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Indian share markets remain buoyant
Wed, 22 Jan 01:30 pm

Indian share markets continued to trade higher in the post-noon trading session. Barring FMCG and capital goods, all the sectoral indices are trading in the green with pharma, metal and power stocks being the biggest gainers.

BSE-Sensex is up 58 points and NSE-Nifty is trading 14 points up. BSE Mid Cap is trading 0.4% up and BSE Small Cap index is trading up by 0.3%. The rupee is trading at 61.9 to the US dollar.

Majority of the FMCG stocks are trading in the green with Jyothy Consumer and Emami being among major gainers and Hindustan Unilever and Dabur being the biggest losers. As per a leading financial daily, Colgate announced its results for the quarter ended December 2013. The company reported a 14% topline growth. However, growth in operating profit remained almost flat due to over 20% jump in each of the ad-spends and other expenses reported during the quarter that offset a 16% cut in staff costs. The operating margin contracted by 2.2% to 16.9%. At the net level, margins reduced by a mere 1.5% to 12.7% aided by 38% increase in other income earned for the quarter. The company has declared a second interim dividend of Rs 9 per share in addition to a first interim dividend of Rs 9 per share declared in November 2013. Colgate stock is trading up 0.4%.

Barring Panacea Biotech, almost all the Indian pharma stocks are trading firm with Torrent Pharma and Natco Pharma leading the pack of gainers. As per a leading business daily, Indian drug companies get a breather after the United States Food & Drug Administration (USFDA) relaxed inhaler norms. USFDA has eased guidelines for cheap generic inhaler alternatives to GlaxoSmithKline's blockbuster respiratory drug, Advair. The drug is used as inhaled medicine for asthma and chronic obstructive pulmonary disorder. The relaxation in the norm would help pharma companies skip long and expensive human tests. Advair is the world's 3rd best selling drug with a turnover of USD 8 bn during previous year out of which US alone accounts for USD 5 bn a year. Indian pharma giants like Sun Pharma, Lupin and Cipla are already preparing to launch their generic inhaler alternatives in the US markets. For instance, Glenmark has already launched its Advair generic for the emerging markets. The companies are expediting their processes to seek approvals in the US market. The opportunity for the inhaler segment is significant with the US market alone being pegged at about USD 23 bn.

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