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Indian share markets slip
Wed, 30 Apr 01:30 pm

Indian share markets pared early gains and drifted in the negative territory in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty and metal stocks being the biggest losers. Oil & gas and auto are among the few indices trading positive.

BSE-Sensex is down 7 points and NSE-Nifty is trading 9 points down. BSE Mid Cap is trading 0.7% down and BSE Small Cap index is trading down by 0.8%. The rupee is trading at 60.3 to the US dollar.

Majority of the FMCG stocks are trading in the green with P&G Hygiene and Lakshmi Energy being the major gainers whereas Hindustan Unilever and Kokyo Camlin are a few stocks trading in the red. Bajaj Corp (BCL) has announced results for the quarter ended March 2014. The company clocked flat topline in 4QFY14 on a 6.4% YoY decline in offtake. However, the company has managed to improve operating margin by 0.4% YoY backed by lower ad-spends and reduced raw material costs and wages. Excluding the impact of brand amortization of Rs 117.5 m, the net profits have grown by 1.8% in 4QFY14 aided by lower tax outgo. For FY14, revenues grew by 11% YoY led by a volume growth of 6%. The operating margin contracted by 0.7% YoY for the year due to steep rise in other expenses. The net profits without brand amortization have grown by a relatively slower 7% YoY due to high interest outgo during the year. Bajaj Corp stock is presently trading down 2.4%.

Indian pharma stocks are trading mixed today. While JB Chemicals and Natco Pharma are trading weak, Glenmark Pharma and IPCA Labs are trading higher. As per a leading business daily, Aurobindo Pharma is facing patent infringement and violation cases against its three generic drug applications in the US. Three companies in the US have filed the cases against Aurobindo for violation of patent against their drugs. These include the company's ANDA (abbreviated new drug application) for generic version of dexmedetomidine hydrochloride injection which is used as sedative and is facing patent allegation by Hospira for the drug Precedex. Two other companies have filed for violation of patents against Aurobindo for their drugs Angiomax (bivalirudin) and Livalo (Pitavastatin). While the company believes such cases are quite common in the industry, any adverse ruling can affect the company's revenues during the exclusivity period. The stock of Aurobindo Pharma is trading higher by 0.4% today.

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Feb 19, 2018 11:53 AM