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Indian share markets remain buoyant
Wed, 17 Jul 11:30 am

Indian share markets have remained buoyant in the last two hours of trade. Power and consumer durables are leading the pack of winners while metals and banking are facing the maximum selling pressures.

The BSE-Sensex is up by 100 points and NSE-Nifty is up by 24 points. BSE Mid Cap and BSE Small Cap indices are up by 0.6% and 0.7% respectively. The rupee is trading at 59.34 to the US dollar.

Mid and small cap IT shares are trading on a mixed note with Zylog Systems and Micro Tech leading the gains while Ramco Systems and Datamatics Global are facing the maximum selling pressures. NIIT Technologies has reported its 1QFY14 results. Consolidated 'net sales' have grown by 0.9% sequentially while operating margin has declined by 2% QoQ. The huge rise in 'other income' by 1371% QoQ has led the 'profit before tax' growth by 18% QoQ. However, 'net profit' has declined by 6% QoQ as the effective tax rate has increased from 18.2% at the end of 4QFY13 to 35.2% at the end of 1QFY14. The net profit margin has decreased by 0.7% QoQ and has stood at 9.8% .The Company has secured fresh orders of US$ 145 m. This has led to an order book of US$ 263 m executable over next 12 months. NIIT Technologies share is trading up by 1.44%.

Indian Pharma shares are trading on a mixed note with Dishman Pharma and Natco Pharma leading the gains while Indoco Remedies and Aurobindo Pharma are leading the losses. According to a leading financial news medium, Cipla has completed the acquisition of 100% of the issued shares of Medpro. The listing of the shares of Medpro on the Johannesburg Stock Exchange has been terminated from the commencement of business hours on July 16, 2013. Cipla has offered US$ 488 m to acquire the stake in Medpro.

Earlier, Cipla received an approval from the Takeover Regulation Panel for its proposal to takeover Medpro in South Africa.

Medpro focuses on the development of new formulations and has a wide range of pharmaceutical products. It offers prescription drugs, bulk drugs, animal products and pesticides. It also offers a wide range of food and beverages, baked foods, oral hygiene products, detergents, room fresheners and personal care products. Cipla's share is trading down by 0.4%.

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