Stock Market

Sensex, Nifty, Midcap under pressure; Ambuja, Kotak Bank rally


Chillicious Team

1:25 pm Panacea launch:

Drug firm Panacea Biotec today launched Cabapan injection, an indigenously developed drug for treating prostate cancer. Used in the treatment of metastatic castration resistant prostate cancer, it has been developed by the company at its Mumbai-based R&D Centre in compliance with the global current good manufacturing practices (cGMP), Panacea Biotec said in a regulatory filing. The company is manufacturing the product at its Baddi, Himachal Pradesh-based manufacturing facility, it added.

“The launch of Cabapan reflects the hard work of Panacea Biotec’s scientists who worked tenaciously for the development of this drug,” Panacea Biotec Joint Managing Director Rajesh Jain said. Prostate is the second leading site of cancer amongst males in India.

1:15 pm Buzzing:
Steel Strips Wheels today said it has bagged orders worth over 15-million euros (over Rs 110 crore) to supply steel wheels to French automotive firm PSA Peugeot Citroen over a five-year period.

The supplies will be for PSA’s upcoming new plant at Kenitra in Morocco and their existing plants in Poissy, France and Vigo in Spain, the company said in a BSE filing. “

Total project volume would be approximately 1.72 million wheels spread over five years generating cumulative revenue of about 15 million euros,” it added.

Also read – GVK surges 10% on stake sale in Bangalore International Airport

1:00 pm Market Check

Equity benchmarks as well as broader markets fell further in afternoon trade, weighed down by metals, banking & financials, infra and select auto stocks.

The 30-share BSE Sensex declined 180.89 points to 25156.67 and the 50-share NSE Nifty fell 45.35 points to 7671.15. The BSE Midcap and Smallcap indices also slipped 0.7 percent each.

About two shares declined for every share advancing on the Bombay Stock Exchange.

Vedanta, Hindalco Industries, Tata Steel, Sun Pharma, Punjab National Bank, SBI and ICICI Bank plunged 2-6.5 percent while Ambuja Cements, Kotak Mahindra Bank, Bosch, Power Grid Corporation and BPCL gained 1-2 percent.