News Mid-Session

Market opens lower on negative Asian cues
18-Jun-18   09:21 Hrs IST

Key benchmark indices were trading lower in early trade due to negative global cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 13.29 points or 0.04% at 35,608.85. The Nifty 50 index was down 4.05 points or 0.04% at 10,813.65.

Among secondary barometers, the BSE Mid-Cap index was up 0.22%. The BSE Small-Cap index was down 0.03%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 526 shares rose and 545 shares fell. A total of 53 shares were unchanged.

Overseas, Asian shares fell as investors digested the escalation in trade tensions between the US and China after both countries announced tariffs last week. Markets in China, Hong Kong, Taiwan and Indonesia were closed on Monday for holidays.

Trump administration last week said it will impose a 25% tariff on a list of 818 items of Chinese goods worth around $34 billion beginning 6 July. Measures affecting an additional 284 products worth $16 billion will be subject to review before taking effect.

In response, China said a 25% tariff will be implemented on US goods, including soybeans and electric vehicles, worth $34 billion starting 6 July. Another list of US imports worth $16 billion will be subject to review before being applied.

US stocks ended lower on Friday, but well off the lows of the sessions as investors looked past signs of escalating Washington-Beijing trade tensions.

On the data front, the Empire State manufacturing survey rose 4.9 points in June to a reading of 25, the highest reading since October. Separately, manufacturing production declined 0.7% in May, while capacity utilization dropped to 77.9% from 78.1% in the previous month. Further, the University of Michigan's gauge of consumer sentiment rose to 99.3 in June.

Back home, the S&P BSE Sensex, a gauge comprising 30 top shares, is reconstituted today, 18 June 2018. As a part of the rejig, Vedanta has replaced Dr Reddy's Laboratories in the Sensex pack.

Vedanta was down 2.20%. Dr. Reddy's Laboratories was down 1.67%. The drug maker announced that following the launch of its generic Buprenorphine and Naloxone Sublingual Film in the US Market, the US District Court for the District of New Jersey has received and reviewed an emergency application from the plaintiffs in the current patent litigation for a temporary restraining order and preliminary injunction against Dr. Reddy's Laboratories. The announcement was made on Saturday, 16 June 2018.

Pending a hearing and decision on the injunction application, the court has issued a temporary restraining order against Dr. Reddy's with respect to further sales and commercialization of Buprenorphine and Naloxone Sublingual Film within the U.S. The court order does not include a prohibition on commercial manufacturing of the product. The plaintiffs will be required to post a bond or other security totaling $18 million (USO) to satisfy any losses or damages incurred by Dr. Reddy's during the period of the temporary restraining order. The court has scheduled an expedited hearing of the preliminary injunction for Thursday, June 28, and a ruling is expected soon thereafter. The proceeding only involves one patent. Dr. Reddy's remains confident in its legal positions on this patent and believes it will prevail on the issues raised with respect to the application for injunction.

Panacea Biotec was up 4.53%. The company along with its partner, Apotex Inc. and Apotex Corp. (Apotex) have entered into a settlement agreement dated 13 June 2018, with Celgene Corporation, a global biopharmaceutical company headquartered in USA and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane drug product and the company's Abbreviated New Drug Application (ANDA) for paclitaxel protein bound particles for injectable suspension, 100mg/vial, a generic version of Abraxane. The announcement was made after market hours on Friday, 15 June 2018.

PNC Infratech was down 3.22%. The company announced the decision of UP Government to re-invite bids for Purvanchal Expressway. The company has earlier informed on 24 May 2018 that it was declared as L1 (lowest) bidder for the 4th package of the Purvanchal Expressway Project on EPC basis for a quoted price of Rs 1738.44 crore, which now stands cancelled. The announcement was made after market hours on Friday, 15 June 2018.

Kanoria Chemicals & Industries was up 5.69%. The company is setting up a Formaldehyde plant with a capacity of 1,00,000 TPA at Naidupeta, District Nellore in Andhra Pradesh. The company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India. The announcement was made after market hours on Friday, 15 June 2018.

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