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Indian share markets firm up
Thu, 6 Mar 01:30 pm

Indian share markets soared higher in the post-noon trading session. Barring FMCG, all the sectoral indices are trading in the green with realty, power and metal stocks being the biggest gainers.

BSE-Sensex is up 124 points and NSE-Nifty is trading 44 points up. BSE Mid Cap is trading 1.3% up and BSE Small Cap index is trading up by 1.4%. The rupee is trading at 61.2 to the US dollar.

Most of the auto ancillary stocks are trading in the green with Wheels India and Bharat Forge being the biggest gainers. As per a leading financial daily, Bharat Forge has been de-risking its business over the last five years by increasingly selling forged products to non-automotive sectors such as oil & gas, power, railways, defence, mining and construction. The share of its domestic revenues from the non-automotive segment has risen from 28% in FY09 to 39% in FY13. Bharat Forge wants to raise the share of non-auto sales to 60% in two years. Several of the company's diversification ventures are in partnerships. In defence, the company has a joint venture with Israel based company Elbit Systems and an alliance with defence and security company Saab. Even in energy, Bharat Forge has a joint venture with French major Alstom. Bharat Forge's stock is presently trading up 3.6%.

Majority of the pharma stocks are trading in the green with J B Chemicals and Elder Pharma being among major gainers whereas Lupin and Ipca Labs are a few stocks trading in the red. As per a leading financial daily, Swedish company Sanofi has slapped a patent infringement case against Glenmark on cardiac drug Multaq in Delaware. Sanofi has filed a suit against both Glenamrk and Dublin based Actavis (Watson) to restrain them from commercializing their Abbreviated New Drug Application (ANDA) products before the expiry of certain US patents. Multaq drug is indicated to reduce the risk of hospitalization for atrial fibrillation and had total sales of $ 319 m in 2013 as per IMS Health data. Glenmark's stock is currently trading up by 0.7%.

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