Majority of the mining stocks are trading in the green with Coal India and Metals and Minerals Trading Corporation of India Ltd. (MMTC) being the biggest gainers. As per a leading financial daily, Manganese Ore of India Ltd (MOIL) has chalked out plans to enter coal mining and power generation to support its downstream diversification into ferro alloy production. The company has entered into joint ventures with Steel Authority of India Ltd. (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) for set up of ferro alloy plant at a cost of Rs 6 bn. The ferro alloy plant will be used for the production of ferro manganese and silico manganese. The company's coal and power generation operations are contingent upon allotment of coal blocks earmarked by the Ministry of Coal for allocation to public sector units. MOIL has applied for eight blocks out the 17 blocks to be allotted. Apart from this, the company also has plans to scale up its manganese ore production target from 1.1 million tonnes per annum (mtpa) to 2.2 mtpa by 2020-21. MOIL stock is currently trading up by 0.7%.
Domestic pharma stocks are trading mixed with, Indoco Remedies and Elder pharma leading among gainers while Wockhardt Ltd and JB Chemicals being the major losers. Wockhardt Ltd declared its March 2013 results. Company reported topline growth of 26% YoY led by growth in US and Europe business (excluding France. However Domestic and emerging markets witnessed muted growth of ~3% YoY for the quarter. Operating margins improved by 1.4% leading to growth in operating profits by 31.5% YoY. Bottom line had impact of exceptional losses, forex loss and revenue from discontinued business. Excluding these impacts PAT grew by 164% YoY. Wockhardt was trading down by 3.95%