After slipping in red Indian share markets rebounded and are trading well above the dotted line in the post-noon trading session. Barring consumer durable and auto, all the sectoral indices are trading in the green with capital goods, banking and realty stocks being the biggest gainers.
Most of the engineering stocks are trading in the green with Bharat Bijlee and Alstom Projects being the biggest gainers. As per Indian Electrical and Electronics Manufacturers' Association (IEEMA), production of electrical equipment after registering a rise of 9.8% in 2QFY14 fell by 0.9% in 3QFY14. The fall has been on account of delays in project execution and non-adherence to payment schedules by distribution companies. This is likely to adversely impact the liquidity profile of electrical equipment manufacturers making it difficult for them to get bank credit. The cumulative growth in production of electrical equipment was merely 9% during 9mFY14.
Majority of the pharma stocks are trading in the green with Aurobindo Pharma and Elder Pharma being among major gainers whereas Panacea Biotech and Ipca Labs are a few stocks trading in the red. As per a leading financial daily, Dr. Reddy's Laboratories has launched moxifloxacin hydrochloride tablets in 400 mg strength in the US markets. Dr. Reddy's moxifloxacin hydrochloride drug is an equivalent generic version of Aktiengesellschaft's Avelox used for treating bacterial infections. According to IMS Health, Avelox sales in the US were around $195 m in 2013. Dr. Reddy's stock is trading marginally down.