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Indian share markets remain weak
Wed, 12 Jun 01:30 pm

Not enthused by the weak production (IIP) numbers, Indian share markets remained weak in the post-noon trading session. Majority of the sectoral indices are trading in the red with consumer durable, metal and FMCG stocks being the biggest losers. Only oil & gas, pharma and banking stocks are trading positive.

BSE-Sensex is down 72 points and NSE-Nifty is trading 27 points down. While BSE Mid Cap is trading down 0.5%, the BSE Small Cap index is trading down 0.4%. The rupee is trading at 58.3 to the US dollar.

The government has released the data on Index of Industrial Production (IIP) for the month of April as well as for the period April-March 2012-13. In April, IIP grew by a sluggish 2% YoY on the back of growths of 2.8% and 0.7% clocked by Manufacturing and Electricity sectors, respectively as compared to year-ago levels. In the manufacturing sector, only 13 out 22 industry groups posted growth during April. However, output of the mining sector fell by 3% YoY for the month. The cumulative growth in IIP for the period April-March 2012-13 was a mere 1.1% with Manufacturing and Electricity sectors registering aggregate growths of 1.2% and 4%, respectively. The mining sector output declined by 2.4% for the period April-March 2012-13.

Most of the pharma stocks are trading are in red with Wockhardt and Dishman pharma being among the top losers. As per the financial daily, Lupin is continuously looking out for new product acquisitions in various geographies. Reportedly, Vinita Gupta, who is the CEO for the company's US subsidiary mentioned that the company's acquisition strategy will be three fold - adding products and companies that are able to complement the existing business operations especially in geographies like US and Japan. In addition to this, the other acquisitions will be for products or companies offering niche technologies. And finally company is also looking to expand its geographic presence. In the US, Lupin is looking to buy new brands and in Japan the company is looking to add new companies to enhance its market presence. The other countries where company would like to go in for acquisitions include countries like Europe, Latin America, India and China. Lupin was trading up by 0.76%

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