Indian indices are trading slight below the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the software and telecom sectors leading the gainers. However, pharma stocks are witnessing maximum selling pressure.
The BSE-Sensex is trading down 10 points (down 0.03%) and the NSE-Nifty is trading up 3 points (up 0.03%). The BSE Mid Cap index is trading down 0.5% and the BSE Small Cap index is trading down 0.4%. Commodity prices are trading on a negative note. Gold prices, per 10 grams, are trading at Rs 24,955 levels. Silver price, per kilogram, is trading at Rs 34,065 levels. Crude oil is trading at Rs 3,222 per barrel. The rupee is trading at 63.58 to the US dollar.
As per a leading financial daily, Mahindra & Mahindra (M&M) agri business division has entered into edible oil business and is planning to get into dairy and pulses retail segment as well. The company has launched the 'NuPro' brand mustard oil in the premium segment which is to be sold in the metropolis and its vicinity. It is also going to enter the other oil segments like sunflower, soya and rice bran. The company is also planning to enter the dairy business in the current fiscal year with the launch of milk and will gradually move towards the foods segment. For the last four years, revenue from the agri-business for the company has increased from Rs 0.7 bn to Rs 5.8 bn. Presently, the stock of company is trading marginally down.
Stocks in the pharma space are trading on a negative note with Sun Pharma and Cadila Healthcare leading the losses. The stock of pharma major Sun Pharma has plunged around 13.5% in today's trades. This was after the drug maker announced that its profits for FY16 will be adversely impacted owing to expenses related to its integration with Ranbaxy. As a part of this integration, the company is expecting to incur integration charges to generate long-term synergies from the aforesaid merger. The company, as a part of the process, is also looking to discontinue certain non-strategic businesses.