Stock markets in India continued trading lower in the afternoon session weighed down by IT stocks and power stocks.
The BSE Sensex is trading lower by 133 points (down 0.4%), and the NSE Nifty is trading lower by 39 points (down 0.4%). Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.5% & 0.2% respectively. The rupee is trading at 73.38 to the US$.
In the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, 0.01% (Body Oil).
It is a generic version of Derma-Smoothe/FS Topical Oil, of Hill Dermaceuticals, Inc.
According to IQVIA sales data for the 12-month period ending August 2018, the Derma-Smoothe/FS Topical Oil market achieved annual sales of around US$14.5 million.
Glenmark's current portfolio consists of 140 products authorized for distribution in the US marketplace and 60 ANDAs pending approval with the USFDA.
In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
To know more about the company, you can access to Glenmark Pharma's latest result analysis and Glenmark Pharma's Stock Analysis on our website. Glenmark pharma share price was trading down by 2.6% at the time of writing.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
In the news from the economy. As per India Ratings and Research (Ind-Ra), Indian rupee may recover to 69.79 per dollar in the second half of 2018-19 (H2FY19), down 8.3% from the first half. The recovery could come if the monetary authority props it up by mobilizing at least US$30 billion from Non-resident Indians (NRIs) as it has done in 2013.
It pointed out that Indian rupee is the worst-performing Asian currency, declining over 15% year-to-date, while in the first half it averaged at 68.57 to the dollar, down 8.3% year-on-year, making the fall at a five-year high so far.
Indian Rupee is the Worst Performing Currency in Asia
According to the report, the rupee depreciation against the dollar so far is at a five-year high, but a longer-term view suggests that average depreciation during FY15-FY19 will be only 3%, which is at par with the 20 years (FY1999-FY18) average depreciation.
It also mentioned that the rupee pain arises from global developments such as the strengthening dollar, high commodity prices, especially of crude oil, and rising US rates, coupled with domestic factors like widening trade/current account deficit, inflationary pressures and likely fiscal slippage.
Ind-Ra further said that the current bout of a sharp deterioration in the rupee is the fourth such instance in the current decade indicating its vulnerability to global events.
It can be noted that after the 2013 episode when it had plunged to 86.83 to a dollar on August 30 that year, the rupee has enjoyed a relatively stable run, due to mobilization of NRI deposits in foreign currency non-repatriable account, crash in global commodity prices, especially crude from September 2014, and delayed monetary tightening by the US Fed.
It added that, but all these changed at the turn of FY19 due to a sudden spurt in oil prices and a reversal in capital flows, although chinks in this seemingly happy equilibrium had emerged in FY18 itself.
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