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India share markets remain buoyant
Wed, 12 Mar 01:30 pm

After opening weak and then rebounding, Indian share markets remained positive in the post-noon trading session. Sectoral indices are trading mixed with pharma, consumer durables and FMCG stocks being the biggest gainers whereas oil and gas, auto and capital goods are among major losers.

BSE-Sensex is up 21 points and NSE-Nifty is trading up 7 points. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.1%. The rupee is trading at 61.1 to the US dollar.

Most of the hotel stocks are trading in the green with Taj GVK and Indian Hotels being the biggest gainers. As per a leading financial daily, Indian Hotels Company Ltd (IHCL) will make provisions to the tune of Rs 4 bn in its standalone financials and Rs 1 bn in its consolidated financials for FY14 due to diminution in the value of its long-term investments. As per the company, sustained depression in the macroeconomic environment in the domestic and overseas markets has resulted in decline in fair value of long term investments and consequent erosion in net worth. IHCL has earlier booked losses of Rs 3.7 bn on investments in luxury hotel chain, Orient-Express Hotels (OEH) as well as written off Rs 3.7 bn. In November 2013, the company did not go ahead with its $1.8 bn offer to acquire OEH. On a consolidated basis, for the nine month ended December 2013, the company reported 9% YoY increase in net sales and a net loss of Rs 3.9 bn as compared to Rs 411 m net loss in the same period last year. IHCL's stock is currently trading up by 1.8%.

Indian Pharma stocks are trading on a mixed note today. While Sun Pharma is among the top gainers, Cadila Healthcare and IPCA Labs are trading weak. As per a leading business daily, Sun Pharma's subsidiary Caraco has received US Food and Drug Administration (USFDA's) approval for marketing of the drug, Risperidone used in the treatment of schizophrenia (a mental disorder). This would allow Caraco to market Risperidone oral tablet in the US. The company received approval despite various customer complaints against it in the US recently. The complaints earlier prompted the company to voluntarily recall 2,528 bottles of metformin, generic version of diabetes drug Glumetza from the US market. The stock of Sun Pharma is among the top gainers in the Sensex today. It is trading up by 3.7% today.

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