Indian share markets pared gains and hovered around the dotted line in the post noon trading session. Majority of the sectoral indices are trading in the negative with metal, FMCG and realty stocks being the biggest losers. IT, capital goods and consumer durable stocks are among the few stocks trading in the green.
Majority of the auto ancillary stocks are trading in the red with Mahindra Forgings and Sundaram Clayton being the biggest losers. However, Exide Industries and Carborundum Universal are few of the stocks trading in the green. As per a leading financial daily, Bharat Forge is forming a joint-venture company with US-based Elbit Systems Land and C41 Ltd to cater to the country's defence sector. The joint-venture company will offer solutions in the artillery guns and mortar segment by utilizing the US company's technology and system integration capabilities and Bharat Forge's expertise in design, engineering, manufacturing, testing and validation. Apart from Bharat Forge, the Mahindra & Mahindra Group is the other player from the auto industry that is entering the defence sector through tie-ups with overseas companies. Bharat Forge stock is currently down 1.2%.
Most of the pharma stocks are trading in the red with Cipla and Orchid Chemicals leading the losers. Sun Pharma declared its December 2012 quarter results. The topline of the company grew by 34% YoY during the quarter led by growth in its international formulations and API segments. The US and ROW markets witnessed robust growth of above 40% for 3QFY13. Sun Pharma's subsidiary Taro also witnessed healthy growth of 25% YoY. The domestic segment witnessed modest growth of 13% YoY for the quarter, though growth was above the domestic pharma industry growth of 10% YoY during the same period. The operating margins declined marginally by 0.5% and operating profits grew by 32% YoY. The bottomline increased by 32% YoY during 3QFY13, inspite of higher incidence of tax, which grew by 274% YoY.