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Indian share markets remain weak
Mon, 8 Jul 11:30 am

Indian share markets have remained weak in the last two hours of trade. IT and healthcare are leading the pack of winners while auto and realty are facing the maximum selling pressures.

The BSE-Sensex is down by 245 points and NSE-Nifty is down by 77 points. BSE Mid Cap and BSE Small Cap indces are down by 0.5%. The rupee is trading at 60.99 to the US dollar.

All except four auto shares, Eicher Motor, Ashok Leyland, Hero Motocorp and Tube Investments are trading in red. According to a leading financial news medium, Bajaj Auto, India's second largest motorcycle manufacturer is planning to launch its four- wheeled passenger carrier: RE60 by end of this fiscal (The Company first unveiled the prototype of RE60 at the Auto Expo in New Delhi in January 2012). RE60, which is basically a quadricycle is a low-speed, lightweight four-wheeler, meant for intra-city commutes. Recently in June, the company launched KTM Duke 390 for Rs 180,000 (ex-showroom Delhi). This is the second offering of the Company from the KTM stable. Bajaj Auto's share is trading down by 1.7%.

Indian Pharma shares are trading on a mixed note with Panacea Biotech and Indoco Remedies leading the gains while Dishman Pharma and Elder Pharma are facing the maximum selling pressures. According to a leading financial news medium, Lupin, the Indian drug major is planning to acquire companies and brands globally, including companies in US, Japan and China, in order to increase its global footprint. It is taking a three-pronged approach in its acquisition strategy, which also includes the domestic market. With this initiative, the Mumbai-based firm aims to take over companies which can provide it new technology and market access. Lupin is the 5th largest and fastest growing generics player in the US (5.1% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The company is also the fastest growing top 10 generic pharmaceutical players in Japan and South Africa (IMS). Lupin's share is trading down by 0.6%.

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