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Indian share markets widen losses
Mon, 3 Mar 01:30 pm

Indian share markets slip deeper in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with capital goods, pharma and power stocks being the biggest losers. Consumer durable, oil & gas and realty are a few stocks trading in the green.

BSE-Sensex is down 124 points and NSE-Nifty is trading 43 points down. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.2%. The rupee is trading at 61.8 to the US dollar.

Most of the domestic pharma stocks are trading in the green with Glenmanrk Pharma and Torrent Pharma being the biggest gainers whereas Indoco Remedies and Dr Reddy's Labs are the major losers. As per a leading financial daily, Lupin is geared up to expand its bulk drug manufacturing facility at Vadodara to the tune of 1,480 tonnes per annum at a cost of Rs 2.7 bn. The company incurred capital expenditure of Rs 4.8 bn in FY13. The USFDA approved facility manufactures bulk drugs for cardiac, anti-infectives, anti-tuberculosis, neurology and other segments. The company wants to expand the unit to add more drugs belonging to categories such as anti-cholestrol, cardiac, neuropathic, respiratory, anti-infectives among others. Lupin is a leading global manufacturer of anti-tuberculosis bulk drugs like Ethmbutol Hydrochloride and Rifampicin. Lupin's stock is currently trading down 0.6%.

Most of the energy stocks are trading in the green with Essar Oil and Cairn India being among major gainers whereas ONGC and Indraprastha Gas are among major losers. As per a leading financial daily, Reliance Industries Ltd (RIL) is contemplating to relinquish two more oil & gas blocks to the Government due to lack of economic viability and uncertain Government policies. RIL had won 45 oil & gas blocks under various auction rounds out of which the company has surrendered 39 blocks so far retaining only six blocks. The company's board has not approved any investment in the exploration business. The share of oil & gas business in overall revenues halved to 1.9% in FY13. RIL's stock is currently trading up 0.5%.

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