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Sensex gains most in 11 weeks, up 4.27%
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.

Volatility set to rise
- Traders expect resistance above 5,100 - Expiry effect in overbought market - Traders expect index to move below 5,000 in near future - Market may open on a steady note - Far from money spreads could pay - Nifty likely to see more corrections in near term

News of the day

HSBC H1 profit plummets 57% at $3.35 bn
British financial services major HSBC Holdings Plc has reported a 57 per cent plunge in profit at $3.35 billion in the first half of 2009, hit by the ballooning loan impairment charges in many markets including India.
Public Company

GlaxoSmithKline gets notice for ad campaign

The Drug Controller General of India (DCGI) has issued a show-cause notice to GlaxoSmithKline Pharmaceuticals (GSK) for launching an advertisement campaign in the national media on cervical cancer vaccine Cervarix. - Piramal Life up on clinical-trial nod - GlaxoSmithKline Pharma Q1 net up 18.14% at Rs 143.27 cr - Drug Controller office in Gujarat to get zonal status The regulator has asked the company to explain, within 10 days, the reasons for not withdrawing the licence issued to the company, which violated rules related to the Drugs and Cosmetics Act, which bans advertisement for prescription drugs (including vaccines). “We have issued a showcause notice to GSK for the advertisement campaign,” confirmed a health ministry official. GSK officials could not be contacted for comments. Under Rule 106 and Schedule J of the Drugs and Cosmetics Act, 1940, drug companies cannot advertise any prescription drugs. Though GSK’s advertisement campaign did not mention Cervarix, it said vaccination could prevent cervical cancer. Apart from Cervarix - which had sales of $182 million globally in 2008 — Merck and Co markets its version, Gradasil, in the Indian market since last year. Cervical cancer or cancer of the uterine cervix, is the most common type of cancer affecting women in India after breast cancer and causes over 74,000 deaths annually in the country. According to WHO estimates, over 130,000 Indian women are diagnosed with cervical cancer annually. The global market for cervical vaccine is estimated at more than $10 billion. Infection of the human papilloma virus (HPV) is believed to be the reason for cervical cancer and approximately 80 per cent of women get one or more types of virus by the age of 50. Vaccination is advised for females aged between 9 to 26 years.


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