Despite a marginal recovery in late trades benchmark share indices ended the first trading day of fiscal 2017 on weak note, amid weak global cues, with IT shares leading the decline.
Global cues remained weak with mixed macro economic data especially from Japan and China while caution was also seen ahead of US jobs data today. Further, markets are awaiting the quantum of rate cut by the RBI and the commentary by the RBI Governor thereof. The S&P BSE Sensex ended down 72 points at 25,270 while the Nifty50 slipped 25 points to settle at 7,113.
[b]Biocon gets nod to sell insulin in Japan[/b]
Biocon on Monday said it had approval from Japanese regulators to sell its biosimilar insulin, Glargine, in disposable pens in what is the largest market for insulin outside of the US and Europe.The Japanese Glargine market is estimated to be $144 million, Biocon said. It will make the ready-to-use prefilled disposable pen with Glargine at its unit here. The Japanese entity had conducted local Phase-III clinical trials on over 250 Type-1 diabetes patients. Japanese regulators had visited the facility here, which produces Basalog One, the branded product sold in India, prior to the approval. The pen assembly facility was inaugurated in September 2015.

[b]ONGC to invest Rs 34,000 cr in K-G basin field[/b]
Oil and Natural Gas Corporation (ONGC), the country’s largest petroleum explorer, on Monday announced a Rs 34,012 crore investment to bring into production the Krishna-Godavari basin oil and gas field by 2020. ONGC produced 18 mt of crude oil in 2014-15, less than a half of India’s total crude oil output of 38 mt. The company’s upcoming KG-DWN-98/2 block, popularly known as KG-D5, is divided into three vertical clusters. The top cluster, Cluster 1, is embroiled in a controversy with ONGC accusing migration of gas from the field to the adjoining fields of Reliance Industries.

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