Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Auto & IT Sectors Lead Losses
Tue, 5 Jul 01:30 pm

Indian indices continue to trade with negative bias during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the infrastructure and metal trading in green while auto and IT sectors are bearing the maximum brunt.

The BSE Sensex is trading lower by 79 points (down 0.3%) and the NSE Nifty is trading down by 25 points (down 0.3%). Both BSE Mid Cap and BSE Small Cap indices are trading higher by 0.1%. Gold prices, per 10 grams, are trading at Rs 31,677 levels. Silver price, per kilogram, is trading at Rs 47,446 levels. Crude oil is trading at Rs 3,246 per barrel. The rupee is trading at 67.42 to the US$.

Stocks in the pharma sector are trading on a mixed note with Elder Pharma and Ajanta Pharma trading in the green. As per an article in The Economic Times, Sri Lanka has asked Indian pharmaceutical companies to establish operations in the country by allowing them to set shop in its special economic zones.

Reportedly, this will help in expansion of the industry imprint in Sri Lanka. Sri Lanka had floated this proposal earlier in 2012 which could not take shape. However, recently, India exported drugs worth US$ 205 million to Sri Lanka. Further, Sri Lanka can serve well as an efficient manufacturing hub for India. One shall note that India is dependent on China for active pharmaceutical ingredients (API). India imported APIs worth US$3.9 billion in 2014-15, of which drugs worth US$3.3 billion came from China.

In another development, Hyderabad based pharma company, Hetero launched the biosimilars of Bevacizumab and Rituximab, two anti-cancer drugs recently. Indian pharma companies such as Dr Reddy's, Biocon, and Cadila derive some revenues from the sale of biosimilars, largely from the Indian markets and a smaller portion coming from the emerging markets. But given the complexity of biologics, will Indian companies be able to break some ground in this space? (Subscription Required) One of our premium edition of The 5 Minute Wrap up offers a view on the same.

Moving on to the news from engineering sector. According to a leading financial daily, Larsen & Toubro's (L&T) power unit has grabbed US$ 71.3 million export orders from Mitsubishi Hitachi Power Systems Limited (MHPS).

L&T has secured orders through its joint ventures L&T-MHPS Boilers Private Limited (LMB) & L&T-MHPS Turbine Generators Private Limited (LMTG).

As per the reports, the contract includes supply of pressure parts for a 2x1,000 MW power plant in Indonesia and includes furnace header, panel, coils and piping.

Further, LMB is currently completing nine export orders for various MHPS projects in Japan and Indonesia.

Moreover, LMTG has received contract to supply turbines for 2x1000 MW plant. After having manufactured the first 800 MW steam turbine in India, LMTG has this opportunity to execute 1,000 MW supercritical steam turbines' order. This order takes LMTG's record of export orders to 22 units out of which 11 are presently being executed. Thus, it will be interesting to see whether this helps L&T increase its global footprint of steam turbines and components.

In FY 2015-16, the company has reported 18.5% YoY growth in sales while net profits have grown 18.6% YoY in its Q4 results. To know our view on L&T, you can read our result analysis (subscription required).

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Auto & IT Sectors Lead Losses". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 19, 2018 (Close)