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Indian markets drift lower
Mon, 28 Jul 11:30 am

After opening weak, the Indian stock markets continue to trade well below the dotted line in morning session. Most of the sectoral indices are trading in the red with Energy and Metal stocks leading the losers.

The BSE-Sensex is trading down 143 points. The NSE-Niftyis trading down 42 points. The BSE Mid Cap index is trading down 0.2% and the BSE Small Cap index is trading flat. The rupee is trading at 60.09 to the US dollar.

Software stocks are trading mixed today. While HCL technologies is leading the gainers; Tata Consultancy Services (TCS) is leading the losers. India's third largest software firm Wipro, has set up a US$ 100 m venture capital fund to invest in start-ups. The company is looking to invest in start-ups focused in niche technologies like data, open source and other digital technologies. While Wipro is the first large Indian IT firm to set up such a fund, global IT giants like SAP, Microsoft and IBM have already done so. While Wipro will look for profitable targets, the strategic focus will be on value addition to the parent. While no specific deals have been announced, the company has already shown interest in a few NASSCOM registered start-ups. The fund will be led by Rishad Premji, the elder son of Chairman Azim Premji. Wipro is trading flat today.

Majority of Indian pharma stocks are trading in green with, Torrent pharma and Dishman pharma leading the gainers. Biocon Ltd has declared its results for June quarter (1QFY15). Net sales grew by 3% YoY, during the quarter. The company's Biopharmaceutical segment sales were impacted due to lower sales in MENA region and decline in sales of a product. The contract manufacturing segment grew by 12% YoY during this period. EBITDA and net profit both grew 9% YoY. Improvement in EBITDA and subsequently in net profits was largely attributable to decline in net research and development expenses. Biocon is trading down by 2.5% YoY.

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