Dalal Street

As we near the end of F&O settlement, the market wide rollover stands at 43.47% on T-2 day as compared to 36.47% in the previous expiry. The Nifty November rollover stands at 38.96% compared to 44.98% in the October expiry and 41.76% in the September expiry on T-2 day. The Put-Call ratio stands at 0.84. Open interest addition of nearly 5000 contracts was seen in Call options of the strike price 2700 and 2800.

Top Sector Rollover stands as follows, [in %ge]
Capital Goods 54.86
Realty 51.88
Power 50.50
Banking 50.04
Cement 48.07

Transport at 23.90% and media at 30.84% have witnessed the lowest Rollover.

Dr. Reddy’s Labs announced that it has launched the authorized generic version of GlaxoSmithKline’s Imitrex (Sumatriptan Succinate) tablets in the United States. Dr. Reddy’s is the first company to launch an authorized generic version of Imitrex tablets in the US market.

Imitrex, prescribed for migraine attacks, had U.S. sales of $1.3 bn in 2007 as per IMS. This launch is expected to drive 25% sales growth for Dr Reddy’s for FY09E. This would help Dr Reddy’s to at least maintain the trend sales growth rate that we have seen in the first half of this year.

Sales from Imitrex could contribute around 3.2% of the 25% sales growth and any delay by Ranbaxy to launch the drug will drive Dr. Reddy’s sales higher.