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IT & power out of favour
Tue, 21 Jan 01:30 pm

Indian share markets continued to trade above the dotted line in the post-noon trading session. Sectoral indices are trading mixed with banking, auto and consumer durable stocks being the biggest gainers whereas IT, power and oil & gas are among the major losers.

BSE-Sensex is up 41 points and NSE-Nifty is trading 10 points up. Both BSE Mid Cap and BSE Small Cap indices are trading up 0.4%. The rupee is trading at 61.5 to the US dollar.

Majority of the domestic pharma stocks are trading in the red with Sun Pharma and Piramal Enterprises being among the major losers whereas Aurobindo Pharma and Biocon are trading in the green. As per a leading financial daily, Cadila Healthcare has received approval for anti-depressant drug by United States Food & Drug Administration (USFDA). The said anti-depressant drug is Bupropion hydrochloride extended-release tablets in 300 mg strength. As per IMS, the total market for Bupropion is $ 527.6 m with sales for 2013 estimated at $ 255.9 m. Cadila Healthcare has received 87 approvals so far. The stock is currently trading up by 1.3%.

Most of the energy stocks are trading in the red with HPCL and Petronet LNG being among major losers. Jindal Drill and MRPL are among the few stocks trading in the green. As per a financial daily, Reliance Industries Ltd (RIL) is contemplating to commence production of natural gas from coal-bed-methane (CBM) in Madhya Pradesh from FY16. RIL holds three CBM blocks, Sohagpur (East) and Sohgpur (West) in Madhya Pradesh and Sonhat in Chattisgarh. The company plans to produce 3.5 m cubic meters per day of gas from the two Sohagpur blocks. The Phase-I development includes drilling and completion of 229 wells and completion of two gas gathering stations. RIL's subsidiary Reliance Gas Pipelines will lay the pipeline to transport coal gas from Shahdol in Madhya Pradesh to Phulpur in Allahabad, Uttar Pradesh. In Phulpur, the gas will be linked to GAIL's Hazira-Vijaypur-Jagdishpur trunk gas pipeline. The gas will be priced at an average of international gas hub rates and cost of importing liquefied natural gas. RIL stock is currently trading down 0.3%.

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