Asian stock markets are trading in green as market participants track the inauguration of liberal candidate Moon Jae-in after his win in the South Korean presidential election. The Shanghai Composite is trading up by 0.3%, while the Hang Seng is up 0.8%. The Nikkei 225 is up 0.2%.
Meanwhile, Indian share markets have opened the day on a positive note. The BSE Sensex is trading higher by 145 points and the NSE Nifty is trading higher by 45 points. Meanwhile, S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.8% and 0.7% respectively. Gains are largely seen in FMCG stocks, auto stocks and power stocks.
The rupee is trading at 64.67Â against the US$.
In news from stocks in the pharma sector. Lupin share price is in focus today after the company said it received eight observations in Form-483 from The US Food and Drug Administration (USFDA) for its Aurangabad formulation facility.
Form 483 relates to certain critical observations issued to a company at the end of an inspection if there were any violations of the Food Drug and Cosmetic Act and other related acts of the US Government.
Companies that receive its observations must respond in writing with a corrective action plan and implement it quickly. If the company does not meet the USFDA’s expectations, a warning letter may be issued.
Lupin said that it is in the process of responding to the observations.
The USFDA completed inspection of the Aurangabad facility late in April. Notably, Lupin’s Goa facility too was inspected and a form 483 related to violation of norms was issued just last week. The Goa facility is an important unit for the company as its accounts for 30-40% of US sales, while the Aurangabad plant makes up about 10-15% of the company’s US sales.
The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years. The sector has faced great volatility over the years.
