Backed by strong buying across index heavyweights, Indian share markets traded firmly above the dotted line in the post-noon trading session. Barring stocks from the capital goods and auto sectors, all the sectoral indices are trading in the green with consumer durables, oil and gas and Pharma stocks leading the gains.
Majority of the energy stocks are trading in the green, with Reliance Industries Ltd (RIL) and Essar Oil being among the top gainers. As per a leading financial daily, RIL has announced that its partners British Petroleum (BP) and NIKO have made a significant gas and condensate discovery in KG-D6 block. The discovery named D-55 lies over 2,000 meters below the already producing reservoirs in D1-D3 gas fields. The discovery has been notified to the government and the Management Committee of the block. Reportedly, RIL has discovered 18 gas fields in the KG-D6 block of which only D1 & D3 have been put to production whereas satellite fields are being planned to be developed.
Most of the domestic pharma stocks desc are trading in the green with Wockhardt Ltd and Sun Pharmaceuticals Ltd leading among the pack of gainers. Sun Pharma's subsidiary Taro Pharma declared its March 2013 quarter results. Net sales grew by 14% YoY, however sales volume was marginally down for the quarter. Gross margins were at 72.4% during 4QFY13 vs. 68.3% during 4QFY12. On the EBITDA front, operating income decreased by 38.2% due to onetime litigation expenses amounting to US$ 22 m. Adjusting the one time expenditure, operating income witnessed growth of 28.7% during 4QFY13. Net profits grew by 4.5% YoY for the said quarter. Sun Pharma was trading up by 3.5%.