Buoyed by sustained buying in index heavyweights, Indian share markets continued to ascend in the post-noon trading session. All the sectoral indices are trading in the green with realty, banking and auto stocks being the major gainers.
Most of the MNC pharma stocks are trading in green, with Pfizer Ltd and Sanofi India leading among the pack of gainers. As per financial daily, Pfizer Ltd has announced March 2013 quarter results. Total income increased by 4% YoY for the quarter. The slow growth has been due to a high base as the year-ago quarter included revenues from the animal health business and service income. However, the company sold off its animal business in this fiscal. Excluding this impact, the pharmaceuticals business grew by 9.6% YoY during the March 2013 quarter. The operating margin improved by 0.6%. The net profit increased by 21% YoY for the quarter.
Majority of real estate stocks are trading in the green with Madhucon Projects and NCC being the major gainers. As per a leading financial daily, Reserve Bank of India (RBI) has extended the deadline for real estate developers and house finance companies, to access external commercial borrowings (ECBs) for low-cost housing, from one year to two years. In December 2012, RBI had permitted ECBs of upto USD 1 bn for the promotion of low-cost housing projects. The funds raised through the ECB route can either be used for development of low-cost housing projects or extending loans of upto Rs 25 lakh to individuals for buying houses valued at Rs 30 lakhs or less.