Sensex, Nifty pare early gains to end flat; HDFC Bank, RIL tumble

Domestic equity benchmarks Sensex and Nifty surrendered early gains to end flat on Wednesday as profit-booking emerged in market majors Reliance Industries and HDFC Bank.

After rallying 452 points during the day, the BSE Sensex slipped in the red to end 24.58 points or 0.07 per cent lower at 37,663.33.

The NSE Nifty inched up 6.40 points or 0.06 per cent to close at 11,101.65.

HDFC Bank and Reliance Industries were among the top laggards, tumbling over 1 per cent, as investors booked profits after their recent bull run.

PowerGrid, Tech Mahindra, Infosys, Nestle India and HCL Tech too ended with losses.

On the other hand, Tata Steel rallied over 6 per cent, followed by Titan, Maruti, Bharti Airtel and M&M.

According to traders, despite positive cues from global markets and sustained foreign fund inflows, stock-specific action dictated domestic market movement during the day.

Bourses in Shanghai, Hong Kong and Seoul settled with gains, while Tokyo closed lower.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude jumped 2.09 per cent to USD 45.36 per barrel.

In the forex market, the rupee settled with gains of 10 paise at 74.94 against the US dollar.

Pfizer: Phase 3 CROWN Study Of LORBRENA Meets Primary Endpoint

Pfizer Inc. (PFE) announced Monday that the positive results from Phase 3 CROWN study of LORBRENA (lorlatinib) in people with previously untreated advanced anaplastic lymphoma kinase or ALK-positive non-small cell lung cancer or NSCLC.

The trial met its primary endpoint by demonstrating significantly improved progression-free survival, as compared to XALKORI (crizotinib).

The results were reviewed by an independent Data Monitoring Committee at a planned interim analysis. The safety profile for lorlatinib and crizotinib were consistent with what has been previously seen in clinical trials.

The company will submit the results from CROWN for presentation at an upcoming medical congress.

Based on the positive outcome of the CROWN trial, the company said it intends to share the results with the U.S. Food and Drug Administration and other health authorities to support conversion to full approval and to seek approval for an indication that includes previously untreated ALK-positive metastatic NSCLC.

In 2018, the FDA approved LORBRENA for the treatment of patients with ALK-positive metastatic NSCLC whose disease has progressed on crizotinib and at least one other ALK inhibitor for metastatic disease; or whose disease has progressed on alectinib or ceritinib as the first ALK inhibitor therapy for metastatic disease.

Stock Alert: Horizon Therapeutics Jumps 15% On Quarterly Results

Shares of Horizon Therapeutics Public Ltd. Co. (HZNP) are gaining over 15% on Wednesday morning after the company’s second-quarter results trumped Wall Street view, driven by “tremendous” response for its drug Tepezza, a treatment for Thyroid Eye Disease. The company also lifted its full-year revenue outlook.

HZNP is currently trading at $71.12, up $9.33 or 15.10%, on the Nasdaq.

Second-quarter net loss was $80.0 million or $0.42 per share, wider than last year’s loss of $5.1 million or $0.03 per share. Adjusted earnings were $0.40 per share, lower than last year’s earnings of $0.49 per share. Analysts’ had a consensus earnings estimate of $0.36 per share.

Revenues for the quarter rose 44% to $462.8 million from $320.6 million last year. Analysts expected revenues of $332.45 million.

“Driving our record second-quarter performance was the continued tremendous patient and physician response to Tepezza, along with our outstanding commercial execution, making the Tepezza launch one of the most successful rare disease medicine launches ever, despite a challenging COVID-19 environment,” said CEO Tim Walbert.

Looking forward, the company now expects full-year 2020 net sales between $1.85 billion to $1.90 billion, an increase from the previous guidance range of $1.40 billion to $1.45 billion. Horizon now expects Tepezza full-year 2020 net sales of greater than $650 million, compared to the previous guidance of greater than $200 million. Analysts currently estimate sales of $1.54 billion.

Indonesia’s GDP Contracts Most Since 1999

Indonesia’s economy contracted at the fastest pace since the Asian financial crisis as measures to control the spread of coronavirus pandemic took its toll on consumption, investment and trade, data from the statistics bureau revealed Wednesday.

Gross domestic product fell 5.32 percent year-on-year in the second quarter, reversing last quarter’s 2.97 percent growth.

This was the biggest drop since the first quarter of 1999 and also larger than economists’ forecast of 4.61 percent decline.

On a quarterly basis, Southeast Asia’s biggest economy contracted 4.19 percent versus the expected decrease of 3.49 percent.

The expenditure-side breakdown of GDP showed that household consumption declined 5.51 percent annually and government expenditure dropped 6.9 percent.

Likewise, investment decreased 8.61 percent. Exports and imports were down 11.66 percent and 16.96 percent, respectively.

The government forecast GDP to log -0.4 percent to 1 percent growth in the full year of 2020.

In order to support economic growth, the central bank had reduced its key interest rate by 100 basis points so far this year.

ING economist Nicholas Mapa said the economy is set to contract in the third-quarter too by 5.1 percent with pressure on Indonesian fiscal and monetary authorities to provide more stimulus to bolster sagging growth momentum.

Chile mine blast 10 years on

Al Jazeera looks at what happened to the miners whose rescue was watched by millions around the world.

It is exactly 10 years since 33 miners were trapped after a copper and gold mine explosion in Chile’s Atacama Desert.

The rescue effort was watched by millions around the world.

Al Jazeera’s Lucia Newman, who covered the story at the time, now looks at what has happened to them since.