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Defensives are in favor
Fri, 11 Jul 01:30 pm

Indian share markets continued to slide further in the post-noon trading session. Barring IT, FMCG and pharma, all the sectoral indices are trading in the red. Power, realty and capital goods stocks are the biggest gainers.

BSE-Sensex is down 152 points and NSE-Nifty is trading 58 points down. BSE Mid Cap is trading 1.8% up and BSE Small Cap index is trading down by 2%. The rupee is trading at 60.16 to the US dollar.

Majority of the food & tobacco stocks are trading in the red with Tata Global Beverages and United Spirits being the major losers, whereas Godfrey Phillips and ITC are among the few stocks trading in the green. As per a leading financial daily, Britannia Industries has sold off its factory land in Chennai for Rs 1.7 bn. The factory land spread across 16 acres in Padi in Chennai was closed for almost a year. Additionally, the company is considering developing a 6 acre plot in Bangalore where its headquarters are located. Reportedly this land parcel can fetch the company around Rs 4.5 bn. Britannia posted an 11.8% YoY growth in topline in FY14. The company saw a significant improvement in profit margins during the year on the back of benign commodity prices as well as cost savings from increased in-house manufacturing.

Indian pharma stocks are trading mixed today. Aurobindo Pharma and Sun Pharma are leading the pack of gainers, whereas Dishman Pharma is trading in the red. As per a leading business daily, Sun Pharma's subsidiary Caraco Pharmaceutical is expected to recall some lots of antidepressant drug Venlafaxine Hydrochloride from the US market. The company has initiated talks for the same and according to FDA notification, it will recall 26,530 units of 30-count bottles and 14,597 units of 90-count bottles voluntarily. This recall is as per regulator's Class II classification in which the use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences. Venlafaxine Hydrochloride is an extended-release tablet used for the treatment of major depressive disorder. The recall, as per the company letter to FDA, is because the product does not meet the drug release dissolution specifications on stability results. This affects the treatment for which the drug is intended for. The recalled is drug was manufactured at Sun Pharma's plant in Halol, Gujarat.

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