalco’s stock hit an intraday high of Rs. 183.35.
Moving on to the auto space, India’s TVS Motor has partnered with Columbian automobile giant Autotecnica Colombiana, which will enable them to have 50 new exclusive dealerships operated by the latter. This will add to their already strong presence in the country.
In the energy sector, India-based Sterling and Wilson Solar have bagged a Rs 462 crore solar power project in Chile, for which the work is expected to start as early as Q4 of the financial year 2021.
That was some of the stocks to watch out for in the coming times. Trade well!