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Indian share markets weaken
Wed, 30 Jan 01:30 pm

With index heavyweights witnessing selling pressure, Indian share markets further pared gains and remained volatile around the dotted line in the post noon trading session. Sectoral indices are trading mixed with FMCG, capital goods and power stocks being the biggest losers. Realty, consumer durables and oil and gas stocks are leading the gains.

The BSE-Sensex is up 13 points and the NSE-Nifty is trading up by 8 points. While BSE Mid Cap is up by 0.1%, BSE Small Cap index is down by a similar magnitude. The rupee is trading at 53.5 to the US dollar.

Most of the telecom stocks are trading in the red with AGC Networks and Idea Cellular being the biggest losers. As per a leading financial daily, Bharti Airtel has submitted bid to acquire telecom license in Myanmar. Global players like Norway's Telenor and Malaysia's Axiata are also in the fray to bid for license to provide mobile telephony services in Myanmar. Apart from India, Bharti Airtel offers services in Bangladesh, Sri Lanka and 17 countries in South Africa. Myanmar has been attracting interest of global telecom firms after easing of international sanctions on it in response to political reforms under the quasi-civilian government that came into power in 2011. Bharti Airtel stock is currently down 0.8%.

Most of the pharma stocks are trading mixed with Shasun and Strides Acrolab being among the top gainers and Ajanta and Divi's among the losers. Glenmark Pharmaceuticals announced its 3QFY13 results. The topline grew by 34% YoY during the quarter led by growth in both its specialty and generics businesses. The company has received licensing income of Rs 493 m from Forest labs. Even after excluding this onetime income, topline witnessed growth of 32% YoY. Operating margins improved by 13% and the net profit margin also improved by 11% due to overall improvement. The company also announced the discontinuation of its Revamilast program for Rheumatoid Arthritis indication. However, it will continue trials for Asthma indication. The stock is trading down by 2%.

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