NEW DELHI: Shares of Lupin gained nearly 4 per cent on Thursday as it received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Sildenafil for Oral Suspension, 10 mg/mL to market a generic equivalent of Revatio for Oral Suspension, 10 mg/mL, of Viatris Specialty LLC.
The product will be manufactured at Lupin’s facility in Goa, India. Sildenafil for Oral Suspension, 10 mg/mL (RLD Revatio) had estimated annual sales of $66 million in the US.
Pharma stocks have been in demand given the rapid rise in dollar, which boosts the prospects of the export oriented companies. And, at such a time new drug approvals are definitely cherry on top.
Kotak cornered
Shares of Kotak Bank emerged as the biggest loser in the Nifty pack for the second day. The banking sector as a whole has seen selling in the current week but the lender has been punished more than others.
In the last four sessions, it has closed in the red in three instances, dropping nearly 6 per cent.
Bank stocks tend to suffer whenever foreign investors turn bearish on Indian equities, as they are among the largest holders of bank stocks. Lately, rising US bond yields and US dollar has resulted in migration of foreign funds as they believe they can get better risk adjusted returns back home.
$2.5 billion loss
Oil market companies have lost as much as $2.5 billion or Rs 19,000 crore during the four month they did not raise fuel prices, a Moody’s analysis said. The report pushed shares of these companies lower.
Indian Oil closed down 0.91 pe cent, Bharat Petroleum 1.02 per cent, and Hindustan Petroleum 3.32 per cent. The rating agency estimated Indian Oil’s revenue loss to be around $1-1.1 billion while that of BPCL and HPCL to be about $550-650 million each over the same period.
Lately though, the OMCs have again started raising fuel prices as the elections are over.
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