Sensex Opens below 33K, Nifty Mildly Lower
Earnings Reaction: India’s largest drug maker Sun Pharma share price fell 2 percent after earnings.
The company reported 59 percent decline in net profit to Rs 912.1 crore in the second quarter ended September as the company faces pricing pressure in US generics market.
The company was benefited last year by an extending limited competition for generic blood cancer drug imatinib in US market.
The company reported net profit of Rs 2235 crore in the same period of previous year. Revenues declined 19.5 percent to Rs 6650 crore compared to Rs 8260 crore in the year-ago period.
CNBC TV18 Poll estimated the net profit at Rs 802 crore and revenues at Rs 6861 crore.
Oil Update: Oil prices tumbled today, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets.
Brent crude futures were at USD 61.44 per barrel, down 1.24 percent from their last close.
US West Texas Intermediate (WTI) crude was at USD 55.10 per barrel, down over 1.08 percent.
The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November.
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