Indian stock market indices continued to trade weak over the last two hours of trade on the back of heavy selling activity witnessed across industry heavyweights. Realty and FMCG stocks witnessed maximum selling pressure.
The BSE-Sensex is down by 150 points, while the NSE-Nifty is down by 48 points. BSE Mid cap index and the BSE Small cap index are down by 0.86% and 0.65% respoectively. The rupee is trading at 53.59 to the US dollar.
Pharma stocks are trading weak led by Orchid Chemicals and Sun Pharma. Cadila Healthcare has announced its results for the quarter ended March 2012. On a consolidated basis, the company reported a 3% YoY decline in net profits. This was mainly on account of foreign exchange losses. Total revenues for the company increased by 15% YoY. The company has also recommended a dividend of Rs 7.5 per share. During the quarter under consideration the group's India formulations business posted sales of Rs 4.9 bn, while its formulation export to US also registered robust growth. During the quarter the group also entered into an agreement with Microbix Biosystems Inc, to market the Thrombolytic drug, Urokinase in the American markets. The company filed eight abbreviated new drug applications (ANDAs) during the quarter to take the total filings to 148.
Power stocks are trading in the red led by Neyveli Lignite and Torrent Power. National Thermal Power Corporation (NTPC) has announced its results for the quarter ended March 2012. The company has reported a 6.8% YoY drop in net profits for the quarter ended March 2012. For the year ended March 2012, the company has reported a 5% YoY increase in net profit. Total income increased by 4.8% YoY for the quarter ended March 2012. NTPC reported higher annual profit despite its fuel cost, on a consolidated basis, soaring about 19% in the last fiscal. The company has recommended a final dividend of Rs 0.5 per share, taking the total dividend payout to Rs 4 per share for the year 2011-12.