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Mid and smallcaps outperform
Tue, 5 Apr 11:30 am

Benchmark indices in the Indian stock market have slipped further into the negative territory during the last two hours of trade. Stocks from consumer durables and healthcare space are trading firm and those from IT and banking space are trading weak.

The BSE-Sensex is down by 118 points while NSE-Nifty is trading 37 points below yesterday's closing. BSE Midcap and BSE Small capindices are up by 0.2% and 0.7% respectively. The rupee is trading at 44.41 to the US dollar.

Pharma stocks are trading firm led by Ranbaxy and Biocon. As per a leading financial daily, Pfizer has agreed to sell its Capsugel business to KKR, a private equity firm for about US$ 2.4 bn in cash. The pharmaceutical company plans to use the proceeds of the dealings to buy back its shares. This is in addition to the repurchase programme of US$ 5 bn announced earlier. Capsugel had about US$ 750 m revenues last year and made more than 180 bn pills. As a result of the deal, Pfizer has lowered its 2011 revenue forecast from US$ 66 bn - US$ 68 bn to US$ 65.2 bn - US$ 67.2 bn. The 2012 revenue target has been revised from US$ 63 bn- US$ 65.5 bn to US$ 62.2 bn- US$ 64.7 bn. According to Pfizer, the deal is expected to get completed during third quarter subject to approval from the US, European Union and other regulators.

Engineering stocks are trading mixed with Areva T&D and Finolex trading firm while Suzlon Energy and Welspun Corp are trading weak. As per a leading financial daily, power equipment maker BHEL is exploring opportunities for setting up of gas turbine projects in Japan. As per a company spokesperson, BHEL along with its joint venture partner General Electric is looking at setting up of gas turbines in the country as these can be set up quickly and have a smaller gestation period. After the earthquake in Japan, the country's 11 nuclear reactors out of 54 are not working. This has led to a power shortfall of 13,000 Mw. The problem with the nuclear reactors has prompted Tepco, the Japanese power firm that owns the Fukushima plant, to order 10 truck mounted gas turbines of 25 Mw capacity each from GE. The aftermath of the earthquake has provided a huge opportunity for manufacturers of gas turbines. It may be noted that business from West Asia accounts for less than 1% of BHEL's revenues.

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