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Markets recover but still trading weak
Thu, 16 Jun 11:30 am

Though still in the red, Indian stock market indices recovered a bit on the back of buying activity at lower levels across index heavyweights. Barring FMCG , all sectoral indices are trading weak.

The BSE-Sensex is down by 56 points while NSE-Nifty is trading 25 points below previous closing. BSE Midcap and BSE Small cap indices are down by 0.5% and 0.3% respectively. The rupee is trading at 44.90 to the US dollar.

Pharma stocks are trading firm led by Torrent Pharma and Lupin. As per a leading daily, pharma company Lupin has acquired the worldwide rights for Australian brand Goanna from Aspen Pharmacare Holdings. For Lupin, its Australian arm, Generic Health has carried out this transaction. Lupin will get the rights to the entire range of products under the Goanna brand. This includes premium therapeutic oils, rubs and ointments. The sales and marketing efforts will commence soon. It may be noted that Goanna brand was founded in 1910 and has been used by Australians since years for relief from muscular aches and pains and arthritis. Aspen Pharmacare is the largest listed pharma company in South Africa.

Software stocks are trading in the red led by Wipro and HCL Infosys. As per a leading financial daily, IT company TCS plans to hire around 60,000 employees this year. The company that had added 70,000 workers last year is seeing strong demand for its outsourcing services. The company has projected that its sales would keep increasing by 20% a year in the near future. It may be recollected that last year, TCS was able to get contracts from Deutsche Bank, Hilton Worldwide and Air Liquide. The Indian IT industry employs 2.5 m people. There has been employee attrition in the industry over the last 4 quarters. To deal with this, TCS has decided to offer raises of 12% to 14%. Its rival, Infosys too plans to raise salaries by 10% to 12% this fiscal.

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