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Indian share markets slip in red
Fri, 26 Jul 01:30 pm

Indian share markets slipped below the dotted line in the post-noon trading session. Barring FMCG and consumer durables, all the sectoral indices are trading in the red with metal, banking and realty stocks being the biggest losers.

BSE-Sensex is down 72 points and NSE-Nifty is trading 27 points down. BSE Mid Cap is trading down 1.2% and BSE Small Cap index is trading down 0.9%. The rupee is trading at 58.9 to the US dollar.

Majority of the food & tobacco stocks are trading in the red with Britannia and Nestle among the biggest losers and Golden Tobacco and ITC being the biggest gainers. ITC has announced its results for the quarter ended June 2013. The company reported a 10.5% YoY increase in standalone revenues backed by double-digit growth in non-cigarette FMCG, agri and paper business segments. It's operating margin expanded by 2.3% YoY to 37.7% aided by a fall in other expenditure. Among business segments, only cigarettes and paper segments increased their profitability during the quarter. The non-cigarette FMCG business pared its EBIT loss to Rs 189 m from an EBIT loss of Rs 388 m reported in the year-ago quarter. The net profit increased by 18% YoY for the quarter.

Domestic pharma stocks are trading mixed with Wockhardt and Piramal Enterprise witnessing maximum selling pressures, while Biocon and Sun Pharma are the top gainers. Biocon, declared its June 2013 quarter results. The net sales of the company grew by 21.7% YoY during the quarter. Strong performance was driven by better growth in biopharmaceuticals and contract manufacturing business. The operating margins improved, marginally by 0.6% YoY, leading to growth of 25.1% at the EBITDA (Earnings before interest, tax and depreciation) level. The profit after tax (PAT), increased by 18.7% YoY. The growth was also impacted by higher tax expense, which increased by 117% YoY, during the quarter. Biocon was trading up by 4.2%.

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