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Research Periodic Report Dr. Reddy’s Licenses Cancer Drug, Glenmark Gains FDA Approval, Tata Motors Expands Market Strategy, and Federal Bank Seeks New CEO

Dr. Reddy’s Licenses Cancer Drug, Glenmark Gains FDA Approval, Tata Motors Expands Market Strategy, and Federal Bank Seeks New CEO

Written by - Fisdom Research

June 13, 2024 4 minutes

Opening Bell:             

Gift Nifty is up by 89.0 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets experienced gains on Thursday, reflecting the positive momentum from Wall Street following the U.S. Federal Reserve’s interest rate decision. Japan’s Nikkei 225 climbed 0.56%, while the Topix remained flat. In South Korea, the Kospi surged 1.39%, and the Kosdaq increased by 0.6%. Additionally, Hong Kong Hang Seng index futures pointed to a higher opening.       

The U.S. stock market had a mixed close on Wednesday, with the S&P 500 and Nasdaq reaching record highs for the third consecutive day following the Federal Reserve’s policy announcement and weaker-than-anticipated inflation data. The S&P 500 rose 45.71 points, or 0.85%, to 5,421.03, while the Nasdaq Composite jumped 264.89 points, or 1.53%, to 17,608.44. Conversely, the Dow Jones Industrial Average dipped 35.21 points, or 0.09%, to 38,712.21.

Stocks News:

👉 Dr. Reddy’s Laboratories: The company has entered into a licensing agreement with U.S.-based Ingenus Pharmaceuticals to commercialize Cyclophosphamide injection, a cancer treatment. Dr. Reddy’s will market the injection in the U.S. and share 50% of the calculated profit with Ingenus.

👉 Glenmark: The company announced on Wednesday that it has received approval from the U.S. FDA to market a generic medication for treating conditions caused by excessive stomach acid production.

👉 Tata Motors: According to Jefferies’ latest report, Tata Motors’ India business, which had been a significant drag over the past decade, now constitutes 50% of the brokerage’s price target for FY26. During its presentation on India Investor Day, the company outlined plans to increase its market share in passenger vehicles and boost non-vehicle revenues in commercial vehicles.

👉 Federal Bank: The bank has reportedly submitted three names to the Reserve Bank of India for the role of managing director and chief executive officer. The candidates are KVS Manian, a former deputy managing director at Kotak Mahindra Bank, and Shalini Warrier and Harsh Dugar, both of whom are currently executive directors at Federal Bank.

👉 The Foreign institutional investors (FIIs) turned net buyers on June 12 as they bought Indian equities worth Rs 426 crore , while domestic institutional investors bought equities worth Rs 233 crore on same day.

Domestic and International Events

  • India’s retail inflation, measured by the consumer price index (CPI), dropped to 4.75% in May from 4.83% in April, reaching its lowest level in a year, according to data from the statistics ministry. Inflation has remained below 5% since March.
  • At the same time, factory output increased by 5% in April, up from 4.9% in March and 5.6% in February. For the fiscal year April-March (FY24), factory output grew by 5.9%, slightly higher than the previous year’s growth of 5.2%.
  • U.S. consumer prices remained unexpectedly unchanged in May, with the annual consumer price index (CPI) at 3.3%, down slightly from 3.4% in April, according to the Labor Department. The monthly inflation rate held steady at 0.0%, a decrease from April’s 0.3%. Economists surveyed by Reuters had predicted a 0.1% rise in the CPI for May.
  • The U.S. Federal Reserve maintained its benchmark interest rate between 5.25% and 5.50% for the seventh consecutive meeting, stating that “modest” progress had been made towards its long-term inflation target of 2%. Officials of the Federal Open Market Committee (FOMC), led by Fed Chair Jerome Powell, indicated that they anticipate only one rate cut this year.
  • Crude oil prices declined following the Federal Reserve’s policy announcement and an unexpectedly large increase in U.S. crude stockpiles last week. Brent crude futures dropped 0.17% to $82.46 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.20% to $78.34 per barrel. Both benchmarks had risen by approximately 0.8% in the previous session.
Hang Seng17,938(1.3) %
Shanghai Composite3,0370.3 %
Dow Jones38,712(0.1) %
DAX18,6311.4 %
FTSE 1008,2150.8 %
Nikkei38,877(0.7) %
Straits Times3,307(0.1) %

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