Indian stock market, continued to trade in the red during the last two hours of trade. Barring select stocks from the FMCG and realty spaces, selling activity is being witnessed across the board. Stocks from the metals, IT and oil and gas sectors are amongst the top losers at the moment.
BSE-Sensex is down by 80 points and NSE-Nifty is trading down by 14 points. While the BSE Mid Cap is trading down by 0.01%, the BSE Small Cap index is trading down by 0.15%. The rupee is trading at 53.36 to the US dollar.
Pharma stocks are trading mixed with Panacea Biotech and Dishman Pharma being among the top gainers and Strides Acrolab and Ranbaxy Ltd being among the losers. Ipca Laboratories announced its 3QFY13 results. Net sales grew by 15% YoY during the quarter led by growth in both its formulations and API businesses. The company witnessed robust growth in its Export API business, which grew by 30% YoY for the quarter. Export formulations grew by 10% YoY on back of lower sales from the UK segment for the quarter. The domestic formulations and domestic API business grew by 13% YoY and 12% YoY respectively for 3QFY13. The operating margins declined by 1.2% largely due to increase in expenses related to its SEZ facility. At the profit after tax (PAT) level, the company witnessed growth of 37.5% YoY, which was due to lower forex loss in 3QFY13. The stock was trading up by 1%.
FMCG stocks are trading mixed with Colgate and Godrej Consumer being the biggest losers and Lakshmi Energy and Archies leading the gains. Colgate has declared its financial results for the quarter ended December 2012. The company recorded a 14% YoY increase in sales during the quarter. However, its operating margins contracted by 220 basis points (2.2%) to 19% on account of a steep rise in advertisement expenditure along with higher input costs and staff costs. At the net level, Colgate's earnings dipped by 4% due to a marginal 2.4% rise in operating profit and 5.6% reduction in other income earned during the quarter. Even the tax outgo rose by 19% as a result of higher tax incidence, reducing net profits for the quarter. The stock is trading down by 3.5%.